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2021/12/07 / Erste Group Research

Stellar economic recovery in 2021


Recovery momentum gathered further traction in 3Q21, as the 15.8% y/y figure confirms the full V-shape recovery in 2021. Domestic demand kept a strong print, as both private consumption and investments continued to trend comfortably in excess of 2019 levels. Tourism provided a strong tailwind, as physical indicators suggested activity at 90% of the pre-COVID-19 level.

As for the outlook, our current 8.7% call is subject to upside risks, suggesting growth north of the 9% mark, while we marginally trimmed our call for 2022 to 4.8%, reflecting the sound domestic demand outlook, while recognizing less 'normalization' potential from tourism.


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General information

AuthorErste Group Research
Date2021/12/07
Languageen
Product nameCEE Country Macro Outlook
Topic in focusFX, Macro/ Fixed income
Economy in focusCroatia
Currency in focusCroatian Kuna
Sector in focus-
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