Intellinews - Croatia Country Report

Author (bharatbookseo). Submitted on Mon, 2 Apr 2012

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The IntelliNews Croatia Country Report comes out monthly, and covers the major macroeconomic indicators and trends in Croatia, as well as important political and business developments. Prepared by IntelliNews analysts who are ‘on the ground’ and native to the region, it provides a review of important development supported by accurate data from a wide range of often hard to get statistics, plus our take on what the developments mean.

Executive Summary

The Croatian parliament approved at the end of February the country's 2012 budget, which targets a deficit of 2.8% of GDP and projects a 0.8% economic growth and inflation of 2.4%. The country also increased VAT rate to 25% from 23% as of March 1. Rating agency Fitch said that Croatia’s 2012 budget presents a mixed picture since planned expenditure cut, although encouraging, was smaller than the initially envisaged.

Fitch affirmed in March Croatia's long-term foreign currency credit rating at 'BBB-' and long- term local currency rating at 'BBB' but also the negative outlook. It said the government’s economic growth projection was rather optimistic, adding it sees a real GDP drop of 1% in 2012 and potential GDP growth of around 2%. The country’s week competitiveness, narrow export base, high debt levels and structural rigidities are the main constrains to its growth. http://www.bharatbook.com/market-research-reports/croatia-market-research-report/intellinews-croatia-country-report1.html

Croatian finance minister Slavko Linic expressed hopes in early March the government’s programme and policies are on the right path to convince rating agencies to keep the country’s credit ratings at the current levels. After Fitch said its keeping Croatia’s ratings unchanged, Standard & Poor's and Moody’s are due to shortly announce their newest rating updates following recent visits to the country. Industry Analysis

Croatian economy minister Radimir Cacic said in mid-March the government’s 2012 GDP growth target of 0.8% is indeed very ambitious, considering the economy has experienced several years of stagnation and contraction, while the current year is passing under the light of economic downturn in Europe. According to him, if the economic growth stays afloat around zero in 2012, it would be realistic to expect it expanding by 2% in 2013 and by 3%-4% in 2014 and 2015.

Newly released macroeconomic data showed Croatia’s GDP fell by a real 0.2% on the year in the final quarter of 2011. The economy registered a growth of 0.2% in full 2011. Croatia’s industrial output shrank by an annual 4.9% in January after increasing 1.2% a month earlier. January’s annual inflation accelerated to 1.3% from 1.2% in December. January retail sales rose by a real 1.9% on the year, while new car sales climbed an annual 6.8% in February. Croatia’s jobless rate increased to 19.8% in January from 18.7% a month earlier, while the labour productivity in the country rose by an annual 1.3% in the first month of 2012.

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Intellinews - Croatia Country Report

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