Croatia's GDP to contract 1.1% in 2013 - survey

By bne IntelliNews July 22, 2013

The Croatian economy will shrink 1.1% in 2013, a survey of the Croatian Banking Association (HUB) among leading economists at the six largest Croatian banks showed as quoted by news agency HINA.

The economists revised down their growth projections from the 0.2% decline forecast made back in January. They downgrade is based on expectations for lower exports and investments.

The economists said they now expect that exports will drop 0.3% this year vs. 0.5% growth in January and investments to fall 1% vs. 3.1% increase in January.

The Croatian government is more optimistic in respect to the economic development, projecting an economic growth of 0.7% on the year in 2013.

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