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Economy of Croatia

October 20, 2023

The economy of Croatia is a high-income, service-based social market economy[35][36] with the tertiary sector accounting for 70% of total gross domestic product (GDP). Croatia has a fully integrated and globalized economy. Croatia's road to globalization started as soon as the country gained independence, with tourism as one of the country's core industries dependent on the global market. Croatia joined the World Trade Organization in 2000, NATO in 2009, has been a member of the European Union since 1 July 2013, and it finally joined the Eurozone and the Schengen Area on 1 January 2023. Croatia is also negotiating membership of OECD organization, which it hopes to join by 2025. Further integration into the EU structures will continue in the coming years, including participation in ESA, CERN as well as EEA membership in the next 24 months.

Economy of Croatia
Strojarska Business Center
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
EU, WTO
Country group
Statistics
Population 3,871,833 (2021 Census)[3]
GDP
  • $78.88 billion (nominal, 2023)[4]
  • $163.36 billion (PPP, 2023)[4]
GDP rank
GDP growth
  • 6.3% (2022)[5]
  • 1.7% (2023f)[5]
  • 2.3% (2024f)[5]
GDP per capita
  • $20,537 (nominal, 2023)[4]
  • $42,531 (PPP, 2023)[4]
GDP per capita rank
GDP by sector
GDP by component
  • Private consumption: 60.6%
  • Public consumption: 20.0%
  • Investments: 19.3%
  • (2013)[7]
  • 6.5% (2023 est) [8]
  • 10.7% (2022) [8]
  • 2.6% (2021)[9]
  • 0.1% (2020)[4]
Population below poverty line
  • 19.2% at risk of poverty (2021)[10]
  • Pannonian Croatia 27.0% (2021)[10]
  • Adriatic Croatia 18.1% (2021)[10]
  • City of Zagreb 11.6% (2021)[10]
  • North Croatia 18.5% (2021)[10]
  • 20.9% at risk of poverty or social exclusion[10]
29.2 low (2021, Eurostat)[11]
Labour force
  • 1,735,532 (2021)[14]
  • 65.2% employment rate (Target: 62.9%; 2018)[15]
Labour force by occupation
Unemployment
  • 6.3% (August 2020; Eurostat)[16][17]
  • 16.6% youth unemployment 2020 [18] (2018)[19]
Average gross salary
€1,556 monthly (January 2023)[20]
€1,130 monthly [20]
Main industries
chemicals and plastics, machine tools, fabricated metal, electronics, pig iron and rolled steel products, aluminium, paper, wood products, construction materials, textiles, shipbuilding, petroleum and petroleum refining, food and beverages, tourism
51st (very easy, 2020)[21]
External
Exports €24.2 billion (2022) [22]
Export goods
transport equipment, machinery, textiles, chemicals, foodstuffs, fuels
Main export partners
Imports €41.8 billion (2022)[23][24]
Import goods
machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs
Main import partners
FDI stock
  • $43.71 billion (31 December 2017 est.)[6]
  • Abroad: $8.473 billion (31 December 2017 est.)[6]
$1 billion (2021)[25]
€47.2 billion (2021)[25]
Public finances
  • 70.4% of GDP (2022)[9]
  • HRK 344.609 million (2022)[26][27]
  • HRK -12.438 billion deficit(2021)[27]
  • -2.9% of GDP (2021)[27]
Revenues46.4% of GDP (2021)[27]
Expenses49.2% of GDP (2021)[27]
Economic aid€179.5 million (0.12% of GNI) (2007)
EUR27.870bn (HRK 210.04 bn) December 2022 [34]

All values, unless otherwise stated, are in US dollars.

With its entry into the Eurozone, Croatia is now classified as a developed country or an advanced economy, a designation given by the IMF to highly developed industrial nations, with GDP (nominal) per capita above $20,000, which includes all members of the Eurozone.

Croatia was hit hard by the 2008 global financial crisis, which affected the Croatian economy with a significant downturn in economic growth as well as progress in economic reform that resulted in six years of recession and a cumulative decline in GDP of 12.5%. Croatia formally emerged from the recession in the fourth quarter of 2014, and had continuous GDP growth until 2020. The Croatian economy reached pre crisis levels in 2019, but due to the Coronavirus pandemic GDP decreased by 8.4% in 2020. Growth rebounded in 2021 and Croatia recorded its largest year-over-year GDP growth since 1991.[37]

Croatia's post-pandemic recovery was supported by strong private consumption, better-than-expected performance in the tourism industry, and a boom in merchandise exports. Croatian exports in 2021 and 2022 saw rapid growth of nearly 25% and 26% respectively, with exports in 2021 reaching 143.7 billion kuna and exports in 2022 expanding further by 26% to reach projected 182 billion kuna.[38] [39] Croatian Economy also saw continuation of rapid economic growth based on good tourism receipts and export numbers, as well as rapidly expanding ICT sector which saw rapid growth and revenue that rival Croatian Tourism. ICT sector alone is generating €7 billion of service exports and it is expected to expand further in 2023 and 2024 at an average of 15%.[40]

