Croatia's economy shrunk for the third quarter in a row in the three months to June, preliminary data released by the Bureau of Statistics revealed Friday.
Gross domestic product dropped 2.1 percent year-on-year, following a 1.3 percent decline in the first quarter.
The country, which is set to join the European Union on July 1 next year, has not seen any growth in the past three years. On August 2, the finance ministry cut this year's growth forecast to zero growth from 0.8 percent. However, the economy is expected to expand 1.8 percent next year.
The International Monetary Fund expects the economy to shrink 0.5 percent this year, but grow by a percent in 2013. The World Bank has said that the outlook for growth in 2012 remains weak, given Croatia's dependence on economic cycles of the European Union.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.