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The Croatian economy grew 7.7 percent in the second quarter

7,7 százalékkal nőtt a horvát gazdaság a második negyedévben

08/27/2022 06:00

The Croatian Statistical Office (DZS) announced on Friday that the performance of the Croatian economy rose 7.7 percent in the second quarter compared to the same period a year earlier, based on its first rapid estimate.

According to seasonally adjusted data and the calendar, the growth was 7.8 percent year on year, and compared to the previous quarter, Croatian GDP grew by 2.2 percent.

Growth was faster than in the previous quarter, when annual economic growth was 7 percent. The second quarter of this year was the fifth consecutive quarter in which Croatia’s GDP has strengthened year-on-year since the outbreak of the coronavirus pandemic.

According to the report, all components of GDP contributed to economic growth in the second quarter of this year. Household consumption rose 7.7 percent from the same period a year earlier, faster than in the previous quarter. At the same time, the state’s consumption is down 2.2 percent annually.

Exports increased by 41.9 percent and imports by 28.6 percent year on year.

Total investment and fixed capital formation rose 5 percent year over year, slower than in the previous quarter, when growth was 7.9 percent.

In mid-May, the Croatian government adopted the 2022 budget amendment, which parliament also approved a week later.

This year, the government expects economic growth of 3% and a deficit of 2.8% as a percentage of GDP. According to the plans, the level of public debt as a percentage of GDP will decrease by 3.6 percentage points to 76.2 percent in 2022. Zagreb also revised its inflation forecasts and forecast an average annual inflation of about 7.8% in 2022, instead of 2.6 % previously accepted in the budget.

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