May 29 (SeeNews) - Croatia's economic performance in March suggests that gross domestic product (GDP) growth would come at 3.3% year-on-year in the first quarter, compared with 7.8% in the same period of 2022, the Institute of Economics Zagreb (EIZ), a local think-tank, said.
The annual GDP growth rate continued to fall in the first quarter of 2023, extending a decline which has been recorded since the second quarter of 2022, EIZ said in a press release on Friday.
The EIZ's estimates are based on the EIZ Coincident Economic Index (CEIZ), which in March dropped by 1.01 points compared to the same month in 2022. Compared to February, the index showed a mild increase of 0.21 points.
When observing individual index components, compared to the previous month, all four index components: volume of industrial production, number of tourist arrivals, real retail trade and budget revenue from VAT recorded a higher seasonally adjusted value in March 2023, EIZ said.
Croatia’s statistical office will release GDP growth estimate for the first quarter of 2023 later on Monday.