Croatia's annual GDP growth slows to 4% in 4Q22

Croatia's annual GDP growth slows to 4% in 4Q22
/ bne IntelliNews
By bne IntelliNews February 28, 2023

Croatia’s economy continued the strong growth in the fourth quarter of 2022, expanding by 4% compared to the same period a year earlier (chart), the Croatian Bureau of Statistics (DZS) said in a first estimate on February 28. However, the growth rate has slowed down compared to the previous quarter when GDP expanded by 5.2% y/y.

In 2020, the Croatian economy was badly hit by the coronavirus pandemic and lockdowns — which had a strongly negative impact on the country’s large tourism sector — but picked up in the second quarter of 2021 to end the year with a better-than-projected 10.2% growth.

Seasonally-adjusted GDP data showed that the economy increased by 0.9% q/q, after dropping by revised 0.5% q/q.

The y/y rise in economic activity was seen in all sectors. There was a 13.9% y/y hike in exports of services, which includes tourism services, while goods exports rose by 13.4%.

The science and education sector posted the highest y/y growth in the fourth quarter, of 1.6% y/y, followed by the IT sector (up 10.5% y/y), trade, transport and storage of food (up 6.3% y/y), and other services (up 5% y/y).