Croatia: after six years, economic recovery becomes real

GDP increase estimated between 0.6% and 0.8% in second quarter

26 August, 20:00

    (ANSAmed) - ZAGABRIA, AUGUST 26 - The Croatian economy seems to be definitively headed towards a constant - albeit slight - recovery, after six years of recession and stagnation that cost the loss of about 15% of national GDP.

    The first estimates by experts indicate that the March-June quarter will be the third consecutive quarter with positive signs in nearly all macroeconomic indicators. The first of these is GDP which should see an increase of 0.6% to 0.8%, due to an excellent tourist season, retail growth of 2.5% thanks to an income tax reduction introduced at the beginning of the year, and low oil prices. Increased demand from nearby EU countries for raw materials and finished products gave a strong push to exports, which show an 11.5% increase since the start of 2015, when compared to the same period in 2014. Industrial production is also up, with a 2% increase. The only important sector still at a halt is the construction industry.

    All forecasts from international institutions, from the European Commission to the International Monetary Fund (IMF) indicate that in 2015 Croatia's GDP will grow (between 0.4% and 0.6%) for the first time since 2007.(ANSAmed).

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