2017 government surplus revised upwards to €424.5 million

2017 government surplus revised upwards to €424.5 million

2017 government surplus revised upwards to €424.5 million Izvor: Davor Javorovic/PIXSELL (ilustracija)

Croatia's general government surplus in 2017 was 3.15 billion kuna (€424.5 million), according to the revised figures released by the state statistics bureau on Monday.

This was the first ever recorded surplus since records began in 2002, showing that the public debt-to-GDP ratio dropped to 77.5 percent.

The report said that in 2017 the consolidated general government surplus totalled 3.15 billion kuna, or 0.9 percent of GDP, up from a 3.2 billion kuna (431.2 million) deficit in 2016.

The new data revises upwards the previous report published in April, which had originally put the 2017 surplus at 2.7 billion kuna (363.9 million).

The surplus was attributed to a variety of reasons, including the increased income from taxes related to manufacturing and imports, which totalled 71.4 billion kuna (9.6 billion), or 5.2 percent up from the year before, as well as the reduction in interest payments, which amounted to 9.76 billion kuna (1.3 billion) in 2017, or 9.7 percent down from the year before.

The statistics bureau also said that at the end of 2017 Croatia's public debt was 283.3 billion kuna (38.2 billion), meaning that the public debt-to-GDP ratio fell to 77.5 percent, the lowest ratio since 2012 when it stood at 69.4 percent.

Although in nominal terms the debt increased by 1.6 billion kuna (215.6 million) or 0.6 percent from 2016, the country's GDP grew at a faster rate, by 2.9 percent compared to 2016, which in turn caused the debt-to-GDP ratio to drop by 2.7 percentage points from 2016, when it was at 80.2 percent.

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