Croatia’s GDP in Q1 grows 3.9% year on year

ZAGREB, 28 May (Hina) – Croatia’s GDP increased in the first quarter of 2024 by 3.9% year on year, rising for the 13th quarter in a row mainly thanks to increased consumption and investments, shows the first estimate by the national statistical office on Tuesday.

The annual growth, however, was slower than in the last quarter of 2023, when it was 4.4%. The quarterly growth was 1%.

Household consumption, the biggest GDP component, increased 6% on the year, up from the 5.3% annual growth registered in the last quarter of 2023.

Gross fixed capital formation increased 10.8%, up from the 6% annual growth registered in Q4 2023.

Government consumption went up 1%, down from the 4.6% growth in Q4 2023.

Exports of goods and services, on the other hand, decreased 2% year on year, down from the 4.4% annual decrease in Q4 2023. The export of goods went up 2.9%, while the export of services fell 8.2%.

Imports of goods and services increased 2.2%, which was the first growth after three quarters of falling. The import of goods went up 0.5% and that of services 13.8%.

The growth of Croatia’s GDP in Q1 2024 was significantly faster than the EU average. Per Eurostat’s recent first estimate, both the EU and euro area GDP in this year’s first quarter increased 0.3% on the quarter and 0.4% on the year.