November 29 (SeeNews) - Croatia's annual gross domestic product (GDP) growth picked up to 3.3% in the third quarter from a revised increase of 3.0% 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 3.2% year-on-year and by 0.9% quarter-on-quarter, following a yearly growth rate of 3.6% and an identical quarter-on-quarter growth in the second quarter of 2017, the Croatian Bureau of Statistics said in a statement.
The largest contribution to GDP growth in the third quarter of 2017 came from exports of goods and services which rose by a real 5.7% on the year in Q3 2017, slowing down from a 6.5% increase in the second quarter.
The growth of household consumption remained unchanged from the previous quarter at 3.7%, while the growth of general government expenditure edged up to 2.3% from 1.7%.
Final consumption expenditure rose by 3.3% in the third quarter, slightly up from 3.2% in the second quarter of 2017, while the growth of gross fixed capital formation edged up to 3.4% from 3.3%.
By industry, wholesale and retail trade achieved the highest growth rate in the third quarter, of 5.2%, up from 5.0% in the second quarter of 2017.
Gross domestic product, according to expenditure approach, real growth rates:
| |
Q3'17 |
Q2'17 |
Q3'16 |
| Final consumption expenditure |
3.3 |
3.2 |
3.4 |
| - households |
3.7 |
3.7 |
3.8 |
| - non-profit institutions serving households |
3.2 |
3.0 |
2.3 |
| - general govt |
2.3 |
1.7 |
2.4 |
| Gross fixed capital formation |
3.4 |
3.3 |
3.7 |
| Exports of goods and services |
5.7 |
6.5 |
5.5 |
| - goods |
8.9 |
5.6 |
1.9 |
| - services |
3.2 |
8.0 |
6.5 |
| Imports of goods and services |
9.5 |
5.8 |
5.4 |
| - goods |
9.5 |
5.6 |
3.8 |
| - services |
9.4 |
7.0 |
13.8 |
| Real GDP |
3.3 |
3.0 |
3.1 |
Detailed Q3 GDP data will be released on December 1, the statistical office added.