The World Bank said it has affirmed its outlook for Croatia's economic growth this year at 0.5%.
In Croatia, economic activity is expected to recover at a very modest pace, based on exports and EU financed investments, after a six-year recession, the World Bank said in its EU Regular Economic Report issued on Thursday.
The World Bank expects the Croatian economy to grow by 1.2% next year and by 1.5% in 2017.
Croatia’s recovery is lagging behind other neighbours, relying mainly on a rebound in exports, which was more than offset by the continued contraction in all components of domestic demand, as gross domestic product declined by 0.4% in 2014, the sixth year of negative growth that has seen the economy shrink by some 13%, the World Bank said.
Croatia's GDP expanded by a real 0.5% on the year in the first quarter of 2015, marking the country's exit from a six-year recession, a flash estimate released by the country's State Statistics Office showed on Friday.
In 2014 the country's GDP shrank by a real 0.4%.