The positive progress was seen in the fact that Croatia's GDB increased 5.2% year-on-year in the third quarter of 2005, up from 5.1% in the second quarter and 3.6% in the third quarter of 2004, D&B said in its international risk and payment review for February 2006 which was carried by Croatian credit rating agency BonLine on Tuesday.
"This helped to push cumulative growth for the first nine months of 2005 to 4.1% year-on-year and underpins D&B's decision both to raise our full-year growth forecast to 4.0% and to upgrade Croatia's risk rating by 1 quartile to DB4c," the report said.
Increasing investment in the domestic economy and the growing interest of foreign investors in Croatia were seen as the result of the country's improved status following the start of EU membership talks.
On the list of 25 rated countries, Croatia edged up one position to share the number 10 spot with Romania as countries with a moderate risk of investment.
Slovakia and Slovenia are at the top of the list with a rating of DB2c (low investment risk), while the bottom is occupied by Belarus, Tajikistan, Turkmenistan and Uzbekistan with a rating of DB6d (very high investment risk).