Croatia's GDP Soars by Record-High 10.4% in 2021

By 25 February 2022
Croatia's GDP Soars by Record-High 10.4% in 2021
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ZAGREB, 25 Feb 2022 - The Croatian economy increased strongly in Q4 2021, continuing to recover from the COVID crisis for the third quarter in a row, registering a record-high 10.4% increase in 2021.

The Croatian Bureau of Statistics today released the first estimate of GDP growth in Q4 2021 at 9.7% on the year.

Due to the COVID crisis, GDP fell 8% in 2020.

In Q2 2021, GDP saw a record-high growth of 16% and in Q3 it increased 15.8% year on year.

The strong Q4 growth was the result of year-on-year growth of all GDP components.

Household consumption went up 7.7%.

Exports soared 31.7%, the export of goods by 24.7% and that of services by 49.1%, while imports went up 16.4%, the import of goods by 15% and that of services by 23.8%.

Gross investment in fixed capital increased 0.8%, less than in Q3 2021, when the increase was 7.6%.

Government spending was up 14%.

According to seasonally adjusted data, GDP in Q4 2021 was up 9.9% year on year but down 0.1% quarter on quarter.

The year-on-year growth of Croatia's GDP in Q4 2021 was higher than the EU average which, according to Eurostat's seasonally adjusted data, was up 4.8% year on year and 0.4% quarter on quarter.