Croatian government revises 2012 GDP growth forecast down to zero.

By bne IntelliNews August 3, 2012
The Croatian government has revised its projections for the 2012 economic growth to zero from earlier projected 0.8% increase, news agency HINA informed. The revision is part of the economic and fiscal policy guidelines for the period 2013-2015. The economy is expected to grow 1.8% in 2013. The projected economic growth for 2014 and 2015 is 3% and 3.5%, respectively. In respect to inflation, the government projects that it will be between 2% and 3% in the period 2013-2015. The guidelines complied with the fiscal responsibility act, the cost-cutting measures and budget expenses reduction. They will depend on speeding up structural reforms, finance minister Slavko Linic was quoted as saying. Budget revenue is projected to increase 3.4% on the year to HRK 112.7bn (EUR 15bn) in 2013, while expenditures would go up 2.9% on the year to HRK 122.3bn. Linic said that the government was unable to lower the budget deficit below 3% of GDP without changing the expenditures policy. Public debt is expected to increase to 51.7% in 2012 and to 52.9% of GDP in 2013. It would then fall to 52.6% and 51.5% of GDP in 2014 and 2015.
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