August 28 (SeeNews) - Croatia's gross domestic product (GDP) growth slowed to a real 2.4% year-on-year in the second quarter of 2019, from 3.9% in the preceding quarter, the Croatian Bureau of Statistics said on Wednesday.
This compared with annual GDP growth of a real 2.9% in the second quarter of 2018, the statistical office said in a first estimate.
Seasonally adjusted GDP edged up 0.2% in April-June 2019, compared to the previous quarter.
The statistical office said an increase in gross fixed capital formation had the largest contribution to the year-on-year rise in the GDP volume in the second quarter of 2019.
Earlier this month, Croatian think-tank Institute of Economics Zagreb (EIZ) lowered its forecast for the country's economic growth in the second quarter to 3.1% year-on-year, based on April-June data. The previous revision was made in July when EIZ cut its GDP growth forecast to 4.0% year-on-year based on data for April and May, from 4.7% expected in June.
EIZ has also said it expects 0.4% growth on a quarterly comparison basis in April-June.
Details on Croatia's GDP according to the expenditure approach follow, real y/y growth rates in pct:
|
Q2 '19 |
Q1 '19 |
Q2 '18 |
Final consumption expenditure |
3.0 |
4.0 |
3.3 |
- Households |
2.7 |
4.4 |
3.6 |
- Non-profit institutions serving households |
2.0 |
1.4 |
2.7 |
- General govt |
3.9 |
3.1 |
2.5 |
Gross fixed capital formation |
8.2 |
11.5 |
3.1 |
Exports of goods and services |
1.3 |
4.6 |
5.6 |
- Goods |
0.9 |
7.6 |
7.1 |
- Services |
3.6 |
0.9 |
4.3 |
Imports of goods and services |
6.7 |
7.7 |
4.7 |
- Goods |
7.9 |
5.9 |
2.9 |
- Services |
1.3 |
16.6 |
13.9 |
Real GDP |
2.4 |
3.9 |
2.9 |