June 28 (SeeNews) - Croatia's economy expanded by an estimated 7.1 % year-on-year in the second quarter of 2022, following 7% growth in the first quarter and a 16.4% annual expansion in the second quarter of last year, the Institute of Economics Zagreb (EIZ), a local think-tank, said on Tuesday.
The economic activity in the second quarter of 2022 has continued to increase at an annualized rate similar to the one registered in the first quarter, the EIZ said in a press release.
At the same time, economic activity at the very beginning of the second quarter is displaying a mild acceleration trend compared to first quarter, it added.
The EIZ's estimates are based on the EIZ Coincident Economic Index (CEIZ) for April, when the index value increased by 0.73 index points compared to March 2022.
Compared to April 2021, the index value decreased by 8.6 index points, which is a consequence primarily of the exceptionally high value of the CEIZ index in April 2021, which was the first month in which the economic activity measured by the index recovered significantly after the pandemic-related restrictions.
Croatia's economic output grew by a real 10.2% in 2021, after a contraction of 8.4% in 2020.