Zagreb Economic Institute (Photo: Jurica Galoic/PIXSELL)

The Zagreb Economic Institute released its CEIZ index for April, noting that the index has reached its highest value since the end of 2016. The CEIZ index is a business cycle indicator that also provides a monthly evaluation of the state of the economy. Economy Domagoj Ferenčić

In presenting the latest data, the institute's analysts also presented their projections for Croatia's GDP growth in the second quarter of 2019, noting that it could top 4.7%. The institute’s analysts say that the relevant data suggests that economic activity in the country has accelerated when compared to the beginning of the year, emphasizing that the projected growth of 4.7% would be a significant increase over the already well received 3.9% growth recorded in the first quarter of the year.

The analysts also noted that all components of the CEIZ index increased on annual basis, especially the tourism sector, in terms of tourist arrivals, which jumped by 16.4% annually, as well as revenues from value-added tax, which grew in real terms at an annual level of 13% in April.

Source: HRT