Table of Contents
This report reviews key macroeconomic data and microeconomic developments for Croatia published between January 5 and February 5, 2015.
In the beginning of February, the European Commission revised up its growth projection for Croatia saying that it now expects the economy to expand by 2.1% this year from 1.8% in 2015. Growth should be supported by increasing domestic demand and is expected to stay at the same level in 2017.
The World Bank also raised its growth forecast for Croatia. It now sees the GDP expanding by 1.4% compared to 1.2% in June.
In January, Standard & Poor's Ratings Services affirmed its 'BB' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Croatia. Fitch also affirmed Croatia's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB' and 'BB+' respectively with a negative outlook.
The report also reveals the composition of the new government and the cabinet's planned measures, as well as the name of the first minister who resigned just a few days after taking office.
o Croatia's consumer prices fell 0.6% y/y in December, slightly narrowing from the 0.9% decline in the previous month.The working-day adjusted industrial output rose 1% y/y in December, slowing from a 2.7% annual hike in November.
o The unemployment increased to 17.9% in December from 17.7% in the previous month. The average net monthly wage rose 4.9% in November, accelerating from a 4.3% hike in October.
o January-November trade gap narrowed 0.9% y/y as exports rose at a faster pace than imports.
o Croatia managed to attract EUR666.1mn foreign direct investments (FDI) in the first nine months of last year.
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