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Croatia Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Croatia Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Though still one of the wealthiest of the former Yugoslav republics, Croatia’s economy suffered badly during the 1991-95 war. The country's output during that time collapsed, and Croatia missed the early waves of investment in Central and Eastern Europe that followed the fall of the Berlin Wall. Between 2000 and 2007, however, Croatia's economic fortunes began to improve with moderate but steady GDP growth between 4% and 6%, led by a rebound in tourism and credit-driven consumer spending. Inflation over the same period remained tame and the currency, the kuna, stable.

Croatia experienced an abrupt slowdown in the economy in 2008; economic growth was stagnant or negative in each year between 2009 and 2014, but has picked up since the third quarter of 2014, ending 2017 with an average of 2.8% growth. Challenges remain including uneven regional development, a difficult investment climate, an inefficient judiciary, and loss of educated young professionals seeking higher salaries elsewhere in the EU. In 2016, Croatia revised its tax code to stimulate growth from domestic consumption and foreign investment. Income tax reduction began in 2017, and in 2018 various business costs were removed from income tax calculations. At the start of 2018, the government announced its economic reform plan, slated for implementation in 2019.

Tourism is one of the main pillars of the Croatian economy, comprising 19.6% of Croatia’s GDP. Croatia is working to become a regional energy hub, and is undertaking plans to open a floating liquefied natural gas (LNG) regasification terminal by the end of 2019 or early in 2020 to import LNG for re-distribution in southeast Europe.

Croatia joined the EU on July 1, 2013, following a decade-long accession process. Croatia has developed a plan for Eurozone accession, and the government projects Croatia will adopt the Euro by 2024. In 2017, the Croatian government decreased public debt to 78% of GDP, from an all-time high of 84% in 2014, and realized a 0.8% budget surplus - the first surplus since independence in 1991. The government has also sought to accelerate privatization of non-strategic assets with mixed success. Croatia’s economic recovery is still somewhat fragile; Croatia’s largest private company narrowly avoided collapse in 2017, thanks to a capital infusion from an American investor. Restructuring is ongoing, and projected to finish by mid-July 2018.

GDP (purchasing power parity):
$102.1 billion (2017 est.)
$99.37 billion (2016 est.)
$95.97 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 85
[see also: GDP country ranks ]

GDP (official exchange rate):
$54.76 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.8% (2017 est.)
3.5% (2016 est.)
2.4% (2015 est.)
country comparison to the world: 121
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$24,700 (2017 est.)
$23,800 (2016 est.)
$22,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 81
[see also: GDP - per capita country ranks ]

Gross national saving:
24.7% of GDP (2017 est.)
23.4% of GDP (2016 est.)
24.5% of GDP (2015 est.)
country comparison to the world: 62
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 57.3% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 51.1% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -48.8% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.7% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 26.2% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 70.1% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
arable crops (wheat, corn, barley, sugar beet, sunflower, rapeseed, alfalfa, clover); vegetables (potatoes, cabbage, onion, tomato, pepper); fruits (apples, plum, mandarins, olives), grapes for wine; livestock (cattle, cows, pigs); dairy products

Industries:
chemicals and plastics, machine tools, fabricated metal, electronics, pig iron and rolled steel products, aluminum, paper, wood products, construction materials, textiles, shipbuilding, petroleum and petroleum refining, food and beverages, tourism

Industrial production growth rate:
1.2% (2017 est.)
country comparison to the world: 148
[see also: Industrial production growth rate country ranks ]

Labor force:
1.559 million (2017 est.)
country comparison to the world: 130
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 27.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 70.8% (2017 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
12.4% (2017 est.)
15% (2016 est.)
country comparison to the world: 164
[see also: Unemployment rate country ranks ]

Population below poverty line:
19.5% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 23% (2015 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.8 (2015 est.)
32.1 (2014 est.)
country comparison to the world: 127
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 25.24 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 24.83 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
46.1% (of GDP) (2017 est.)
country comparison to the world: 21
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.8% (of GDP) (2017 est.)
country comparison to the world: 35
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
77.8% of GDP (2017 est.)
82.3% of GDP (2016 est.)
country comparison to the world: 38
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.1% (2017 est.)
-1.1% (2016 est.)
country comparison to the world: 57
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3% (31 December 2017)
3.5% (31 December 2016)
country comparison to the world: 109
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.23% (31 December 2017 est.)
4.97% (31 December 2016 est.)
country comparison to the world: 162
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$14.2 billion (31 December 2017 est.)
$11.64 billion (31 December 2016 est.)
country comparison to the world: 75
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$14.2 billion (31 December 2017 est.)
$11.64 billion (31 December 2016 est.)
country comparison to the world: 76
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$39.97 billion (31 December 2017 est.)
$41.38 billion (31 December 2016 est.)
country comparison to the world: 70
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$18.33 billion (31 December 2017 est.)
$19.98 billion (31 December 2016 est.)
$22.6 billion (31 December 2015 est.)
country comparison to the world: 66
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$2.15 billion (2017 est.)
$1.338 billion (2016 est.)
country comparison to the world: 39
[see also: Current account balance country ranks ]

Exports:
$13.15 billion (2017 est.)
$13.88 billion (2016 est.)
country comparison to the world: 82
[see also: Exports country ranks ]

Exports - partners:
Italy 13.4%, Germany 12.2%, Slovenia 10.6%, Bosnia and Herzegovina 9.8%, Austria 6.2%, Serbia 4.8% (2017)

Exports - commodities:
transport equipment, machinery, textiles, chemicals, foodstuffs, fuels

Imports:
$22.34 billion (2017 est.)
$19.76 billion (2016 est.)
country comparison to the world: 72
[see also: Imports country ranks ]

Imports - commodities:
machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs

Imports - partners:
Germany 15.7%, Italy 12.9%, Slovenia 10.7%, Hungary 7.5%, Austria 7.5% (2017)

Reserves of foreign exchange and gold:
$18.82 billion (31 December 2017 est.)
$14.24 billion (31 December 2016 est.)
country comparison to the world: 60
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$48.1 billion (31 December 2017 est.)
$46.96 billion (31 December 2016 est.)
country comparison to the world: 67
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$43.71 billion (31 December 2017 est.)
$35.65 billion (31 December 2016 est.)
country comparison to the world: 61
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$8.473 billion (31 December 2017 est.)
$6.358 billion (31 December 2016 est.)
country comparison to the world: 67
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
kuna (HRK) per US dollar -
6.62 (2017 est.)
6.8 (2016 est.)
6.806 (2015 est.)
6.8583 (2014 est.)
5.7482 (2013 est.)


NOTE: 1) The information regarding Croatia on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Croatia Economy 2019 information contained here. All suggestions for corrections of any errors about Croatia Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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