Croatia's gross domestic product expanded by a record 16.1 percent year-on-year in the second quarter of 2021, the first period of growth in over a year, reflecting a low base year triggered by the coronavirus crisis and the ongoing economic recovery. Household consumption jumped 18.4 percent and fixed investment surged by 18.3 percent. In addition, public spending advanced by 4.0 percent and net external demand contributed positively to the GDP as exports rose more than imports. On a seasonally adjusted quarterly basis, Croatia's GDP fell slightly by 0.2 percent. source: Croatian Bureau of Statistics

GDP Annual Growth Rate in Croatia averaged 1.96 percent from 1996 until 2021, reaching an all time high of 16.10 percent in the second quarter of 2021 and a record low of -14.40 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 October of 2021.

GDP Annual Growth Rate in Croatia is expected to be 11.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Croatia GDP Annual Growth Rate is projected to trend around 4.00 percent in 2022 and 2.00 percent in 2023, according to our econometric models.

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Croatia GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-05-28 09:00 AM Q1 -0.7% -7.2% -6%
2021-08-27 09:00 AM Q2 16.1% -0.7% 12.4%
2021-11-26 10:00 AM Q3 16.1% 11.6%


News Stream
Croatia Economy Expands at Record Pace
Croatia's gross domestic product expanded by a record 16.1 percent year-on-year in the second quarter of 2021, the first period of growth in over a year, reflecting a low base year triggered by the coronavirus crisis and the ongoing economic recovery. Household consumption jumped 18.4 percent and fixed investment surged by 18.3 percent. In addition, public spending advanced by 4.0 percent and net external demand contributed positively to the GDP as exports rose more than imports. On a seasonally adjusted quarterly basis, Croatia's GDP fell slightly by 0.2 percent.
2021-08-27
Croatia GDP Contraction Softens Further in Q1
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.
2021-05-28
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 Last Unit Reference Previous Highest Lowest
GDP Growth Rate -0.20 percent Jun/21 5.40 5.90 -14.90
GDP Annual Growth Rate 16.10 percent Jun/21 -0.70 16.10 -14.40
GDP Constant Prices 96068.00 HRK Million Jun/21 86072.00 107378.00 62113.00
Gross Fixed Capital Formation 22698.00 HRK Million Jun/21 21568.00 26263.00 9612.00
GDP From Services 17674.00 HRK Million Jun/21 13262.00 25725.00 7851.00
GDP From Public Administration 12179.00 HRK Million Jun/21 12146.00 12179.00 9974.00
GDP From Manufacturing 12588.00 HRK Million Jun/21 11842.00 13779.00 9421.00
GDP From Construction 5150.00 HRK Million Jun/21 4894.00 6811.00 2660.00
GDP From Agriculture 2680.00 HRK Million Jun/21 2440.00 4222.00 1964.00


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.