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2018/02/28 / Erste Group Research

HR Short Note, Croatia

GDP growth in lower gear – expands only 2.0% in 4Q17, wrapping up FY17 figure at 2.8%

Against our and market expectations, GDP growth negatively surprised as economy expanded at the pace of only 2.0% in 4Q17. Domestic demand remained supportive, though investments fell short of our expectations somewhat. Exports dynamics met expectations, but pressure on imports side (especially services) came in stronger than expected, hence trimmed headline figure significantly. Today's release increases the uncertainty over the 2018 outlook, i.e. we see risks to our current 2.8% forecast skewed to the downside suggesting increasing likelihood of few notches GDP forecast revision.

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General information

AuthorErste Group Research
Product nameCEE Country Update
Topic in focusFX, Macro/ Fixed income
Economy in focusCroatia
Currency in focusCroatian Kuna
Sector in focus-


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