Croatian Crisis Aggravates

BusinessEconomy ♦ Published: August 31, 2012; 23:03 ♦ (Vindobona)

For Croatia, the end of the severe recession is not foreseeable. Croatia´s real economy is hit hard, the financial sector suffers from bad loans.

Croatian Crisis Aggravates / Picture: ©

Since 2009, Croatia did come out of the recession. In the second quarter, the recession sharpened again. The country´s GDP was down by 2.1% compared to the reference period in 2011. In the first quarter, economic growth was -1.3%.

What is more, the recession in Europe would be a burden for Croatia´s economy. In the retail industry, sales fell by more than 5%. The industrial…