The Croatian economy grew by 3.3% year-on-year in the second quarter of 2024, marking the 14th consecutive quarter of growth, according to initial estimates released by the Croatian Bureau of Statistics (DZS) on Tuesday.

The estimate shows that quarterly GDP rose by 3.3% in real terms in the second quarter of 2024 compared to the same quarter in 2023.

However, this is a slower increase than in the first quarter of 2024, when the growth rate reached 3.9%.

Household consumption, which is the largest component of GDP in Croatia, increased by 6.1% in the second quarter of 2024 compared to the same quarter of 2023.

Croatia’s economy is growing faster than the EU average

Gross fixed capital formation increased by 12.9% in the second quarter compared to the previous year. Government spending rose by 4%, following an increase of 1% in Q1. Imports of goods and services rose by 5.2% after +2.2% in Q1, and exports of goods and services fell by 1.3% year-on-year in Q2.

“Seasonally adjusted quarterly GDP showed a positive rate of change of 0.8% compared to the previous quarter and rose by 3.0% in real terms compared to the same quarter in 2023,” the DZS stated on its website.

Croatia’s growth in the 2nd quarter was higher than the EU average. According to Eurostat, the European Union economy grew by 0.3% in Q2 compared to Q1 2024 and by 0.8% compared to Q2 2023.

Economic growth in the eurozone was +0.3% compared to the previous quarter and +0.6% compared to the previous year.