First Release

Year: LXI.
Zagreb, 28 May 2024
NR-2024-1-1/1
ISSN 1334-0557

FIRST QUARTERLY GROSS DOMESTIC PRODUCT ESTIMATE,
FIRST QUARTER OF 2024

The estimation of the gross domestic product (GDP) for the first quarter of 2024 is presented by major categories of expenditure and according to the NKD 2007 activity sections.

The quarterly GDP data focus on 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 in real terms increased by 3.9% in the first quarter of 2024, as compared to the same quarter of 2023.

Seasonally adjusted quarterly GDP showed a positive rate of change of 1.0% compared to the previous quarter and it increased by 3.9% in real terms compared to the same quarter of 2023.

1 GROSS DOMESTIC PRODUCT, REAL GROWTH RATES AND CURRENT PRICES
   2023 2024
I ‒ III IV ‒ VI VII ‒ IX X − XII I ‒ III
Non adjusted data, real growth rates (%)          
Comparison with the same quarter of previous year 2,9 3,8 1,4 4,4 3,9
Seasonally adjusted data, real growth rates (%)          
Comparison with the previous quarter 1,5 1,6 -0,7 2,0 1,0
Comparison with the same quarter of previous year 2,8 3,3 1,9 4,4 3,9
Current prices, mln euro          
Gross domestic product 16 422 19 146 22 085 18 818 18 120

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

%

   2023 2024
I ‒ III IV ‒ VI VII ‒ IX X − XII I ‒ III
Final consumption expenditure 3,1 4,3 3,7 4,7 4,5
Households 1,9 2,1 3,0 5,3 6,0
NPISH 3,5 3,7 -6,1 -11,5 -1,8
General government 6,1 10,1 6,0 4,6 1,0
Gross fixed capital formation 0,7 4,2 6,1 6,0 10,8
Exports of goods and services 9,8 -0,7 -8,5 -4,4 -2,0
Goods (FOB) 3,2 -9,3 -20,4 -8,7 2,9
Services 21,0 9,2 -0,5 0,9 -8,2
Imports of goods and services 0,7 -1,6 -12,1 -7,1 2,2
Goods (FOB) -0,2 -4,3 -14,8 -9,0 0,5
Services 6,6 16,4 5,9 5,2 13,8
Gross domestic product 2,9 3,8 1,4 4,4 3,9

A real growth is visible in most of the GDP categories on the expenditure side, except in categories NPISH and export of services.

Table 3 shows the 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

%

   2023 2024
I ‒ III IV ‒ VI VII ‒ IX X − XII I ‒ III
A Agriculture, forestry and fishing -1,0 -6,1 7,2 -1,9 -6,4
B, C, D, E Manufacturing, mining and quarrying and other industries -1,4 -1,3 -5,8 0,8 -2,3
C Manufacturing -2,6 -2,3 -4,3 0,6 -1,5
F Construction 4,0 0,9 4,8 8,4 13,1
G, H, I Wholesale and retail trade, transportation, storage, accommodation and food service activities 0,0 -1,2 1,7 7,6 6,3
J Information and communication 4,9 4,6 3,5 3,3 9,9
K Financial and insurance activities 11,8 18,2 7,0 6,9 2,5
L Real estate activities 4,9 3,1 3,6 3,0 4,8
M, N Professional, scientific, technical, administrative and support service activities 11,1 12,0 5,9 3,1 4,4
O, P, Q Public administration and defence, education, human health and social work activities 3,9 2,8 0,9 0,3 2,2
R, S, T, U Other service activities 2,3 -2,7 -3,7 -1,1 5,9
GVA Gross value added 2,8 2,1 1,7 2,8 3,5

The first estimate shows that the quarterly GVA increased in real terms by 3.5% in the first quarter of 2024, as compared to the same quarter of 2023, based on non-adjusted data.

The increase in GVA was mainly influenced by an increase in real value added in Wholesale and retail trade, Transportation and storage, Accommodation and food service activities and in Construction.

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 and constant prices of the reference year (2015 = 100) as well as real growth rates are presented.

Detailed data, expressed since 2024 only in euro, can be downloaded on the link Statistics in Line. For periods before 2024, data in Statistics in Line were presented both in kuna and in euro.

 

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, Sanja Jurić, Jasna Medek, Patrik Pipp and Sanja Šmigoc

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