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 also 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 first quarter of 2021, the economic activity has shown a continuous upward trend. Hence, in the fourth quarter of 2022, the GDP was 4.0% higher in real terms than in the same quarter of 2021.
At the same time, a nominal growth of the GDP in the fourth quarter of 2022 compared to the same quarter of 2021 amounted to 16.7%, which led to the greatest difference between real and nominal growth rates of the GDP in the past twenty years. It is a result of a high inflation rate, which has continuously exceeded 10% since May 2022.
| 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 |
| 9 | 1Q 2011 | 2Q 2022 |
| 10 | 2Q 2011 | 3Q 2022 |
| 11 | 3Q 2011 | 4Q 2022 |
The first estimate shows that the quarterly gross value added (GVA) increased in real terms by 3.1% in the fourth quarter of 2022 compared to the same quarter of 2021, based on non-adjusted data. The quarterly growth of GVA was recorded in most activity groups 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 1.3% in the fourth quarter of 2022, mainly due to an increase in turnover from hotel and restaurant services and from transport services.
Government spending increased by 6.8% in real terms in the fourth quarter of 2022 compared to the same period of the previous year.
In the fourth quarter of 2022, the export of goods and services recorded a growth in real terms of 14.2%, while the import of goods and services recorded a growth in real terms of 14.6%.
