According to the latest data from the Croatian Bureau of Statistics for March, industrial production recorded a growth compared to March of last year, 4.1 percent according to seasonally adjusted indices.
Additionally, a slight growth was recorded in the automotive market, and more importantly, according to preliminary estimates from the CBS, consumption in March nominally increased by 0.9 percent, while it fell in real terms by 2.1 percent, which is again below analysts’ expectations.
Do these ‘three swallows’ indicate spring, or is it still too early to talk about a more serious beginning of recovery? We asked Deputy Prime Minister and Minister of Regional Development and EU Funds Branko Grčić and Predrag Bejaković from the Institute of Public Finance in Zagreb. Both interlocutors were very cautious in giving their judgment. Grčić’s key message is – ‘With great caution, we expect the results of the first quarter when we will see how the trend develops.’ Bejaković, on the other hand, is even more cautious and does not want to say that the mentioned statistics indicate a clear recovery. In any case, everyone desires recovery and an exit from the crisis that has lasted for five years, although it may be overly optimistic and premature to talk about the end of the recession based solely on the statistics of one month.
