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Having faced another year of recession in 2013 Croatia’s GDP growth should finally rebound in 2014 driven mainly by an upturn in public investment activities and increasing foreign demand. However, downside risks to growth remain. Household consumption will remain suppressed owing to the decline of disposable income as a consequence of high unemployment, deleveraging and weak credit activity. Fiscal consolidation will continue to be on the policy agenda; an excessive deficit procedure is likely to be launched in the near future. Positive effects of the EU accession are not in sight yet.
|Main Economic Indicators||2011||2012||2013||2014||2015||2016|
|Population, 1000 persons.||4283||4269||4260||.||.||.|
|GDP, real change in %||-0.2||-1.9||-0.9||0.8||1.5||.|
|GDP per capita (EUR at PPP)||15200||15700||15800||.||.||.|
|Gross industrial production, real change in %||-1.2||-5.5||-1.8||.||.||.|
|Unemployment rate - LFS, in %, average||13.5||15.9||17.5||17.0||17.5||.|
|Average gross monthly wages, EUR||1049||1048||1043||.||.||.|
|Consumer prices, % p.a.||2.2||3.4||2.3||2.5||2.0||.|
|Fiscal balance in % of GDP||-7.8||-5.0||-5.5||.||.||.|
|Public debt in % of GDP||51.9||55.8||62.0||.||.||.|
|Current account in % of GDP||-0.9||0.0||1.4||0.1||-0.6||.|
|FDI inflow, EUR mn||1087||1066||700||.||.||.|
|Gross external debt in % of GDP||104.2||103.0||101.4||.||.||.|
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
Croatia: Joining EU under difficult conditions
in: Animal Spirits still Dimmed: Slow Recovery Expected
wiiw Current Analyses and Forecasts No. 12, July 2013 , pp. 69-70 Details and Buy
Monthly Report No. 11/2013
Vasily Astrov, Vladimir Gligorov, Peter Havlik, Mario Holzner and Olga Pindyuk
wiiw Monthly Report No. 11, November 2013
38 pages including 17 Tables Details