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Croatia's economic growth improves further in Q4

Xinhua, March 1, 2017 Adjust font size:

Croatian economy grew 3.4 percent in the fourth quarter of 2016, compared with same period of 2015, preliminary results released on Tuesday by the State Bureau of Statistics (DZS) showed.

It was the highest growth since 2008 and higher than the 2.9 percent rise in the previous quarter, DZS said.

The largest contribution to the GDP growth in last three months came from the manufacturing industry, by 6.4 percent, it added.

Croatia's economic and business sections welcomed the positive results but warned without structural reform, a significant GDP growth cannot be ensured in the years ahead.

Without structural changes in the public sector and continuing privatisation in the state sector, the country would not be able to secure a significant GDP growth, according to economic analyst Damir Novotny.

A lot needed to be done to change Croatia into a country with a better investment climate, Croatian Employers' Association Director General Davor Majetic said, stressing that it has to restructure the public sector. Endit