Croatia's GDP Rises 7.7% in Second Quarter

By 26 August 2022

ZAGREB, 26 August, 2022 - Croatia's economy grew at a rate of 7.7% in the second quarter of this year, compared to the corresponding period in 2021, and the rate accelerated after 7.0% in Q1, according to the first estimates released by the national statistical office (DZS) on Friday.

This is the fifth quarter in a row for Croatia's GDP to rebound since the corona crisis, which shows the country's strong recovery from that crisis.

Strong growth in the April-June 2022 period is based on the rise in almost all the components of GDP.

"Household consumption increased in real terms by 7.7% in the second quarter of 2022, mainly due to an increase in turnover from catering services, transport services, and retail trade," the DZS says.

"In the second quarter of 2022, the export of goods and services recorded a significant growth in real terms, of 41.9%, while the import of goods and services recorded a growth of 28.6% in real terms."

Gross fixed capital formation rose 5% on the year, after a 7.9% increase in Q1.

In the second quarter of 2022, government spending decreased by 2.2% in real terms.

Croatia's growth faster than EU average

"Seasonally adjusted quarterly GDP increased by 2.0% compared to the previous quarter and by 7.8% in real terms compared to the same quarter of 2021."

Croatia's growth sees a higher rate than the EU average.

Eurostat has recently reported that in Q2 2022, the economy in the 27-strong European Union increased 0.6% from the previous quarter and 4% compared to Q2 2021.