In Q2 2020 Croatia’s GDP dropped 15.1% YOY, the Croatian Bureau of Statistics has stated.
The percentage has exceeded most analysts’ expectations. Six analysts who took part in a survey conducted by the Hina news agency on average expected GDP to lose 13.9%, and their estimates of the decrease ranged from 12% to 17%.
The data presented by the statistical authority show that household consumption decreased by 14% in Q2, while investment fell by 14.7%, the Novac website reports.
Goods exports decreased by 10.6%, while services exports – including tourism – suffered the most, losing a whopping 67.4%. Goods and services imports dropped 28.1%, the portal B92 reports.
This severe economic decline, the biggest since 1996 when the Bureau of Statistics started monitoring that data, is a consequence of the restrictive measures taken to curb the COVID-19 spread, which paralyzed economic activity from the second half of March to the end of April.
The biggest GDP drop so far was registered in Q1 2009, at the start of the global financial crisis, and was 8.8%.