Croatia's Gross Domestic Product (GDP) contracted by 1.3% in the first quarter of 2012 year on year, the Central Bureau of Statistics reported on Thursday
The contraction was smaller than expected by eight macroeconomic analysts, polled by Hina, who projected the Q1 2012 GDP decline between 1.5% and 3%.
Given that Croatia's growth was negative, -0.4%, also in the last quarter of 2011, it means that Croatia re-entered recession as it experienced the economic downturn in two consecutive quarters.
A more thorough report on GDP in Q1 2012 will be released in one month's time.
