Croatia's central bank has set its GDP growth projection for 2021 at 10.8 percent - up from 8.5 percent earlier this year - and in 2022 the GDP is set to increase by a further 4.1 percent, state agency Hina said on Wednesday.

The central bank has revised upward the growth projections from the previous forecast of +8.5% for this year. The forecasts for 2022 remain the same.

The HNB’s analysis of macroeconomic indicators show that the favourable epidemiological situation in the third quarter of 2021 and Croatia’s considerably less restrictive measures in comparison to its peers, have led to good economic results.

The more-than-expected positive trends have been registered in the exports of services and household consumption, the HNB says.

The more intensive economic activity in the third quarter of 2021 resulted in 15.8% growth in that quarter compared to 2020 Q3.

Available data hint at the continuation of positive trends in the remainder of this year.

The rate of 10.8% will surpass the pre-crisis level, the HNB underscores.