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PVinternational C R O A T I A N
B U S I N E S S
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F I N A N C E
M O N T H L Y
July 2018, Year XI, No 282
CROATIAN BUREAU OF STATISTICS
GDP up 2.5% on an annualised basis The positive contribution of final consumption to GDP growth reached 3.6%, non-profit institutions serving households final consumption expenditure contributing 4.3% and the state 2.8% by Ilijana Grgić
D
uring the first quarter of 2018 the Croatian economy saw 2.5% annual growth rate, an acceleration compared with the previous quarter, according to preliminary GDP growth estimates recently published by the Croatian Bureau of Statistics, which has also revised its original release data. During Q4 of 2017, GDP growth was revised from 2% to 2.2%, recording the 15th consecutive quarter of growth. According to seasonally adjusted data, during Q1, GDP increased by 0.2% over the previous quarter, whereas compared with the first quarter of 2017, it was up by 1.5%. Seasonally adjusted GDP growth of 0.2% was below the EU average of 0.4% over the previous quarter, but rising 2.4% year-on-year.
CONSUMPTION A POSITIVE CONTRIBUTION TO GROWTH The increase in household final consumption expenditure saw the highest positive contribution to GDP growth, at 3.9%. Consequently, the positive contribution
of final consumption to GDP growth reached 3.6%, as opposed to non-profit institutions serving households final consumption expenditure contributing 4.3% and the state 2.8%. Gross fixed capital formation was up 3.6%. Moreover, domestic demand contributed positively, as opposed to foreign demand, which turned negative. Exports of goods and services decreased by 0.5%, with exports of goods dropping by 1.5%, although the export of services showed a slight increase of 2.1%. On the other hand, imports of goods and
services contributed to growth by 5.5%, with imports of goods contributing 4.5% and services 11.2%. During Q1 of 2018, gross value added was 1.9% up in real terms compared with the same quarter of the previous year. It is important to note that the greatest contribution to GVA growth was that made by trade, transport and warehousing, accommodation, food preparation and serving which reached 4.1%, followed by information and communication with 4.8%.