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2017/12/13 / Erste Group Research

HR Macro Outlook, Croatia

GDP outlook holding steady, fiscal outlook continues to favor rating upgrade

GDP accelerated to 3.3% y/y in 3Q17, while 1Q and 2Q were revised to 2.6% y/y and 3.0% y/y (0.1pp and 0.2pp, respectively). Domestic demand maintained its strong footprint (especially private consumption), while exports remained strong (also backed by tourism), although mounting pressure on imports kept net exports in the negative region.

As far as the growth outlook is concerned, we stick to our previous call that GDP will expand by 3.0% in 2017 and 2.8% next year. Domestic demand should remain the backbone of growth, but we see private consumption playing a slightly more subtle role, and on the other hand expect more vivid investment performance.

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General information

AuthorErste Group Research
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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