Croatia had the fourth largest GDP growth in the EU in Q4 2021, of 9.9 percent, posting higher growth rate than the European average, state agency Hina reported on Tuesday, citing the latest release by Eurostat, the EU's statistics bureau.

In Q4 2021, the seasonally adjusted GDP increased by 0.4 percent in the EU27 and by 0.3 percent in the euro zone quarter-on-quarter, Eurostat reported, confirming projections of a slowdown, as in Q3 2021 the growth rates posted were 2.2 percent in the EU and 2.3 percent in the euro zone.

Year-on-year, the seasonally adjusted GDP grew by 4.8 percent in the EU and by 4.6 percent in the euro zone in Q4 2021. In the preceding quarter, Q3 2021, the EU’s GDP grew by 4.1 percent, and by 3.9 percent in the euro zone. This means that economies of the EU27 and the euro zone have now surpassed their pre-pandemic levels from late 2019, increasing by 0.6 percent in the EU and by 0.2 percent in the euro zone.

Over twelve months of 2021, GDP grew by 5.3 percent in both the EU and euro zone from 2020, or 0.1 percentage points stronger than Eurostat had projected in February.

Slovenia posts highest GDP growth

Slovenia recorded the highest year-on-year GDP growth in Q4 2021, of 10.5 percent, followed by Malta and Ireland, who both posted 10.0 percent growth. Croatia came in fourth, with 9.9 percent GDP growth, on the back of a 15.3 percent jump in Q3 2021. The lowest growth rate among EU member countries was recorded in Slovakia (1.2 percent), followed by Germany (1.8 percent).

The number of employed persons increased by 0.5 percent in both the euro zone and in the EU in Q4 2021, compared with the previous quarter. Over the entire year of 2021, the number of persons employed increased by 1.1 percent in the euro zone and by 1.2 percent in the EU from 2020, after falls of 1.5 percent and 1.4 percent respectively in 2020 compared to 2019.

Recovery in Croatia

In Q4 2021, Hungary (+1.2 percent), Denmark (+1.1 percent), Spain and Malta (both +1.0 percent) recorded highest growths in employment in persons compared with Q3 2021. In Croatia, the number of people employed in the fourth quarter of 2021 increased by 0.6 percent.

The biggest increase in employment year-on-year was recorded in Ireland (8.4 percent). Croatia registered an increase in employment of 3.6 percent in Q4 2021 compared to Q4 2020. Greece, Luxembourg, and Malta registered the same increase.  Employment declined only in Romania, by 9.1 percent.