November 21 (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 September, following 7.7% growth in the second quarter, the Institute of Economics Zagreb (EIZ), a local think-tank, said on Monday.
The EIZ's estimates are based on the EIZ Coincident Economic Index (CEIZ) for September, when the index value rose by 0.13 index points compared to August, the EIZ said in a press release.
It decreased 3.4 index points compared to September 2021, primarily as a result of the high CEIZ index value in the third quarter of 2021, during which the economic activity recovered significantly after the economy had been closed due to the implementation of epidemiological measures, the EIZ added.
When observing the individual index components, the number of tourist arrivals recorded a higher seasonally adjusted value in September 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.
The Croatian bureau of statistics will publish its first estimate of the GDP growth in the third quarter on Friday.
In the third quarter of 2021, Croatia's economy expanded by 15.1%.
Its economic output grew by a real 10.2% in 2021, after a contraction of 8.4% in 2020.