At the end of Q3 2022, the total financial assets held by Croatian households stood at €81 billion, up by 5 percent or €3.9 billion year-on-year, the central bank HNB said on Monday.

Quarter-on-quarter, the financial assets held by households increased by €1 billion, or 1.3 percent. The category with the single largest increase was cash and deposits, which currently account for 50.3 percent of the total financial assets held by households.

The total liabilities of households in Q3 2022 amounted to €22 billion, an increase of €1 billion or 5 percent year-on-year. The total financial net worth of households is now €58.8 billion, up by €2.8 billion or 5 percent year-on-year, while compared to the previous quarter the increase was €824 million or 1.4 percent.

Financial assets of Croatian economy up €24.2 bn year-on-year 

At the end of Q3 2022 the financial assets of the entire Croatian economy stood at €388 billion, an increase of €24.2 billion year-on-year and €9.4 billion up from the previous quarter. The total financial liabilities reached €404 billion, up by €20.4 billion over the past twelve months, and up by €5.1 billion compared to the end of Q2 2022.

In terms of GDP, financial assets of Croatia’s economy amounted to 597 percent of the country’s annual GDP at the end of the Q3 2022, down by 48.7 percentage points from the same period last year. Total liabilities in terms of GDP dropped by 59.3 percentage year-on-year, accounting for 622 percent of the annual GDP at the end of the Q3 2022.

“These quarterly developments continue the trend of decrease of both assets and liabilities of the Croatian economy in terms of GDP, which started in the second quarter of 2021 due to a slower increase in their value compared to the growth of quarterly GDP,” the central bank said in a press release, without offering interpretation as to the underlying causes of the decrease.