Croatian economy growth comes from private sector

GMT 08:41 2015 Sunday ,30 August

Arab Today, arab today Croatian economy growth comes from private sector

Croatian economy
Zagreb - XINHUA

The private sector in Croatia made the biggest contribution to the 1.2 percent GDP growth in the second quarter of 2015, Croatian economists said.

Economic analyst and consultant in T&MC Group, Damir Novotny, said on Saturday that although figures were positive, the growth of industrial production and enlarged exports of food, wood, steel and pharmaceutical came as results of successful private sector.

Ivan Lovrincevic, an economic analyst at Zagreb Economic Institute, said that retail and tourism were the main contributors for the growth.

The positive effects from successful tourism season would last to next quarter, he said.

Croatian Employer's Association General Director Davor Majetic said earlier that the growth came from restructuring of private sector, which adapted to new situation and focus on exports.

He called on urgent and serious work on fiscal consolidation, public debt reduction and structural reforms.

The Croatian National Bureau of Statistics (DZS) on Friday released its latest estimate, saying the GDP grew by 1.2 percent in the second quarter this year.

This was the third consecutive quarter that the country's GDP increased and 2015 will likely be the first year with economy growth after a six-year recession.

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