Croatia will hold the second round of presidential elections on January 11.

Incumbent Croatian President Ivo Josipovic will face a second round of presidential elections, scheduled for January 11, 2015, to continue his second five-year term, after failing to win a majority of votes in the first round of elections held on December 28.

With 98% of votes counted, Mr. Josipovic - from the Social Democratic Party (SDP) - temporarily led the election with 38.5% of the votes, closely followed by Ms. Kolinda Grabar-Kitarovic, candidate of the Democratic Community Party (HDZ), with 37% of the votes.

Croatian President Ivo Josipovic speaks to supporters in Zagreb, after the results of the presidential election were announced. (Photo: AFP/VNA)

Thus, incumbent Croatian center-left President Ivo Josipovic and conservative opponent Kolinda Grabar-Kitarovic will continue to compete in the second round of the presidential election.

According to Croatian election law, if either candidate fails to receive more than 50% of the vote in the presidential election, a second round of voting must be held after 14 days.

In the second round of voting, the candidate who wins more votes will be elected President.

Croatia, which just became a member of the European Union (EU) in July this year, is facing an unemployment rate of 19% and the economy is expected to have no growth in 2015./.

According to VNA