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investments. On the other hand, private sector investment growth might slow down, and recover once the monetary policy normalises.
The EBRD has the most pessimistic forecast for a 2.3% economic growth in 2024, as domestic demand will moderate, while demand from key trading partners is expected to recover.
Croatia’s economic growth accelerated slightly in the third quarter of 2023, with the economy expanding by 2.8% compared to the same period a year earlier, according to the latest available statistics office data.
2.4.2 Industrial production
Croatia’s industrial production was negatively affected by the economic crisis caused by the Russian war in Ukraine. As the war is expected to last through 2024, this trend is likely to continue. Despite that, in most months of 2023, the industrial production posted a growth.
Croatia’s industrial production increased by 1% y/y in October, after rising by 1.6% y/y the previous month, according to the latest available statistics office data. Month on month, it rose by 4.3%.
The output of the mining industry fell by 19.7% y/y, after decreasing by 6% y/y in August. Manufacturing increased by 2.1% y/y, reversing a 2.4% y/y decrease last month. Electricity, gas, steam, and air conditioning supply increased by 5.8% in September, after falling by 5.2% y/y in August.
Industrial production decreased by 0.5% y/y in the first ten months of the year.
Croatia's industrial sales increased by 1.2% y/y in September, after falling by 2.7% y/y in August, statistics office data showed. The overall
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