Croatia GDP Annual Growth Rate1996-2021 Data | 2022-2023 Forecast | Calendar

Croatia’s GDP shrank 0.7 percent year-on-year in the first quarter of 2021, following an upwardly revised 7.2 percent decline in the previous period, partly due to the partial coronavirus lockdown in the period. Still, it was the smallest economic contraction since the onset of the pandemic crisis in 2020. Household spending decreased less (-0.4 percent vs -4.5 percent in Q4) while fixed investment picked up (4.6 percent vs 4.2 percent). In addition, net trade contributed positively to the GDP as exports fell 0.9 percent (vs -9.8 percent in Q4) and imports declined at a faster 2.1 percent (vs -7.6 percent in Q4). Meanwhile, government spending slowed down (0.2 percent vs 3.1 percent). On a seasonally adjusted quarterly basis, the economy advanced 5.8 percent, following a 4.1 percent growth in the previous period. For this year the government expects growth of 5.2 percent, after an 8.4 percent contraction in 2020 due to the COVID-19 pandemic.

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.

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.

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.