Croatia is the only country in south-eastern Europe UniCredit economists expect to see an increased drop in GDP, correcting earlier estimates from one per cent to 1.5 per cent.The economists say that in other southern and eastern Europe countries they expect to see economic growth for 2010 from 2.8 per cent to 3.1 per cent.Turkey (with 5.6 per cent), Russia (3.4 per cent) and Slovakia (3.5 per cent) have the highest growth, while some other countries like Croatia (with a drop of 1.5 per cent) and Bulgaria, with a predicted drop of one percent, are recovering more slowly.The reasons for Croatia's revision are a greater drop in GDP in the first quarter from the expected and further decrease in both retail trade and industrial production in April.Goran Saravanja, chief economist at Zagreb Bank, said that a slight improvement in economic activity is expected towards the end of the year, but this will not be enough to offset negative trends in the first half of this year.Industrial production in the first four months of this year does not show signs of recovery, and it has dropped by 6.6 per cent April compared to last year.But the increase in production of steel in June and better data about new orders for April indicate a slight improvement for industrial production for the remainder of the year, the Croatian portal Business writes.
Source: Croatian Times Online News
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