Croatia’s GDP contracted 7.0 percent year-on-year in the final quarter of 2020, following a 10.0 percent drop in the previous period, amid the ongoing coronavirus crisis. A rebound gross fixed capital formation kept the economy out of a steeper drop (4.2 percent vs -3.0 percent in Q3), while government spending inched up (1.6 percent vs 1.5 percent), and household spending shrank less (-4.5 percent vs -7.5 percent). In contrast, net trade contributed negatively to the GDP as exports fell 9.8 percent (vs -32.3 percent) and imports declined slower at 7.6 percent (vs -14.1 percent). On a seasonally adjusted quarterly basis, the economy grew 2.7 percent, following an upwardly revised 8.2 percent record growth in the previous period. Considering full 2020, the economy contracted 8.4 percent, after advancing 2.9 percent in the prior year. For this year, Croatia expects a growth of around 5.0 percent, while analysts are a bit more cautious, predicting growth of around 4.4 percent. source: Croatian Bureau of Statistics

GDP Annual Growth Rate in Croatia averaged 1.83 percent from 1996 until 2020, reaching an all time high of 7.20 percent in the second quarter of 1997 and a record low of -15.40 percent in the second quarter of 2020. This page provides - Croatia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Croatia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2021.

GDP Annual Growth Rate in Croatia is expected to be -4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Croatia to stand at 2.80 in 12 months time. In the long-term, the Croatia GDP Annual Growth Rate is projected to trend around 2.80 percent in 2022 and 2.00 percent in 2023, according to our econometric models.

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Croatia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-7.00 -10.00 7.20 -15.40 1996 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-05-29 09:00 AM YoY Q1 0.4% 2.5% 3%
2020-08-28 09:00 AM YoY Q2 -15.1% 0.4% -12%
2020-11-27 10:00 AM YoY Q3 -10% -15.4% -13.5%
2021-02-26 10:00 AM YoY Q4 -7.0% -10% -5.5%
2021-05-28 09:00 AM YoY Q1 -7.0%
2021-08-27 09:00 AM YoY Q2
2021-11-26 10:00 AM YoY Q3
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Croatia Economy Contracts Less in Q4
Croatia’s GDP contracted 7.0 percent year-on-year in the final quarter of 2020, following a 10.0 percent drop in the previous period, amid the ongoing coronavirus crisis. A rebound gross fixed capital formation kept the economy out of a steeper drop (4.2 percent vs -3.0 percent in Q3), while government spending inched up (1.6 percent vs 1.5 percent), and household spending shrank less (-4.5 percent vs -7.5 percent). In contrast, net trade contributed negatively to the GDP as exports fell 9.8 percent (vs -32.3 percent) and imports declined slower at 7.6 percent (vs -14.1 percent). On a seasonally adjusted quarterly basis, the economy grew 2.7 percent, following an upwardly revised 8.2 percent record growth in the previous period. Considering full 2020, the economy contracted 8.4 percent, after advancing 2.9 percent in the prior year. For this year, Croatia expects a growth of around 5.0 percent, while analysts are a bit more cautious, predicting growth of around 4.4 percent.
2021-02-26
Croatia Economy Shrinks at a Softer Pace in Q3
Croatia’s GDP shrank by 10 percent year-on-year in the third quarter of 2020, following an upwardly revised record 15.4 percent contraction in the previous period, amid the gradual easing of coronavirus lockdown restrictions. Household spending went down 7.5 percent, less than a 14 percent plunge in the second quarter of the year; and fixed capital formation fell 3 percent, softer than a 14.7 percent plunge. Additionally, government expenditure grew 1.5 percent, more than a 0.5 percent expansion in the prior quarter. Net trade contributed negatively to the GDP as exports slumped 32.3 percent (vs -40.7 percent in Q2) and imports declined at a slower 14.1 percent (vs -27.5 percent in Q2). On a seasonally adjusted quarterly basis, the economy grew 6.9 percent, the most since series began, recovering from a record upwardly revised 15 percent contraction in the previous period.
2020-11-27
Croatia Q2 GDP Contraction Steepest on Record
Croatia’s GDP shrank by 15.1 percent year-on-year in the second quarter of 2020, after a 0.4 percent expansion in the previous period. This was the deepest economic contraction on record, as efforts to contain the rapid spread of COVID-19 hit activity and demand. Household spending plunged 14 percent, compared to a 0.7 percent increase in the prior quarter; and fixed capital formation slumped 14.7 percent, following a 3.1 percent rise. Also, government expenditure went up 0.7 percent, slowed than a 4.8 percent gain in the first quarter and net trade contributed negatively to growth as export tumbled 40.6 percent (vs -3 percent in Q1 2019) and imports dropped at a softer 28.1 percent (vs -5.8 percent). On a seasonally adjusted quarterly basis, the GDP contracted by a record 14.9 percent, following an upwardly revised 1.3 percent decline in Q1.
2020-08-28
Croatia Q1 GDP Growth Slows to 5-1/2-Year Low
Croatia’s gross domestic product grew 0.4 percent year-on-year in the first quarter of 2020, slowing from a 2.5 percent expansion in the previous period. It was the weakest growth rate since the third quarter of 2014, amid the coronavirus pandemic. Household spending rose 0.7 percent, easing from a 4 percent increase in the prior quarter; and fixed capital formation went up 3.1 percent, less than a 4 percent rise. Meanwhile, government expenditure expanded 4.8 percent, faster than a 3.5 percent increase in the last quarter of 2019 and net trade contributed negatively to growth as export dropped 3 percent (vs 5.6 percent in Q4 2019) and imports declined at a faster 5.8 percent (vs 0.1 percent in Q4 2019). On a seasonally adjusted quarterly basis, the GDP contracted 1.2 percent, after growing 0.4 percent in the prior period.
2020-05-29

Croatia GDP Annual Growth Rate
Croatia joined the European Union in 2013, following a decade-long application process. Croatia's main industries are tourism, ICT, automotive, food, pharmaceutical, logistics, metal and textile. On the expenditure side, household consumption is the main component of GDP and accounts for 60 percent of its total use, followed by government expenditure (20 percent) and gross fixed capital formation (19 percent). Exports of goods and services account for 46 percent of GDP while imports account for 44 percent, adding 2 percent of total GDP.