May 31 (SeeNews) - Croatia's annual gross domestic product (GDP) growth quickened to 2.7% in the first quarter from 1.9% in the preceding three-month period, driven by improved household consumption and investments, a flash estimate of the State Statistics Office showed on Tuesday.
The contribution of domestic demand to the realised GDP volume change was positive (2.8 percentage points), while the contribution of net foreign demand was negative, the stats office said in a statement.
The annual growth in household consumption quickened to 3.1% in January-March from 2.4% in October-December 2015, and that in gross fixed capital formation accelerated to 4.3% from 3.7%.
On the other hand, exports growth slowed to 7.1% from 11.6% and imports growth decelerated to 6.1% from 13.6%.
By industry, manufacturing achieved the highest growth rate of 8.9%, up from 5.7% in the fourth quarter of 2015.
On a seasonally adjusted basis, Croatia's economy expanded by 2.3% year-on-year and 0.6% quarter-on-quarter, following a 2.0% annual growth and a 0.6% quarterly contraction in the fourth quarter of 2015.
In 2015, Croatia's GDP increased by a real 1.6%, reversing a contraction of 0.4% in 2014.
Gross domestic product, according to expenditure approach, real growth rates:
|
Q1'16 |
Q4'15 |
Q1'15 |
Final consumption expenditure |
2.5 |
2.0 |
0.4 |
- Households |
3.1 |
2.4 |
0.3 |
- Non-profit institutions serving households |
2.1 |
2.1 |
1.8 |
- General government |
0.6 |
0.8 |
0.6 |
Gross fixed capital formation |
4.3 |
3.7 |
-0.4 |
Exports of goods and services |
7.1 |
11.6 |
7.2 |
- Goods |
9.4 |
14.4 |
8.5 |
- Services |
4.6 |
8.5 |
6.3 |
Imports of goods and services |
6.1 |
13.6 |
5.7 |
- Goods |
6.4 |
13.5 |
7.5 |
- Services |
4.5 |
14.1 |
-4.9 |
Real GDP |
2.7 |
1.9 |
0.5 |
source: stats office
The statistics office said it will publish detailed Q1 GDP data on June 7.