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Sep 25, 2023 14:49 EEST
September 25 (SeeNews) - Croatia's economic performance in July suggests a year-on-year GDP growth rate of 2.3% for the third quarter, down from 5.3% in the same period of 2022 and 2.7% in the second quarter of 2023, according to the Institute of Economics Zagreb (EIZ), a local think-tank.
“Economic activity at the very beginning of the third quarter of 2023, compared to the second quarter of 2023, is displaying a stagnation trend,” EIZ said in a press release on Friday. Based on the index movements, GDP is estimated to decrease by 0.01% in the third quarter of 2023 compared to the previous quarter, it added.
The EIZ' estimate is based on the EIZ Coincident Economic Index (CEIZ), which in July decreased by 0.09 index points compared to June 2023, and increased by 0.3 index points compared to July 2022.
When observing individual index components, a higher seasonally adjusted value in July 2023 compared to June 2023 was only recorded by state budget income from VAT revenues, while the number of tourist arrivals, the volume of industrial production, and real retail trade recorded a lower seasonally adjusted value.
A more precise assessment of the economic growth in the third quarter of 2023 will be possible when the index values for August and September 2023 become available.
Croatia’s statistical office will release GDP growth estimate for the third quarter of 2023 on November 28.
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