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Croatia's GDP accelerates to 2.8% in Q2 2017 y-o-y

Author: Marija Šestan

ZAGREB, Aug 30 (Hina) - The Croatian economy in the second quarter of 2017 went up 2.8% year on year, more than in Q1, when it increased 2.5%, but less than predicted, the national statistical office said on Wednesday.

The second quarter of 2017 was the 11th consecutive quarter in which GDP increased.

Eight analysts polled by Hina forecast that the economy would increase 3% on the year, their forecasts ranging from 2.7 to 3.4%.

The biggest contribution to GDP in Q2 was made by a 3.8% increase in household final consumption expenditure. Domestic demand went up 3.3 percentage points.

The household consumption increase of 3.8% is a record high since 2018 Q1.

RBA analysts note that the growing consumption is not based on a rise in borrowing, contrary to the pre-crisis period.

Investments continue to increase albeit at a slower rate

Gross fixed capital formation (investments) increased by 3.2% in Q2 this year, rising for eight quarters in a row. However, this rise has decelerated compared to the rate of 5.4% in Q1 2017.

Erste Bank analyst Alen Kovac said that this deceleration might be partly ascribed to the Agrokor crisis, however, the gross fixed capital formation was strong in the second quarter of 2016, thus setting out a high base.

RBA analysts also believe that the deceleration was a consequence of delay of investments in some companies due to the developments in the Agrokor Group.

They, however, point to "a positive trend in the process of the absorption of EU funds" and to a modest but steady recovery of the construction industry.

Croatia's growth rate faster than in EU

According to seasonally adjusted data, GDP in Q2 2017 increased 0.8% compared to Q1 2017 and 3.4% compared to Q2 2016.

In the European Union, the growth in Q2 2017 expanded by 0.6% on the month and 2.3% on the year.

(Hina) ms

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