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IMF confirms Croatia's economic growth forecast for 2017

Author: Roberta Mlinarić

ZAGREB, Oct 10 (Hina) - The Croatian economy is expected to grow 2.9% in 2017 and slow down slightly in 2018, the International Monetary Fund (IMF) says in its latest forecast on Tuesday, noting that the cyclical recovery of the economy on the global level was an opportunity to broadly share its benefits.

The IMF's latest report confirms the estimate of this year's economic growth in Croatia released in April. In 2018, Croatia's economy is expected to grow 2.7%, 0.1 pp better than in the previous estimate.

Last year Croatia's economy grew 3%, an improvement on the April estimate of 0.1 pp.

The latest IMF report also confirms this year's inflation estimate of 1.1%. Next year price growth is expected to pick up slightly to 1.2% compared to 1.1%, which was the estimate in the April report.

In 2016 consumer prices in Croatia dropped 1.1%, as forecast by the IMF in April.

Unemployment rate estimates were confirmed as well, and this year unemployment is expected to stand at 13.9%. In 2018 it is expected to slide to 13.5%. Last year, according to confirmed estimates, unemployment was 15%.

The balance of payments surplus, expressed as the share in GDP, should be 3.8% this year, which is 1 pp higher than the April estimate.

The estimate of the surplus in 2018 was revised upward by 1.2 pp to 3%.

The balance of payments surplus in 2016 was 2.6%, which is 1.3 pp less than estimated in April.

In emerging and developing European economies, among which the IMF counts Croatia, economic activity is expected to grow 4.5% on average in 2017 and slow down to 3.5% in 2018.

(Hina) rml

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