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. source: Croatian Bureau of Statistics
GDP Annual Growth Rate in Croatia averaged 2.07 percent from 1996 until 2020, reaching an all time high of 7.50 percent in the second quarter of 1997 and a record low of -15.10 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 November of 2020.
GDP Annual Growth Rate in Croatia is expected to be -13.50 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 19.00 in 12 months time. In the long-term, the Croatia GDP Annual Growth Rate is projected to trend around 9.80 percent in 2021 and 2.00 percent in 2022, according to our econometric models.