- Published: 29.05.2015.
Deputy Prime Minister Grcic: Croatia has formally emerged from recession
The Deputy Prime Minister and Minister of Regional Development and EU Funds, Branko Grcic, said on Friday that Croatia had formally emerged from recession in the first quarter of 2015.
Addressing a press conference, Grcic noted that the GDP growth rate of 0.5 per cent in the first quarter of the year was higher than forecast, adding that figures for April indicated that the positive trend could continue.
The National Bureau of Statistics (DZS) issued an initial estimate on Friday according to which GDP in the first quarter of the year had grown 0.5% year on year.
This is the second quarter in a row that GDP has grown, after increasing by 0.3% in the final quarter of 2014, which is definitive confirmation that the national economy has emerged from recession after six years of downturn.
"We can expect perhaps an even higher rate by the end of the year than the one projected by the government," Grcic said, adding that the growth was the result of increased exports and external factors and that progress had been made in all GDP components, primarily in investments.
Grcic said that the growth was also the result of the government's policy of minor budget cuts that preserved consumption generators, namely salaries, pensions and welfare benefits, stressing that the government would continue such policy.
(Text and foto: HINA)