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Croatia Economy 1996

    • Overview:
      Before the dissolution of Yugoslavia, the republic of Croatia, after Slovenia, was the most prosperous and industrialized area, with a per capita output perhaps one-third above the Yugoslav average. At present, Croatian Serb Separatists control approximately one-third of the Croatian territory, and one of the overriding determinants of Croatia's long-term political and economic prospects will be the resolution of this territorial dispute. Croatia faces serious economic problems stemming from: the legacy of longtime Communist mismanagement of the economy; large foreign debt; damage during the fighting to bridges, factories, power lines, buildings, and houses; the large refugee population, both Croatian and Bosnian; and the disruption of economic ties to Serbia and the other former Yugoslav republics, as well as within its own territory. At the minimum, extensive Western aid and investment, especially in the tourist and oil industries, would seem necessary to revive the moribund economy. However, peace and political stability must come first; only then will recent government moves toward a "market-friendly" economy restore old levels of output. As of February 1995, fighting continues among Croats, Serbs, and Muslims, and national boundaries and final political arrangements are still in doubt.

    • National product:
      GDP - purchasing power parity - $12.4 billion (1994 est.)

    • National product real growth rate:
      3.4% (1994 est.)

    • National product per capita:
      $2,640 (1994 est.)

    • Inflation rate (consumer prices):
      3% (1994 est.)

    • Unemployment rate:
      17% (December 1994)

    • Budget:


        $NA, including capital expenditures of $NA

    • Exports:
      $3.9 billion (f.o.b., 1993)

        machinery and transport equipment 30%, other manufacturers 37%, chemicals 11%, food and live animals 9%, raw materials 6.5%, fuels and lubricants 5% (1990)

        EC countries, Slovenia

    • Imports:
      $4.7 billion (c.i.f., 1993)

        machinery and transport equipment 21%, fuels and lubricants 19%, food and live animals 16%, chemicals 14%, manufactured goods 13%, miscellaneous manufactured articles 9%, raw materials 6.5%, beverages and tobacco 1% (1990)

        EC countries, Slovenia, FSU countries

    • External debt:
      $2.9 billion (September 1994)

    • Industrial production:
      growth rate -4% (1994 est.)

    • Electricity:

        3,570,000 kW

        NA kWh

        consumption per capita:
        NA kWh (1993)

    • Industries:
      chemicals and plastics, machine tools, fabricated metal, electronics, pig iron and rolled steel products, aluminum reduction, paper, wood products (including furniture), building materials (including cement), textiles, shipbuilding, petroleum and petroleum refining, food processing and beverages

    • Agriculture:
      Croatia normally produces a food surplus; most agricultural land in private hands and concentrated in Croat-majority districts in Slavonia and Istria; much of Slavonia's land has been put out of production by fighting; wheat, corn, sugar beets, sunflowers, alfalfa, and clover are main crops in Slavonia; central Croatian highlands are less fertile but support cereal production, orchards, vineyards, livestock breeding, and dairy farming; coastal areas and offshore islands grow olives, citrus fruits, and vegetables

    • Economic aid:

        IMF, $192 million

    • Currency:
      1 Croatian kuna (HRK) = 100 paras

    • Exchange rates:
      Croatian kuna per US $1 - 5.6144 (November 1994)

    • Fiscal year:
      calendar year

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