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Croatia’s GDP Falls 1.2%

CroatiaCroatia’s Gross Domestic Product (GDP) has dropped for the ninth consecutive quarter after the Central Bureau of Statistics today released its first prognosis of the last quarter of 2013…

GDP, which is a key indicator of economic strength, fell by 1.2 percent in the last quarter of last year, a greater decline than what was forecast. The drop is  bigger decline than in the third quarter (of 2013), when GDP slid 0.6 percent.  In 2013 Croatia’s GDP fell 1 percent on the year previous in 2012.

The largest contribution to the reduction of volume was  caused by the fall in exports of goods in the last quarter of 2013, while there were also less imports. In terms of production,  the largest contribution to GDP growth in the fourth quarter of 2013 was achieved in the accommodation  and food service sector, while the processing industry recorded the largest reductions.

Croatia’s economy has been weak since the beginning of 2009, with consistent negative trends quarter on quarter until this year – barring two quarters – the third in 2010, and the second quarter in 2011.

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