Macroeconomic Forecast Croatia

We have revised upward our forecast for official unemployment in Croatia to end 2012 at 18.8% and over the course of the year average 18.6% from our previous forecast for end-2012 of 18.5% and average 17.5% previously. The joblessness rate in Croatia remains stubbornly high as the economy struggles to emerge from recession. The unemployment rate came in at 17.9% in November, marking an increase over October's reading of 17.4% and only slightly below November 2010's 18.3% unemployment rate. Given our expectation for another year of very low economic growth we expect unemployment to head higher.

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