The so-called CEIZ index compiled by the Zagreb Institute of Economics (EIZ) for April 2022 "suggests that the Croatian economy grew by 7.1 percent in the second quarter of this year compared with the same period last year," state agency Hina said on Tuesday.

“In April 2022, compared with April 2021, the CEIZ index fell by 8.6 index points to 0.82 index points as a result of the exceptionally high value of the CEIZ index in April 2021, which was the first month in which the economic activity measured by the index recovered significantly after the economic lockdown due to Covid-19 restrictions,” the EIZ said in an unsigned press release on Tuesday.

Compared with March this year, the CEIZ index increased by 0.73 index points.

Broken down by index components, two of four components recorded a higher seasonally-adjusted value in April 2022 compared to the previous month, namely the volume of industrial production and the number of tourist arrivals, while retail trade and state budget revenue from VAT recorded a lower seasonally-adjusted value.

“The index movement suggests that in the second quarter of 2022, compared with the corresponding period of 2021, the economic activity measured by the annual GDP change rate continued to record a growth rate similar to the one registered in the first quarter of 2022. At the same time, the economic activity at the very beginning of the second quarter of 2022 compared with the first quarter of 2022 showed a mild acceleration trend,” the EIZ said.

“A more precise assessment of the business cycle in the second quarter of 2022 will be possible when the index values for May and June 2022 become available,” the press release said.

The CEIZ, or the Coincident Economic Index, is described as a “monthly composite business cycle indicator” developed by the EIZ to provide timely information on the current business cycle condition. Hina did not explain the methodology used to calculate the CEIZ index.