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.
2.94% (2019 est.)
2.7% (2018 est.)
3.14% (2017 est.)
0.7% (2019 est.)
1.4% (2018 est.)
1.1% (2017 est.)
Fitch rating: BBB- (2019)
Moody's rating: Ba1 (2020)
Standard & Poors rating: BBB- (2019)
$116.339 billion (2019 est.)
$113.105 billion (2018 est.)
$110.016 billion (2017 est.)
note: data are in 2010 dollars
$60.687 billion (2019 est.)
$28,602 (2019 est.)
$27,669 (2018 est.)
$26,674 (2017 est.)
note: data are in 2010 dollars
25.3% of GDP (2019 est.)
25.3% of GDP (2018 est.)
25.3% of GDP (2017 est.)
agriculture: 3.7% (2017 est.)
industry: 26.2% (2017 est.)
services: 70.1% (2017 est.)
household consumption: 57.3% (2017 est.)
government consumption: 19.5% (2017 est.)
investment in fixed capital: 20% (2017 est.)
investment in inventories: 0% (2017 est.)
exports of goods and services: 51.1% (2017 est.)
imports of goods and services: -48.8% (2017 est.)
Overall score: 73.6 (2020)
Starting a Business score: 85.3 (2020)
Trading score: 100 (2020)
Enforcement score: 70.6 (2020)
maize, wheat, sugar beet, milk, barley, soybeans, potatoes, pork, grapes, sunflower seed
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.)
1.656 million (2020 est.)
agriculture: 1.9%
industry: 27.3%
services: 70.8% (2017 est.)
8.07% (2019 est.)
9.86% (2018 est.)
18.3% (2018 est.)
30.4 (2017 est.)
32.1 (2014 est.)
lowest 10%: 2.7%
highest 10%: 23% (2015 est.)
revenues: 25.24 billion (2017 est.)
expenditures: 24.83 billion (2017 est.)
46.1% (of GDP) (2017 est.)
0.8% (of GDP) (2017 est.)
77.8% of GDP (2017 est.)
82.3% of GDP (2016 est.)
calendar year
$1.597 billion (2019 est.)
$1 billion (2018 est.)
$36.28 billion (2019 est.)
$33.97 billion (2018 est.)
$32.75 billion (2017 est.)
Italy 13%, Germany 13%, Slovenia 10%, Bosnia and Herzegovina 9%, Austria 6%, Serbia 5% (2019)
refined petroleum, packaged medicines, cars, medical cultures/vaccines, lumber (2019)
$37.612 billion (2019 est.)
$35.367 billion (2018 est.)
$32.899 billion (2017 est.)
Italy 14%, Germany 14%, Slovenia 11%, Hungary 7%, Austria 6% (2019)
crude petroleum, cars, refined petroleum, packaged medicines, electricity (2019)
$18.82 billion (31 December 2017 est.)
$14.24 billion (31 December 2016 est.)
$48.263 billion (2019 est.)
$51.176 billion (2018 est.)
kuna (HRK) per US dollar -
6.2474 (2020 est.)
6.72075 (2019 est.)
6.48905 (2018 est.)
6.8583 (2014 est.)
5.7482 (2013 est.)
NOTE: The information regarding Croatia on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Croatia 2021 information contained here. All suggestions for corrections of any errors about Croatia 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.