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Country Economic Forecasts > Croatia

  • December 2016
  • -
  • Oxford Economics
  • -
  • 5 pages

The Croatian economic recovery strengthened in 2016, boosted by improving private spending and the tourism sector, with growth estimated at 2.6% in the year as a whole, after a 1.6% expansion in 2015.

The new government's tax reform was adopted by parliament this month. It will result in a reduction of the corporate tax rate (from 20% to 18%), as well as the income tax rates: from 25% to 24% and 40% to 36%. The government decided to counter the loss in revenues from lower income tax rates by imposing a higher VAT in the tourism sector. We expect the budget deficit to be close to 2% of GDP in both 2016 and 2017.

In addition, stronger-than-expected fiscal consolidation and faster economic growth led to the first 'outlook' upgrade by a rating agency in 9 years in December: with S&P upgrading from negative to stable. However, the risks to our 2017 forecast (of 2.4% GDP growth) are still tilted to the downside as there are still a number of politically divisive issues to be tackled, while the main source of economic uncertainty is Eurozone growth.


Table Of Contents

Country Economic Forecasts > Croatia
Croatiaand#58;


The following represents a general Table of Contents outline for the Country Economic
Forecast. The actual report may cover any or all of the topics listed below.

  1. Highlights and Key Issues - four/five paragraphs of analysis covering the
    main economic and political issues contained in the subsequent Economic Overview
  2. Forecast Table showing % changes for the country - with 2 years of historical
    data and 4 years of forecast data for the followingand#58;
    • Domestic demand
    • Private consumption
    • Fixed investment
    • Stockbuilding (% of GDP)
    • Government consumption
    • Exports of goods and services
    • Imports of goods and services
    • Unemployment
    • Consumer prices
    • Current account balance (US$ and % of GDP)
    • Government budget (% of GDP)
    • Short-term interest rates (%)
    • Long-term interest rates (%)
    • Exchange rate (vs. US dollar)
    • Exchange rate (vs. euro)
  3. Economic Overview - two pages of events-driven analysis highlighting the
    most recent economic activity and, where relevant, political developments of the
    country, detailing significant changes to Oxford Economics' forecasts
  4. Charts and Tables - covering a full range of economic developments relevant
    to the time period covered. These could include such topics asand#58;
    • Contributions to GDP growth
    • Monthly industrial output
    • Business and consumer confidence
    • Unemployment rate
    • Retail sales
    • Prices and earnings
    • Consumption and investment
    • Government balance and debt
    • GDP and industrial production
    • Monetary policy and bond yields
  5. Background Information on the country
    • One or two pages of text covering the main historical political and economic factors
      that determine the country's current position
  6. Key Facts on the country
    • Map of the country
    • Key political facts
    • Long-term economic and social development - changes since 1980
    • Structure of GDP by output - latest year
    • Long-term sovereign credit ratings and outlook
    • Corruption perceptions index- latest year
    • Structural economic indicators - changes since 1990
    • Destination of goods' exports -prior years - latest year
    • Composition of goods andamp; services exports - latest year

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