GDP contracts 1.9 pct in Q3
ZAGREB, Nov 30 (Hina) - Please note that the second paragraph in the news item headlined "GDP contracts 1.9 pct in Q3" should correctly read as follows: "In Q2, GDP contracted 2.2% year-on-year."
Following is the corrected version of the news item:
"Croatia's gross domestic product contracted 1.9 per cent on the year in the third quarter of 2012, less than in the previous quarter but more than predicted, the State Bureau of Statistics said on Friday, adding that GDP had declined for the fourth consecutive month.
In Q2, GDP contracted 2.2% year-on-year.
Eight macroeconomists polled by Hina predicted that in Q3 GDP would contract 1.5% on the year. Their predictions ranged between one and 1.9%.
The slower decline than in Q2 is ascribed to the good tourist season.
Splitska Banka chief economist Zdeslav Santic predicts that the economy will contract about 2% this year.
The national economy has been contracting since early 2009, technically peeking out of the recession in Q3 2010 and Q2 2011. This is a consequence of the weakness of domestic consumption, which is a result of growing unemployment. The national economy is also affected by the new recession in the eurozone, Croatia's main trade partner."