In the first three months of this year, the Croatian economy grew 3.9% on the year, which is a record high growth since late 2007.

The national statistical office (DZS) on Wednesday released its preliminary estimate under which GDP in Q1 grew 3.9% from the same period last year, and household consumption and investments are perceived as the biggest contributors to this high rise.

Q1 2019 was the 19th consecutive quarter to see GDP grow and faster than in the previous quarter, when the economy grew 2.3% on the year.

The Q1 growth is on the back of household consumption of 4.4% on the year, as against 3.9% in the previous quarter. State consumption increased to 3.1% from 2.3% in the previous quarter.

Gross fixed capital formation up 11.5%

Gross fixed capital formation jumped by 11.5% on the year, while in Q4 2018 it rose 6.1%.

The export of goods and services increased 4.6% in Q1 2019 on the year, whereas imports went up 7.7%.

According to seasonally adjusted data, GDP in the first quarter of 2019 grew 1.8% from the previous quarter, while in relation to the first quarter of 2018 it grew 3.9%.

This rise is higher than the average growth in the European Union (1.5% year on year and 0.5% quarter on quarter).