November 25 (SeeNews) - Croatia's economy expanded by 5.2% year-on-year in real terms in the third quarter, following annual growth of 8.7% in the second quarter and a 16.7% increase in the third quarter of last year, the statistical office said on Friday, quoting non-adjusted data.
Seasonally adjusted gross domestic product (GDP) decreased by 0.4% in July-September compared to the previous quarter, but increased by 5.5% in real terms compared to the third quarter of last year, the statistical office said in first estimate of GDP growth in the third quarter of 2022.
Household consumption rose by 5.6% year-on-year in real terms in the third quarter, while government spending increased 1.3%. Gross fixed capital formation expanded 8.0% in the period under review. In the third quarter of 2022, exports of goods and services rose by 23.3% in real terms, while imports increased by 30.5%.
Based on non-adjusted data the first estimate shows that the quarterly gross value added (GVA) increased in real terms by 5.3% in the third quarter of 2022, as compared to the same quarter of 2021, mostly thanks to a significant increase in real value added in wholesale and retail trade, transportation, storage, accommodation and food service activities.
Croatia's real annual economic growth in the third quarter of 2022 is significantly below a projection of 7.8% made earlier this week by the Institute of Economics Zagreb (EIZ), a local think-tank.