Croatia's GDP grows 2.8% in 2023 - first estimate

The annual gross value added (GVA) last year was 2.3% higher in real terms than in 2022, the statistical office said in its first estimate of Croatia's economic performance in the October-December period and the full year 2023.

Croatia's economic output rose by a real 4.3% year-on-year in real terms in the fourth quarter of 2023, following a 2.8% increase in the third quarter, according to non-adjusted data, the statistical office said.

In seasonally adjusted terms, gross domestic product (GDP) grew by 1.3% in the last quarter of 2023 compared to the third quarter and by 4.3% in real terms compared to the fourth quarter of 2022.

The first estimate shows that the quarterly GVA increased in real terms by 2.8% in the fourth quarter of 2023 compared to the same quarter of 2022, based on non-adjusted data, the statistical office said.

The increase in GVA was mainly driven by an increase in real value added in wholesale and retail trade, transportation, storage, accommodation and food service activities, and construction.

Croatia's economic output grew by a real 6.3% in 2022, according to data released earlier by the statistical office.