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Croatia Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Croatia Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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 and is slowly recovering; economic growth was stagnant or negative in each year between 2009 and 2014, but has picked up since 2015. Difficult problems still remain including a stubbornly high unemployment rate, uneven regional development, and a challenging investment climate. Its stubbornly high unemployment rate is slowly coming down. In 2016 Croatia demonstrated a commitment to improving the business climate, simplifying its tax code to stimulate growth from domestic consumption and foreign investment. Even before 2016, Croatia has worked to become a regional energy player and plans to import liquefied natural gas through a prospective import terminal and re-export it to European consumers.On 1 July 2013, Croatia joined the EU, following a decade-long application process. Croatia will be a member of the European Exchange Rate Mechanism, with its currency effectively pegged to the euro, until it meets the criteria for joining the Economic and Monetary Union and adopts the euro as its currency. EU accession has increased pressure on the government to reduce Croatia’s relatively high public debt and as a result Zagreb has cut spending and has raised additional revenues through more stringent tax collection and by raising the value-added tax. The government has also sought to accelerate privatization of non-strategic assets, with mixed success. Croatia’s economic recovery is still somewhat fragile, though, as one of the country’s largest companies almost collapsed in 2017.

GDP (purchasing power parity):
$100.2 billion (2017 est.) $97.32 billion (2016 est.) $94.5 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 85

GDP (official exchange rate):
$53.48 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.9% (2017 est.) 3% (2016 est.) 2.2% (2015 est.)
country comparison to the world: 120
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$24,100 (2017 est.) $23,300 (2016 est.) $22,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 82

Gross national saving:
24.4% of GDP (2017 est.) 22.4% of GDP (2016 est.) 24.6% of GDP (2015 est.)
country comparison to the world: 56
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 58.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 50.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -48.3% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 26.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 69.5% (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:
3% (2017 est.)
country comparison to the world: 99
[see also: Industrial production growth rate country ranks ]

Labor force:
1.552 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: 27.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 70.4% (2014)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
13.9% (2017 est.) 15% (2016 est.)
country comparison to the world: 167
[see also: Unemployment rate country ranks ]

Population below poverty line:
19.5% (2014 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27.5% (2008 est.)

Distribution of family income - Gini index:
32 (2010) 29 (1998)
country comparison to the world: 114
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $25.79 billion
[see also: Budget - revenues country ranks ]
expenditures: $26.92 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
48.2% of GDP (2017 est.)
country comparison to the world: 18
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.1% of GDP (2017 est.)
country comparison to the world: 90
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
81.5% of GDP (2017 est.) 83.8% of GDP (2016 est.)
country comparison to the world: 36
[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: 49
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7% (31 December 2013) 7% (31 December 2012)
country comparison to the world: 52
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.4% (31 December 2017 est.) 4.85% (31 December 2016 est.)
country comparison to the world: 154
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$14.75 billion (31 December 2017 est.) $11.64 billion (31 December 2016 est.)
country comparison to the world: 74
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$50.54 billion (31 December 2017 est.) $41.97 billion (31 December 2016 est.)
country comparison to the world: 67
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$46.95 billion (31 December 2017 est.) $41.38 billion (31 December 2016 est.)
country comparison to the world: 69
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$36.29 billion (31 December 2014 est.) $33.75 billion (31 December 2013 est.) $33.44 billion (31 December 2012 est.)
country comparison to the world: 60
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$2.038 billion (2017 est.) $1.326 billion (2016 est.)
country comparison to the world: 33
[see also: Current account balance country ranks ]

Exports:
$12.35 billion (2017 est.) $11.63 billion (2016 est.)
country comparison to the world: 80
[see also: Exports country ranks ]

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

Exports - partners:
Italy 13.5%, Slovenia 12.3%, Germany 11.6%, Bosnia and Herzegovina 9.2%, Austria 6.3%, Serbia 4.2% (2016)

Imports:
$21.2 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 16.1%, Italy 12.6%, Slovenia 10.9%, Austria 7.9%, Hungary 7.1% (2016)

Reserves of foreign exchange and gold:
$15.53 billion (31 December 2017 est.) $14.24 billion (31 December 2016 est.)
country comparison to the world: 68
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$44.53 billion (31 December 2017 est.) $45.1 billion (31 December 2016 est.)
country comparison to the world: 69
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$43.25 billion (31 December 2017 est.) $41.63 billion (31 December 2016 est.)
country comparison to the world: 60
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$8.204 billion (31 December 2017 est.) $7.757 billion (31 December 2016 est.)
country comparison to the world: 64
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
kuna (HRK) per US dollar - 6.568 (2017 est.) 6.806 (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 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Croatia Economy 2018 information contained here. All suggestions for corrections of any errors about Croatia Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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






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