unbekannter Gast

Croatia: Economy#

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 has yet to recover; economic growth was stagnant or negative in each year since 2009. Difficult problems still remain, including a stubbornly high unemployment rate, uneven regional development, and a challenging investment climate. Croatia continues to face reduced foreign investment. 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 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, which triggered the EU’s excessive deficit procedure for fiscal consolidation. Zagreb has cut spending since 2012, and the government also 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.

Economic Facts#

GDP (purchasing power parity)$78.9 billion (2013 est.)
$79.7 billion (2012 est.)
$81.3 billion (2012 est.)
note: data are in 2013 US dollars
GDP - real growth rate-1% (2013 est.)
-1.9% (2012 est.)
-0.2% (2011 est.)
GDP - per capita (PPP)$17,800 (2013 est.)
$17,900 (2012 est.)
$18,200 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 5%
industry: 25.8%
services: 69.2% (2013 est.)
Population below poverty line21.1% (2011)
Household income or consumption by percentage sharelowest 10%: 3.3%
highest 10%: 27.5% (2008 est.)
Labor force - by occupationagriculture: 2.1%
industry: 29%
services: 69% (2012)
Exports - commoditiestransport equipment, machinery, textiles, chemicals, foodstuffs, fuels
Exports - partnersItaly 14.1%, Bosnia Herzegovina 13.1%, Germany 11.1%, Slovenia 10.1%, Austria 6.3% (2012 est.)
Agriculture - productsarable 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
Budgetrevenues: $17.87 billion
expenditures: $20.43 billion (2013 est.)
Imports - commoditiesmachinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs
Imports - partnersGermany 13.7%, Italy 12.5%, Slovenia 11.5%, Austria 9.1%, Hungary 6.2%, Russia 5.4% (2012 est.)
Exchange rateskuna (HRK) per US dollar -
5.775 (2013 est.)
5.8503 (2012 est.)
5.498 (2010 est.)
5.2692 (2009)
4.98 (2008)
Exports$12.36 billion (2013 est.)
$13.16 billion (2012 est.)
Debt - external$60.47 billion (31 December 2013 est.)
$61.39 billion (2012 est.)
Fiscal yearcalendar year
Imports$21.74 billion (2013 est.)
$22.16 billion (2012 est.)
Industrial production growth rate-1.8% (2013 est.)
Industrieschemicals 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
Inflation rate (consumer prices)2.2% (2013 est.)
3.4% (2012 est.)
Labor force1.715 million (2013 est.)
Unemployment rate21.6% (2013 est.)
19.1% (2012 est.)
Distribution of family income - Gini index32 (2010)
29 (1998)
Public debt66.2% of GDP (2013 est.)
55.6% of GDP (2012 est.)
Current account balance-$102.3 million (2013 est.)
-$17.59 million (2012 est.)
Reserves of foreign exchange and gold$11.46 billion (31 December 2013 est.)
$11.95 billion (31 December 2012 est.)
GDP (official exchange rate)$59.14 billion (2013 est.)
Stock of direct foreign investment - at home$37.5 billion (31 December 2013 est.)
$36.08 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$6.081 billion (31 December 2013 est.)
$5.581 billion (31 December 2012 est.)
Market value of publicly traded shares$21.63 billion (31 December 2013 est.)
$23.24 billion (31 December 2012)
$23.75 billion (31 December 2011 est.)
Central bank discount rate7% (31 December 2013 est.)
7% (31 December 2012 est.)
Commercial bank prime lending rate9% (31 December 2013 est.)
9.48% (31 December 2012 est.)
Stock of domestic credit$46.65 billion (31 December 2013 est.)
$46.23 billion (31 December 2012 est.)
Stock of narrow money$10.38 billion (31 January 2014 est.)
$10.64 billion (31 December 2012 est.)
Stock of broad money$49.3 billion (31 December 2013 est.)
$493.7 billion (31 December 2012 est.)
Taxes and other revenues36.9% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-4.4% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 59.2%
government consumption: 20%
investment in fixed capital: 18.5%
investment in inventories: 1.7%
exports of goods and services: 44.4%
imports of goods and services: -43.8%
(2013 est.)
Gross national saving19.9% of GDP (2013 est.)
19.3% of GDP (2012 est.)
19.5% of GDP (2011 est.)