Croatia: Excessive Deficit Procedure Ahead

Politics ♦ Published: November 4, 2013; 19:39 ♦ (Vindobona)

Neither in 2013 nor in 2014, Croatia will achieve a budget deficit below 3.0% of GDP.

Croatia: Excessive Deficit Procedure Ahead / Picture: ©

Croatia´s fiscal situation is not only tense, but deteriorates further. In October, Croatia had to revise its 2012 budget deficit from 3.4% to 5.0% of GDP. This year, Croatia´s budget deficit is estimated to range between 4.0% and 4.5% of GDP. Next year, the youngest EU member country is expected to record a budget deficit of 5.5% of GDP, economist Vladimir Cavrak said. At the moment,…