The output gap, usually defined as the difference between the real GDP and that of the potential GDP, indicates the imbalance existing in a real economy. The output gap is based on the definition of unobserved potential output. This article presents estimations of the output gap in Croatian...

Does a country with a heavy dependence on a tourism economy have a tendency to succumb to more risk in a recession? With the shift from manufacturing-based economies in the developing world toward service-based industries, including tourism, a reliance on the tourism industry may erode economic...