Slovak unemployment inched further down to 3.88% in March
20 hours ago
Croatia’s GDP increased by 2.8% y/y in comparable prices, recovering from the slower 2.5% y/y expansion in Q1, the statistics office said on August 30. Analysts polled by Hina news agency expected a slightly steeper (3.0% y/y) advance, though.
Domestic demand for consumption and investments, as well as external demand, increased at rates of above 3% y/y each in Q2, but the local economy failed to capitalise on the robust demand (growing by only 2.8% y/y) and as a result imports increased by 4.6% y/y. Growth was, however, slower compared to the past quarters; imports surged by 10.1% y/y in Q1.
Domestic consumption accelerated to 3.8% y/y in Q2 from 3.0% y/y in Q1, driven by the 3.8% y/y advance of households’ consumption. Indeed, household consumption hit the highest growth rate in the past six quarters. Gross fixed capital formation, by contrast, decelerated to 3.2% y/y — the lowest growth rate in the past six quarters.
On the formation side, gross value added (GVA) increased by 2.2% y/y, the same rate as in Q1. Services to households (retail included) marked the steepest growth rate (5.0% y/y) followed by B2B services (4.0% y/y) while information and communication services generated 3.4% more GVA. Manufacturing expanded by only 2.2% y/y (0.8% y/y including mining and utilities) and construction posted a disappointing 0.2% y/y advance.
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