Croatia GDP Annual Growth Rate2021 Data | 2022 Forecast | 1996-2020 Historical

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.

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.