The latest GDP data for the second quarter of 2021 show that Croatia formally exited recession after four consecutive quarters of downturn, the Croatian Employers' Association (HUP) chief economist Iva Tomic said on Friday.

Croatia’s economy grew by 16.1% in the second quarter of 2021 compared to Q2 2020, which is the first time it grew after going down for four consecutive quarters and at the highest rate since 1996, when the national statistical office started collecting those data.

Tomic underscored that this growth rate placed Croatia among the best performers in the European Union considering the 2021 Q2 GDP.

Spain, France, Hungary, Italy, and Portugal are together with Croatia at the top of the ranking, after those countries experienced a double-digit fall in the same period last year, Tomic said underscoring that all components in GDP had risen in Q2 compared to Q2 2020.