Croatia's GDP growth slows to 3.9% y/y in Q1 - first estimate

In seasonally adjusted terms, gross domestic product (GDP) grew by 1.0% compared to the previous quarter and by 3.9% in real terms compared to the same quarter of 2023, the statistical office said in a first estimate of Croatia's economic performance in the January-March period.

In the first quarter of 2023, the country's GDP increased by an annual 2.9%.

The first estimate shows that the quarterly gross value added increased in real terms by 3.5% in the first quarter of 2024, compared to the same quarter of 2023, based on non-adjusted data, on the back of an increase in real value added in wholesale and retail trade, transportation and storage, accommodation and food service activities and in construction.

The European Commission said earlier this month that it expects Croatia’s economy to grow 3.3% in 2024 and 2.9% in 2025, largely driven by strong household consumption.

Last year, Croatia’s economy expanded by 3.1%.