Croatia, along with Greece, recorded the weakest quarterly GDP growth among European Union countries in the fourth quarter of 2017, according to a report released by the European statistical office on Wednesday.
Croatia’s GDP in the last quarter of last year increased by 0.1 percent compared to the previous three months when it grew by 0.7 percent, according to Eurostat data.
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Greece recorded the same growth rate, the lowest among EU countries according to available Eurostat data.
The Italian and Latvian economies grew slightly stronger on a quarterly basis, by 0.3 percent.
Exports in the EU jumped by 1.7 percent in the fourth quarter of 2017, and in the eurozone by 1.9 percent, slightly accelerating compared to the previous three months. The growth rate of imports nearly doubled, reaching 1.3 percent in the EU and 1.1 percent in the eurozone.
The strongest growth in the last three months of last year was recorded by Estonia, at 2.2 percent. Slovenia followed with 2.0 percent and Lithuania with 1.4 percent, according to Eurostat data.
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On an annual basis, according to available Eurostat data, Romania recorded the strongest growth in the fourth quarter of last year, at 7.0 percent. Slovenia followed with 6.2 percent, Estonia with 5.3 percent, the Czech Republic with 5.2 percent, and Hungary with 4.9 percent.
The weakest annual growth was recorded by Denmark and the United Kingdom, at 1.2 and 1.4 percent, respectively.
Confirmed estimates for the EU and eurozone
European statisticians also confirmed the valid estimates of quarterly economic growth for the EU and eurozone, at 0.6 percent according to seasonally adjusted data. In the third quarter of last year, both areas recorded growth of 0.7 percent.
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All components of GDP, according to Eurostat data, contributed positively to the growth of GDP in the EU and eurozone, except for inventories, Eurostat noted.
Data on components also show a recovery in gross fixed capital investment, which increased by 0.9 percent on a quarterly basis in the EU and eurozone. In the previous quarter, it slightly increased in the EU and slightly decreased in the eurozone.
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Exports in the EU jumped by 1.7 percent in the fourth quarter of 2017, and in the eurozone by 1.9 percent, slightly accelerating compared to the previous three months. The growth rate of imports nearly doubled, reaching 1.3 percent in the EU and 1.1 percent in the eurozone.
Household consumption recorded the weakest growth, at 0.3 percent in the EU and 0.2 percent in the eurozone.
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Eurostat also confirmed estimates of annual GDP growth in the EU and eurozone in the last quarter of last year, at 2.6 and 2.7 percent, respectively. In the third quarter of 2017, both areas recorded annual activity growth of 2.7 percent.
In the entire last year, the EU economy grew by 2.4 percent, following a 2.0 percent growth in 2016. Activities in the eurozone also accelerated to 2.3 percent, compared to 1.8 percent in 2016.
