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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - partners: Exports - commodities: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$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 ]
$54.76 billion
(2017 est.)
[see also: GDP (official exchange rate) country ranks ]
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 ]
$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 ]
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 ]
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 ]
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 ]
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
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
1.2%
(2017 est.)
country comparison to the world:
148
[see also: Industrial production growth rate country ranks ]
1.559 million
(2017 est.)
country comparison to the world:
130
[see also: Labor force country ranks ]
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 ]
12.4%
(2017 est.)
15%
(2016 est.)
country comparison to the world:
164
[see also: Unemployment rate country ranks ]
19.5%
(2015 est.)
[see also: Population below poverty line country ranks ]
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 ]
30.8
(2015 est.)
32.1
(2014 est.)
country comparison to the world:
127
[see also: Distribution of family income - Gini index country ranks ]
revenues: 25.24 billion
(2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 24.83 billion
(2017 est.)
[see also: Budget - expenditures country ranks ]
46.1% (of GDP)
(2017 est.)
country comparison to the world:
21
[see also: Taxes and other revenues country ranks ]
0.8% (of GDP)
(2017 est.)
country comparison to the world:
35
[see also: Budget surplus (+) or deficit (-) country ranks ]
77.8% of GDP
(2017 est.)
82.3% of GDP
(2016 est.)
country comparison to the world:
38
[see also: Public debt country ranks ]
calendar year
1.1%
(2017 est.)
-1.1%
(2016 est.)
country comparison to the world:
57
[see also: Inflation rate (consumer prices) country ranks ]
3%
(31 December 2017)
3.5%
(31 December 2016)
country comparison to the world:
109
[see also: Central bank discount rate country ranks ]
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 ]
$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 ]
$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 ]
$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 ]
$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 ]
$2.15 billion
(2017 est.)
$1.338 billion
(2016 est.)
country comparison to the world:
39
[see also: Current account balance country ranks ]
$13.15 billion
(2017 est.)
$13.88 billion
(2016 est.)
country comparison to the world:
82
[see also: Exports country ranks ]
Italy 13.4%, Germany 12.2%, Slovenia 10.6%, Bosnia and Herzegovina 9.8%, Austria 6.2%, Serbia 4.8%
(2017)
transport equipment, machinery, textiles, chemicals, foodstuffs, fuels
$22.34 billion
(2017 est.)
$19.76 billion
(2016 est.)
country comparison to the world:
72
[see also: Imports country ranks ]
machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs
Germany 15.7%, Italy 12.9%, Slovenia 10.7%, Hungary 7.5%, Austria 7.5%
(2017)
$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 ]
$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 ]
$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 ]
$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 ]
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.)