Due to the COVID-19 pandemic, many countries had to take measures to mitigate its economic consequences. The measures for restricting the economic activities and the movement of people have affected the aggregates of quarterly national accounts as well as the quality and availability of many data sources that are commonly used in estimating the gross domestic product (GDP). Data show that the pandemic has largely led to a slowdown in Croatian economy since mid-March 2020.
However, since the second quarter of 2021, the economic activity has shown a continuous upward trend. Hence, in the first quarter of 2022, the GDP was 7.0% higher in real terms than in the same quarter of 2021. That increase led to reaching a record high GDP in real terms, as compared to first quarters of previous years. At the same time, changes in the labour market showed an increase in employment and a slightly faster increase in earnings. The inflation of consumer prices continued to speed up, accompanied with a graduate spread of growth in prices.
| X-axis | 2008 crisis | 2020 crisis |
|---|---|---|
| -1 | Q3 2008 | Q4 2019 |
| 0 | Q4 2008 | Q1 2020 |
| 1 | Q1 2009 | Q2 2020 |
| 2 | Q2 2009 | Q3 2020 |
| 3 | Q3 2009 | Q4 2020 |
| 4 | Q4 2009 | 1Q 2021 |
| 5 | Q1 2010. | Q2 2021. |
| 6 | Q2 2010. | Q3 2021. |
| 7 | Q3 2010. | Q4 2021. |
| 8 | Q4 2010. | Q1 2022. |
The first estimate shows that the quarterly gross value added (GVA) increased in real terms by 6.3% in the first quarter of 2022 compared to the same quarter of 2021, based on non-adjusted data. The quarterly growth of GVA was recorded in all activities and it was mostly influenced by Wholesale and retail trade, Transportation and storage, and Accommodation and food service activities.
Household consumption increased in real terms by 6.3% in the first quarter of 2022, mainly due to an increase in turnover from catering services, transport services and retail trade.
Government spending increased by 5.9% in real terms in the first quarter of 2022 compared to the same period of the previous year.
Gross fixed capital formation in the first quarter of 2022 in real terms increased by 7.9% compared to the same period last year, which also led to an increase in the volume of construction works.
In the first quarter of 2022, the export of goods and services recorded a growth in real terms of 29.4%, while the import of goods and services recorded a growth in real terms of 25.0%.
