The change rate of seasonally adjusted quarterly GDP was positive at 2.7% QoQ.

According to Croatian Bureau of Statistics, Croatia’s Q3 GDP in real terms increased by 15.8% YoY, which can be considered above market expectations. The change rate of seasonally adjusted quarterly GDP was positive at 2.7% QoQ, while it increased by 15.5% in real terms compared to the same quarter of 2020.

Breaking it down by segment, one can note that domestic demand showed strong support to GDP, with final consumption increasing 9.7%. Meanwhile, household consumption noted an increase oof 16% YoY

Looking at external developments, exports of goods and services accelerated by 48.8% YoY. To be specific, this was mostly driven by a very strong tourism season, so services increased by as much as 71.6% YoY. Export of goods, on the other hand, noted a very solid increase of 13.1% as well.

On the import side, we witnessed an increase of 13.9%. Of that services showed a double digit increase of 22.3%, while goods were up by 12.4%.

Croatian GDP, Real Growth Rates (%, YoY)*

*Quarterly Gross Domestic Product, seasonally adjusted real growth rates