Croatia EU’s Only Eastern State to Have 2014 Recession
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Croatia, the European Union’s newest member, will be the bloc’s only post-communist nation to post a recession this year, the European Commission said in its spring economic forecast.
Gross domestic product probably will contract 0.6 percent this year, its sixth in a row, as private consumption and exports decline, the EU said in a report published today. A “modest recovery” is expected in 2015 as EU-financed investments help spur growth. Croatia and the Mediterranean island Cyprus are the only EU states whose GDP will shrink in 2014, it predicted.