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GDP down less than predicted, analysts say
Croatian Times
The Croatian economy can expect a smaller GDP drop of 1.8 per cent compared to earlier estimates of 2.5 per cent, say Hypo bank analysts.
Positive export results of tourist services are largely to thank, but the analysts stress that although the number of overnight stays had risen this season, the expected revenues from tourism will maintain last year’s levels since most visitors are spending less.
According to Hypo chief analyst Hrvoje Stojic, Croatia’s emergence from the credit crunch will be at a snail’s pace and 2011 will see a "lean" growth rate of 1.6 per cent. Although the government had announced in its latest rebalance an expected budget deficit of 4.2 per cent, Hypo bank predicts it will reach seven per cent.
Compared to some of its neighbors whose industrial production is growing in double digits, Croatia’s could be at zero or register minimal growth.
In order to achieve a quicker rate of growth, analysts believe Croatia should stabilize its public finances while establishing a credible short-term financing plan, speedily implement the reforms and strengthen the productivity of the economy, the daily Jutarnji List writes.
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