Croatia's Q2 GDP up 7.7% y/y – first estimate

Seasonally adjusted GDP increased by 2.0% in April-June compared to the previous quarter, the statistical office said in first estimate of gross domestic product (GDP) growth in the second quarter of 2022.

Household consumption rose by 7.7% year-on-year in real terms in the second quarter, while government spending fell 2.2%. Gross fixed capital formation increased by 5.0% in the period under review.

In the second quarter of 2022, exports of goods and services rose by 41.9% in real terms, while imports increased by 28.6%.

The first estimate shows that the quarterly gross value added (GVA ) increased in real terms by 8.8% in the second quarter of 2022, as compared to the same quarter of 2021, based on non-adjusted data. The increase in GVA was driven by a significant increase in real value added in wholesale and retail trade, transportation, storage, accommodation and food service activities, the statistical office said.

Croatia's economic output grew by a real 10.2% in 2021, after a contraction of 8.4% in 2020.