March 28 (SeeNews) - Croatia's central bank said that it nowcasting model of economic activity suggests that the growth of the country's gross domestic product (GDP) could reach 2.3% on an annual level in the first quarter of 2023, up 0.8% from the last quarter of 2022.
“After substantial growth towards the end of last year, the monthly indicators of economic activity suggest that Croatia’s real GDP continued to rise in early 2023,” the central bank said on Monday in its publication Information on economic, financial and monetary developments March 2023.
As shown by preliminary data of the country's statistical office, real GDP grew by 0.9% on a quarterly level at the end of 2022, having risen 4.0% from the same period of 2021, it added.
“Such developments are the result of a further relatively strong growth in the export of services and investments, while increased government consumption on the production side led to favourable developments in construction and services. In contrast, personal consumption and goods exports fell considerably,” the central bank noted.
Earlier this month, the central bank said it expects Croatia's economic growth to slow down to 1.5% in real terms in 2023, from 6.3% in 2022. The projection is a touch higher compared to the predicted growth rate of 1.4% for 2023 announced in December.