The Croatian Chamber of Commerce (HGK) said on Friday the 1.9% GDP growth in the last quarter of 2015 was as it had expected and that it did not expect this year's GDP growth to be more dynamic than in 2015.
Croatia's economy grew 1.9% in Q4 2015 on the year, which is a slower growth than in the previous quarter and a smaller growth than expected, the national statistical office said today.
The HGK said the 1.9% annual GDP growth in Q4 2015 retained the growth for the entire year at 1.6%, recalling that annual growth in Q3 was 2.8%, mainly thanks to higher exports.
The HGK said that in Q4 growth was higher than in Q3 in all demand categories (personal and government consumption, investments in fixed capital, and exports).
The manufacturing industry had the biggest influence on GDP growth in Q4 2015.
As for the whole year, one can conclude that the 1.6% GDP growth was markedly higher than initially forecast, the HGK said.
After six years of GDP decline, 2015 saw a recovery of domestic demand, primarily personal consumption and investment in fixed capital as well as a 9.3% increase in exports. Last year saw a record high level of foreign exchange revenues from tourism and a record high level of commodity exports, about HRK 11.5 billion. The impact of the export increase on GDP growth was three and a half times the impact of the domestic demand increase.
GDP growth in 2015 at European Union level was an average 1.9%, the HGK said, adding that ten member states recorded lower GDP growth rates than Croatia's 1.6%.