The Croatian Bureau of Statistics has published the revised quarterly GDP data for the period from the first quarter of 2017 to the fourth quarter of 2020.
According to the revision policy of national accounts and government finance statistics/excessive deficit procedure statistics, if significant changes occur in the calculation of data within the April notification, the Croatian Bureau of Statistics is obliged to ensure consistency between data and publish the revised data on gross domestic product, thus also ensuring consistency in quarterly sector accounts.
To achieve consistency among national accounts data, the updated version of data on taxes, subsidies and government consumption expenditure is included in this quarterly GDP calculation, and the largest changes were recorded in 2020.
The revised data on taxes and subsidies for the first and the second quarter of 2020 are higher than those previously published, due to which a higher real GDP growth was recorded in the first quarter of 2020 compared to the pre-revision data, as well as a lower real decline in the second quarter of 2020. In the third and the fourth quarter, taxes and subsidies were lower than those previously published, which consequently led to lower rates of the revised gross domestic product compared to the pre-revision rates.
