Croatia posts 7.7 pct GDP growth in Q2 2022

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Croatia's GDP grew by 7.7 percent year-on-year in Q2 2022, indicating accelerated growth after posting 7.0 percent in Q1 2022, state news agency Hina said on Friday, citing publicly available report released by the state statistics bureau.

This is the fifth quarter in a row that Croatia’s GDP posted positive numbers, “which shows the country’s strong recovery from that crisis,” Hina said.

Hina did not indicate whether this growth was expected or not.

“Strong growth in the April-June 2022 period is based on the rise in almost all the components of GDP… Household spending increased in real terms by 7.7 percent in Q2 2022, on account of increased turnover in catering services, transport services, and retail trade,” Hina cited the statistics bureau report as saying.

“In Q2 2022, the export of goods and services recorded significant growth in real terms, of 41.9 percent, while imports of goods and services recorded a growth of 28.6 percent in real terms,” Hina added.

Also, government spending dropped by 2.2 percent in real terms in Q2 2022.

The growth of Croatia’s GDP seems to outperform the EU average. Eurostat recently reported that in Q2 2022 the economy of the 27-country European Union grew by 0.6 percent from the previous quarter and 4.0 percent year-on-year.