First Release

Year: LX.
Zagreb, 28 November 2023
NR-2023-1-1/3
ISSN 1334-0557

FIRST QUARTERLY GROSS DOMESTIC PRODUCT ESTIMATE, THIRD QUARTER OF 2023

The estimation of the gross domestic product (GDP) for the third quarter of 2023 is presented by major categories of expenditure and according to the NKD 2007 activity sections.

The quarterly GDP data refers to short-term movements of the economy, while the main purpose of the quarterly GDP estimate is the calculation of real growth rates.

The estimate shows that the quarterly GDP increased by 2.8% in real terms in the third quarter of 2023 as compared to the same quarter of 2022.

Seasonally adjusted quarterly GDP increased by 0,3% compared to the previous quarter and by 3,0% in real terms compared to the same quarter of 2022.

1 GROSS DOMESTIC PRODUCT, REAL GROWTH RATES AND CURRENT PRICES
     2022 2023
VII ‒ IX X − XII I ‒ III IV ‒ VI VII ‒ IX
Non adjusted data, real growth rates (%)          
Comparison with the same quarter of previous year 5,5 3,2 1,6 2,6 2,8
Seasonally adjusted data, real growth rates (%)          
Comparison with the previous quarter -0,4 0,3 0,9 1,5 0,3
Comparison with the same quarter of previous year 5,8 3,3 1,6 2,2 3,0
Current prices, mln euro          
Gross domestic product 19 716 17 328 16 162 18 840 22 122

The real growth rates of quarterly GDP by expenditure categories based on non-adjusted data are presented in table 2.

2 GROSS DOMESTIC PRODUCT ACCORDING TO EXPENDITURE APPROACH, REAL GROWTH RATES, COMPARISON WITH CORRESPONDING QUARTER OF PREVIOUS YEAR

%

    2022 2023
VII − IX X − XII I ‒ III IV ‒ VI VII ‒ IX
Final consumption expenditure 5,7 4,2 2,2 3,4 2,7
Households 6,9 3,3 1,9 2,1 3,0
NPISH 7,8 9,9 3,5 3,7 -6,1
General government 2,5 5,9 2,6 6,8 2,1
Gross fixed capital formation -0,8 -1,7 0,7 4,2 6,1
Exports of goods and services 24,1 18,8 9,8 -0,7 -8,5
Goods (FOB) 38,7 16,3 3,2 -9,3 -20,4
Services 19,0 21,4 21,0 9,2 -0,5
Imports of goods and services 31,7 17,7 0,7 -1,6 -12,1
Goods (FOB) 34,6 18,3 -0,2 -4,3 -14,8
Services 16,6 15,4 6,6 16,4 5,9
Gross domestic product 5,5 3,2 1,6 2,6 2,8

Real growth is visible in most of the GDP categories on the expenditure side, except in categories NPISH, export of goods and services and import of goods.

Table 3 shows real growth rates of the quarterly gross value added (GVA) according to the NKD 2007 activity sections based on non-adjusted data.

3 GROSS VALUE ADDED ACCORDING TO PRODUCTION APPROACH, REAL GROWTH RATES, COMPARISON WITH CORRESPONDING QUARTER OF PREVIOUS YEAR

%

    2022 2023
VII − IX X − XII I ‒ III IV ‒ VI VII ‒ IX
A Agriculture, forestry and fishing -1,4 -5,4 -1,0 -6,1 7,2
B, C, D, E Manufacturing, mining and quarrying and other industries 2,5 -4,8 -1,4 -1,3 -5,8
C Manufacturing 2,4 -4,0 -2,6 -2,3 -4,3
F Construction 2,0 3,3 4,0 0,9 4,8
G, H, I Wholesale and retail trade, transportation, storage, accommodation and food service activities 8,2 6,4 0,0 -1,2 1,7
J Information and communication 15,3 16,3 4,9 4,6 3,5
K Financial and insurance activities -1,2 -1,2 11,8 18,2 7,0
L Real estate activities 7,1 2,2 4,9 3,1 3,6
M, N Professional, scientific, technical, administrative and support service activities 10,6 11,0 11,1 12,0 5,9
O, P, Q Public administration and defence, education, human health and social work activities 12,0 10,5 3,9 2,8 0,9
R, S, T, U Other service activities 13,4 16,7 2,3 -2,7 -3,7
GVA Gross value added 7,2 5,2 2,8 2,1 1,7

The first estimate shows that the quarterly GVA increased in real terms by 1.7% in the third quarter of 2023 as compared to the same quarter of 2022, based on non-adjusted data.

The increase in GVA was mainly influenced by the increase in real value added in Wholesale and retail trade, transportation, storage, accommodation and food service activities, and Professional, scientific, technical, administrative and support service activities.

In Statistics in Line, the data by major categories of expenditure and according to the NKD 2007 activity sections at current prices, constant prices of the previous year, constant prices of the reference year (2015 = 100) and real growth rates are presented.

Detailed data expressed in kuna and euro can be downloaded via the link Statistics in Line.

 

Abbreviations
   
mln million
NKD 2007 National Classification of Activities, 2007 version
NPISH non-profit institutions serving households

 

Symbols            
             
0,0 value not zero but less than 0.05 of the unit of measure used

 

Published by the Croatian Bureau of Statistics, Zagreb, Ilica 3, P. O. B. 80
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Persons responsible:
Suzana Šamec, Director of Macroeconomic Statistics Directorate
Lidija Brković, Director General

Prepared by:
Ingrid Pejković, Suzana Čajkušić, Jasna Medek, Patrik Pipp and Sanja Šmigoc

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