ZAGREB, 27 Nov (Hina) – The economic growth rates Croatia is achieving are significant not only from an economic but also from the demographic and all other aspects, Economy Minister Ante Šušnjar said on Wednesday, seeing this growth as a dominant reason for the return of Croatian citizens and the cessation of emigration.
The Croatian Bureau of Statistics said today that GDP in this year’s third quarter grew by 3.9% in real terms compared to the same period last year. This marks the 15th consecutive quarter of economic growth, driven primarily by household consumption, which rose by 5.5%, and gross fixed capital investments, which increased by 9.2% on an annual basis.
This is excellent news for the economy and the country, as well as proof that the Croatian economy, and the government policies “enabling such things”, are dynamic and attractive for investments, Šušnjar told the press.
“With the set of measures we have adopted, we are significantly raising Croatia’s position on the map of attractive countries for investments,” he said, citing recent investments such as Pfizer’s in Savski Marof and Jabil’s in Osijek as evidence.
Under the Investment Promotion Act, there are also grants from the state budget for creating jobs, as well as tax relief in the form of profit tax exemptions, which companies investing in Croatia are extensively utilising, Šušnjar said. “This year, we even expect to reach around €4В billion in incentives for businesses.”
Since consumption is the largest component of GDP, the minister stressed the importance of buying Croatian products. “It is up to our enterprises to assert themselves as the dominant providers of goods and services on the domestic market,” he said, adding that this would fully achieve the effect of economic growth and government measures.
“Croatia, a pleasant place to live, work, and invest”
Comparatively, at the EU level, only Malta ranks ahead of Croatia in terms of economic growth projections for 2024, with the government expecting growth of 3.6%.
While the Croatian economy grew by 3.9% in this year’s third quarter, EU economies are growing at around 1%, and the euro area at 0.9%. “This shows that Croatia is becoming a pleasant place to live and work and a desirable place for investment,” Šušnjar said.
Referring to forecasts that Croatia will reach about 79% of the EU average GDP per capita by 2025, Šušnjar said this was a dominant reason for the return of Croatian citizens to Croatia and the cessation of emigration.
He also cited recent data indicating that 17,000 Croatian citizens have so far returned from Ireland.
