August 30 (SeeNews) - Croatia's annual gross domestic product (GDP) growth picked up to 2.8% in the second quarter from 2.5% in the preceding quarter, a flash estimate of the country's statistical office showed on Wednesday.
On a seasonally adjusted basis, Croatia's economy expanded by 3.4% year-on-year and by 0.8% quarter-on-quarter, following an identical yearly growth rate and a 0.6% quarter-on-quarter growth in the first quarter of 2017, the Croatian Bureau of Statistics said in a statement.
The largest contribution to GDP growth in the second quarter of 2017 was made by increased household consumption, the statistical office said.
Exports of goods rose by a real 4.3% on the year in Q2 2017, slowing down from a 14.9% increase in the first quarter. Growth of household consumption picked up to 3.8% from 3.5% and growth of general government expenditure edged up to 1.7% from 1.6%.
Final consumption expenditure rose by 3.3% in the second quarter, slightly up from 3.0% in the first quarter of 2017, while the growth of gross fixed capital formation slowed to 3.2% from 5.4%.
By industry, wholesale and retail trade achieved the highest growth rate in the second quarter, of 5.0%, up from 3.2% in the first quarter of 2017.
Gross domestic product, according to expenditure approach, real growth rates:
|
Q2'17 |
Q1'17 |
Q2'16 |
Final consumption expenditure |
3.3 |
3.0 |
2.8 |
- households |
3.8 |
3.5 |
3.1 |
- non-profit institutions serving households |
3.1 |
1.5 |
2.1 |
- general govt |
1.7 |
1.6 |
2.0 |
Gross fixed capital formation |
3.2 |
5.4 |
7.1 |
Exports of goods and services |
3.6 |
8.6 |
3.8 |
- goods |
4.3 |
14.9 |
4.8 |
- services |
3.3 |
1.0 |
3.2 |
Imports of goods and services |
4.6 |
10.1 |
7.3 |
- goods |
5.4 |
9.5 |
8.2 |
- services |
0.2 |
13.7 |
2.9 |
Real GDP |
2.8 |
2.5 |
2.7 |
More detailed Q2 GDP data will be released on September 1, the statistical office said.