Croatian Recession Finally Over
- New Europe Investor
- June 03, 2015
The Croatian economy has significantly surpassed its 0.1% first quarter growth expectations for 2015.
According to the Central Bureau of Statistics, the Croatian economy grew 0.5% in the first quarter of 2015 compared to the same period last year.
The 0.1% prediction came from an average of eight top macroeconomists in the country, where the highest prediction was 0.3% with the worst being a contraction over the year of 0.3%.
Croatian Recession Over
It represents two consecutive quarters of positive growth, officially bringing an end to the Croatian recession. Prior to this, the country had experienced six years of consecutive recession.
Many other indicators in the Croatian economy are showing very positive signs.
Manufacturing statistics are among the best in Europe with exports improving rapidly.
In addition, Croatia being the newest entrants to the European Union, are set to begin receiving structural funding in the near future.
This is likely to make the economic situation better in itself. Poland’s structural funding is said to directly contribute 1% to the economies GDP growth annually.