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Croatian economy making leaps and bounds as GDP rose 15.8 percent in last quarter

Written by  The Dubrovnik Times Nov 28, 2021

The Croatian Chamber of Commerce released on Friday released the first estimate that gross domestic product (GDP) rose 15.8 percent last quarter from the same period last year.

It is the second-largest jump in the economy, after a record 16.5 percent growth in the previous quarter, showing the economy is firmly on track to recover from the Covid-19 crisis, during which GDP fell for four consecutive quarters.

Such a sharp jump in economic activity is due, among other things, to the low base, as GDP fell by about 10 percent year-on-year in the third quarter of last year due to epidemiological measures to curb the spread of Covid-19.

According to seasonally adjusted data, the Croatian economy grew by 15.5 percent on an annual basis in the third quarter, while it strengthened by 2.7 percent on a quarterly basis.

The double-digit annual growth of exports of goods of 13.1 percent and services by as much as 71.6 percent is supported by tourism, while household consumption with a growth rate of 16 percent is supported by positive trends in the labor market.

In total, according to the estimates of the European Commission, Croatia should rank third among the members in terms of GDP growth in this and the next two years with an average growth of 5.7 percent, after Ireland and Romania.

The Voice of Dubrovnik


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