August 31 (SeeNews) - Croatia's annual gross domestic product (GDP) growth quickened to 2.8% in the second quarter from 2.7% in the preceding three months, driven by increased government expenditure and investments, the State Statistics Office's flash estimate showed on Wednesday.
On a seasonally adjusted basis, Croatia's economy expanded by 2.0% year-on-year and 0.6% quarter-on-quarter, following a 2.3% annual growth and a 0.6% quarterly rise in the first quarter of 2016, the data indicated.
Annual growth in government expenditure quickened to 2.6% in April-June from 0.6% in January-March, while that in gross fixed capital formation spiked to 6.3% from 4.3%. On the other hand, household consumption growth eased to 3.0% from 3.1%.
Exports of goods and services rose 4.1% on the year, slowing from a 7.1% increase in the first quarter, whereas imports growth accelerated to 6.7% from 6.1%.
By industry, manufacturing achieved the highest growth rate of 5.7%, down from 8.9% in the first quarter.
The contribution of domestic demand to the realised GDP volume change was positive, while the contribution of net foreign demand was negative, the stats office said.
Details follow:
|
Q2'16 |
Q1'16 |
Final consumption expenditure |
2.9 |
2.5 |
- Households |
3.0 |
3.1 |
- Non-profit institutions serving households |
1.8 |
2.1 |
- General government |
2.6 |
0.6 |
Gross fixed capital formation |
6.3 |
4.3 |
Exports of goods and services |
4.1 |
7.1 |
Imports of goods and services |
6.7 |
6.1 |
Real GDP |
2.8 |
2.7 |
The statistics office said it will publish detailed second-quarter GDP data on September 7.
In 2015, Croatia's GDP increased by a real 1.6%, reversing a contraction of 0.4% in 2014.