GDP Growth in Q2 Slows Down to 2.4%

By 28 August 2019

ZAGREB, August 28, 2019 - In the second quarter of 2019, the Croatian economy increased 2.4% on the year, markedly slower than in the first quarter, when GDP growth jumped to 3.9%, the national statistical office said on Wednesday..

The second quarter of this year was the 20th quarter in a row that Croatia's GDP grew.

The biggest positive contribution to GDP came from a 8.2% growth of gross investments in fixed capital, which was down from the 11.5% growth recorded in Q1.

The contribution of domestic demand was positive, as was the contribution of final consumption and gross investments.

The net foreign demand contribution was negative.

In Q2 2019, household consumption went up 2.7% on the year, as against the 4.4% growth in Q1, while government consumption went up to 3.9% from 3.1%

The export of commodities and services went up 1.3%, slower than in Q1, with commodity exports decreasing by 0.9%, while service exports went up 3.6%.

The import of commodities and services went up 6.7%, with commodity imports rising by 7.9% and service imports by 1.3%.

In Q2 2019, according to seasonally adjusted data, Croatia's GDP grew 0.2% from Q1 2019 and 2.5% from Q2 2018. This was higher than the EU average. Eurostat said recently that in Q2 2019 the EU economy grew 1.3% on the year and 0.2% on the quarter.

More news about GDP growth can be found in the Business section.