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Croatian c-bank cuts 2019 GDP growth forecast to 3.0%

Author Iskra Pavlova
Croatian c-bank cuts 2019 GDP growth forecast to 3.0% Photo: Croatian government

ZAGREB (Croatia), October 10 (SeeNews) - Croatia's central bank, HNB, said it has lowered its 2019 forecast for the country's economic growth to 3.0% from the previously anticipated 3.1%.

The new estimate is based on expectations of stronger domestic consumption and weakening foreign demand, the central bank said in a statement on Wednesday.

HNB also said that according to latest available monthly indicators, the growth of the country's gross domestic product (GDP) must have accelerated in the third quarter of 2019.

Croatia's GDP growth slowed to a real 2.4% year-on-year in the second quarter of 2019, from 3.9% in the preceding quarter, according to data released earlier by the country's statistical office.

The revision of HNB's projection is in line with the latest estimates of the World Bank, which lifted on Wednesday its 2019 economic growth forecast for Croatia to 2.9% from the previously anticipated 2.5%, on the back of stronger domestic demand.

The World Bank also said it expects Croatia's economic growth to lose steam to 2.6% next year and to 2.4% in 2021.

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