Croatia Economy - 2024

Economic overview

tourism-based economy that was one of the hardest hit by COVID-19 economic disruptions; newest euro user since 2023, helping recover from a 6-year recession; public debt increases due to COVID-19 and stimulus packages; weak exports; continuing emigration; new liquefied natural gas import terminal

Real GDP (purchasing power parity)

$123.348 billion (2021 est.)
$109.088 billion (2020 est.)
$119.327 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

13.07% (2021 est.)
-8.58% (2020 est.)
3.42% (2019 est.)

Real GDP per capita

$31,600 (2021 est.)
$27,000 (2020 est.)
$29,400 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$60.687 billion (2019 est.)

Inflation rate (consumer prices)

2.55% (2021 est.)
0.15% (2020 est.)
0.77% (2019 est.)

Credit ratings

Fitch rating: BBB- (2019)

Moody's rating: Ba1 (2020)

Standard & Poors rating: BBB- (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 3.7% (2017 est.)

industry: 26.2% (2017 est.)

services: 70.1% (2017 est.)

GDP - composition, by end use

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.)

Agricultural products

maize, wheat, sugar beet, milk, barley, soybeans, potatoes, pork, grapes, sunflower seed

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

9.11% (2021 est.)

Labor force

1.742 million (2021 est.)

Unemployment rate

8.68% (2021 est.)
7.51% (2020 est.)
6.62% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 23.6% (2021 est.)

male: 21.8%

female: 26.3%

Population below poverty line

18.3% (2018 est.)

Gini Index coefficient - distribution of family income

28.9 (2019 est.)

Average household expenditures

on food: 23% of household expenditures (2018 est.)

on alcohol and tobacco: 2.3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.7%

highest 10%: 23% (2015 est.)

Remittances

7.32% of GDP (2021 est.)
7.31% of GDP (2020 est.)
6.87% of GDP (2019 est.)

Budget

revenues: $212.81 billion (2019 est.)

expenditures: $211.069 billion (2019 est.)

Budget surplus (+) or deficit (-)

0.8% (of GDP) (2017 est.)

Public debt

104.89% of GDP (2020 est.)
87.08% of GDP (2019 est.)
89.45% of GDP (2018 est.)

Taxes and other revenues

20.6% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$2.082 billion (2021 est.)
-$184.775 million (2020 est.)
$1.7 billion (2019 est.)

Exports

$35.308 billion (2021 est.)
$24.007 billion (2020 est.)
$31.504 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Italy 13%, Germany 13%, Slovenia 10%, Bosnia and Herzegovina 9%, Austria 6%, Serbia 5% (2019)

Exports - commodities

refined petroleum, crude petroleum, packaged medicines, electricity, electrical transformers (2021)

Imports

$36.331 billion (2021 est.) note: data are in current year dollars
$27.954 billion (2020 est.) note: data are in current year dollars
$31.793 billion (2019 est.) note: data are in current year dollars

Imports - partners

Italy 14%, Germany 14%, Slovenia 11%, Hungary 7%, Austria 6% (2019)

Imports - commodities

crude petroleum, cars, refined petroleum, packaged medicines, electricity (2019)

Reserves of foreign exchange and gold

$28.309 billion (31 December 2021 est.)
$23.254 billion (31 December 2020 est.)
$20.771 billion (31 December 2019 est.)

Debt - external

$48.263 billion (2019 est.)
$51.176 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)

note: Prior to 1 January 2023, Croatia used the kuna as its currency, and it is currently accepting both currencies until 15 January 2023. However, kuna users will receive change in euros, and the exchange rate has been fixed at 7.53450 kuna to 1 euro. Persons may exchange currencies at Croatian post offices until 30 June 2023, free-of-charge, and at any Croatian bank until 31 December  2023.