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Oct 11, 2022 17:27 EEST
October 11 (SeeNews) - Croatia's economic growth in the third quarter of 2022 is estimated at 7.8% year-on-year based on the performance of the economy in July, following 7.7% growth in the second quarter and 15.1% expansion in the third quarter of last year, the Institute of Economics Zagreb (EIZ), a local think-tank, said based on the July .
The EIZ's estimates are based on the EIZ Coincident Economic Index (CEIZ) for July, when the index value dipped by 0.63 index points compared to June 2022 and decreased 2.9 index points compared to July 2021, the EIZ said in a press release.
“The described index movements suggest that the economic activity, measured with annual GDP change rates, in the third quarter of 2022, compared to the third quarter of 2021, has continued to record a growth rate similar to the one registered in the second quarter of 2022,” EIZ said. At the same time, economic activity at the very beginning of the third quarter of 2022, compared to the second quarter of 2022, is displaying a mild acceleration trend.
When observing individual index components, only one of them - the number of tourist arrivals, recorded a higher seasonally adjusted value in July 2022 compared to the previous month, while volume of industrial production, state budget income from VAT revenues and real retail trade recorded a lower seasonally adjusted value.
A more precise assessment of the economic activity in the third quarter of 2022 will be possible when the index values for August and September 2022 become available, the think-tank said.
The Croatian Bureau of Statistics will publish its first estimate of the GDP growth in the third quarter on November 25.
Croatia's economic output grew by a real 10.2% in 2021, after a contraction of 8.4% in 2020.
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