Croatia's Gross Domestic Product (GDP) increased by 4% in the last quarter of 2022 compared to the corresponding period in 2021, thus rising for seven quarters in a row, according to the first estimates provided by the state statistics bureau (DZS) on Tuesday.

However, economic growth decelerated given that Q3 saw a rise of 5.2% year on year.

Economic growth is set to be 6.3% for the whole of 2022, according to the first estimates.

All components of GDP grow

All the components of the country’s GDP grew in the last quarter of 2022.

Household consumption went up 1.3% in Q4 compared to Q4 2021. In the third quarter, it grew by 5.6%.

The export of goods and services jumped by 14.2%, however in the previous quarter exports soared by 23.3%. The export of goods increased 13.4% and the export of services went up by 13.9%.

The import of goods and services grew 14.6% as against the Q3 growth of 30.5%, with the goods import rising by 16% and services import by 7.8%.

Gross fixed capital formation rose 9.6%, at a faster rate than in Q3 (5%).

State spending rebounded at rate of 6.8%, also at a faster annual rate than in Q3 (1.3%).

Seasonally adjusted GDP in Q4 increased by 4.2% compared to Q4 2021, and it also increased by 0.9% compared to Q3 2022.

Croatia’s year-on-year Q4 GDP growth was above the EU average, while the quarterly results were below the EU average.