Croatian trade deficit 23.5 percent of GDP

Croatia's trade deficit now stands at 23.5 percent of gross domestic product, the Dnevnik newspaper reported Friday. The paper added the trade deficit had more than trebled since 1993 when it stood at 6.5 percent of gross domestic product.The trade deficit was $8 billion in 2003. Croatian newspapers celebrated the country's admission to talks on joining the European Union Wednesday. The European Union issued its landmark decision to begin talks on Croatia's European Union entry Tuesday. The Dnevnik newspaper said the decision would likely lead to an increase in foreign investment in Croatia. Croatia's Prime Minister Ivo Sanader was quoted as saying the invitation to begin membership talks represented the opening of a new page in Croatia's history.