The movement of the Coincident Economic Index of the Institute of Economics, Zagreb (CEIZ) suggests that Croatia’s GDP growth accelerated further in the third quarter of 2021, with the expansion seen at 3% q/q, the Zagreb Institute of Economics (EIZ) announced on October 26.
In August, the CEIZ index rose by 5.5 index points compared to August 2020, while compared to July 2021 it moved up by 0.2 index points.
When observing the individual index components, all four index components (state budget income from VAT revenues, volume of industrial production, real retail trade, and the number of tourist arrivals) registered a growth in August compared to the same month in 2020. Additionally, seasonally adjusted values of all index components also rose in August compared to July, the EIZ said in the statement.
The index movements suggest that the economic activity, measured with annual GDP change rates, in the third quarter of 2021, compared to the same quarter last year, has continued to record a double-digit growth. At the same time, the economic activity in the first two months of the third quarter indicates an acceleration trend compared to the second quarter of 2021.
The CEIZ is a monthly composite business cycle indicator intended to provide timely information on the current business cycle condition.