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Croatian gov't strives for higher economic growth rates: minister

Xinhua, February 14, 2017 Adjust font size:

The measures taken by Croatian government would be directed at achieving even higher growth, Finance Minister Zdravko Maric said on Monday after the European Commission revised up its economic growth forecast for Croatia.

Earlier Monday, in its winter forecast the Commission revised up its estimates of Croatian economic growth in 2016 from previous 2.6 percent to 2.8 percent, while projecting the Croatian economy to jump 3.1 percent in 2017.

That's certainly good news but in mid-term the growth rates was not enough, Maric said, adding one of the challenges was how to step up the potential of Croatia's economy.

Maric said the deficit decreased to be within 2 percent of GDP in 2016, while the Commission's forecast was at 1.8 percent.

He was happy that the Commission forecasted a decrease in the public debt to GDP (gross domestic product) ratio. The Commission projected the debt ratio at 84.1 percent of GDP for 2016, at 83 percent for 2017 and 81.3 percent for 2018.

It was important that the debt was keeping falling, he added.

"The government must do its best to achieve higher growth rates which will result in economic and public finance sustainability and job creation," Maric said. Endit