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GDP falls 2.5 per cent in second quarter
Croatian Times
The GDP has fallen 2.5 per cent in the second quarter, preliminary data from the Central Bureau of Statistics shows.
The main contributor is a drop in personal consumption, Raiffeisen Consulting analysts say. The data from various sectors confirm such conclusions, with retail trade falling 4.4 per cent in the first quarter. Bad labour market indicators, drop in real salaries and disposable income and weak bank credit activities have all contributed to a decrease in consumption.
The investments in fixed capital continued to fall considering that the state has decreased investment activity under pressure to curb spending, and there are still no signs of private sector investments. The construction sector data shows further decreases. The positive contribution to GDP is expected only from net exports of goods and services, the daily Vecernji List writes.
Third quarter is expected to bring slight, but nevertheless positive growth. The tourist season will affect personal spending and contributions to retail sales. The increase in exports will also have positive effects.
On the other hand, the growth will be limited by poor investment activity and the likely drop in state spending.
The GDP growth rate could be 0.5 per cent for the third quarter, with the annual drop of 1.5 per cent.
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