In 2022, Croatian economy is expected to grow between 5.9 and 7.8% in real terms and it is expected to reach between $72 and $73.6 billion according to preliminary estimates by Croatian Government surpassing early estimates of 491 billion kuna or $68.5 billion. Croatian Purchasing Power Parity in 2022 for the first time should exceed $40 000, however considering Croatian economy experienced 6 years of deep recession, catching up will take several more years of high growth. Economic outlook for 2023 for Croatian economy are mixed, depends largely on how the big Eurozone economies perform, Croatia's largest trading partners; Italy, Germany, Austria, Slovenia and France are expected to slow down, but avoid recession according to latest economic projections and estimates, so Croatian economy as a result could see better then expected results in 2023, early projections of between 1 and 2.6% economic growth in 2023 with inflation at 7% is a significant slow down for the country,however country is experiencing major internal and inward investment cycle unparalleled in recent history. EU recovery funds [41] in tune of €8.7 billion coupled with large EU investments in recently earthquake affected areas of Croatia, as well as major investments by local business in to renewable energy sector, also EU supported and funded, as well as major investments in transport infrastructure and rapidly expanding Croatia's ICT sector, Croatian economy could see continuation of rapid growth in 2023.

Tourism is one of the main pillars of the Croatian economy, comprising 19.6% of Croatia's GDP. Croatia is working to become an energy powerhouse with its floating liquefied natural gas (LNG) regasification terminal on the island of Krk[42] and investments in green energy,[43][44] particularly wind energy,[45] solar and geothermal energy, having opened 17 MW Velika 1 [hr] geothermal power plant in Ciglena in late 2019, that is the largest power plant in continental Europe with binary technology[46][47][48] and starting the work on the second one in the summer of 2021.[49][50][51] The government intends to spend about $1.4 billion on grid modernisation, with a goal of increasing renewable energy source connections by at least 800 MW by 2026 and 2,500 MW by 2030[52] and predicts that renewable energy resources as a share of total energy consumption will grow to 36.4% in 2030, and to 65.6% in 2050.[53]

In 2021 Croatia joined the list of countries with its own automobile industry,[54] with Rimac Automobili's Nevera started being produced. The company also took over Bugatti Automobiles in November same year and started building its new HQ in Zagreb, titled as the ‘Rimac Campus’, that will serve as the company’s international research and development (R&D) and production base for all future Rimac products, as well as home of R&D for future Bugatti models. The company also plans to build battery systems for different manufacturers from the automotive industry[55][56]

This campus will also become the home of R&D for future Bugatti models due to the new joint venture, though these vehicles will be built at Bugatti’s Molsheim plant in France.

On Friday, 12 November 2021 Fitch raised Croatia's credit rating by one level, from ‘BBB-‘ to ‘BBB’, Croatia's highest credit rating in history,[57] with a positive outlook, noting progress in preparations for euro area membership and a strong recovery of the Croatian economy from the pandemic crisis.[58]

In late March 2022 Croatian Bureau of Statistics announced that Croatia's industrial output rose by 4% in February, thus growing for 15 months in a row.[59][60] Croatia continued to have strong growth during 2022 fuelled by tourism revenue[61] and increased exports.[62][63] According to a preliminary estimate, Croatia's GDP in Q2 grew by 7.7% from the same period of 2021.[64] The International Monetary Fund (IMF) projected in early September 2022 that Croatia's economy will expand by 5.9% in 2022, whilst EBRD expects Croatian GDP growth to reach 6.5% by the end of 2022.[65] Pfizer announced launching a new production plant in Savski Marof[66] whilst Croatian IT industry grew 3.3%[67][68] confirming the trend that started with the Coronavirus pandemic where Croatia's digital economy increased by 16 percent on average annually from 2019 to 2021, and by 2030 its value could reach 15 percent of GDP, with the ICT sector the main driver of that growth.[69]

Croatia joined both the Eurozone and Schengen Area in January 2023[70] which helps strengthen the country’s integration into the European economy and makes cross border trade with both European countries and European trade partners easier. The minimum wage is expected to rise to NET 700 EUR[71][72][73] in 2023, further increasing consumer spending and combating the high inflation rate.[74]

History Edit

Pre-1990 Edit

 
Zagreb Stock Exchange Palace in 1927
 
Oil refinery in Rijeka in the 1930s

When Croatia was still part of the Dual Monarchy, its economy was largely agricultural. However, modern industrial companies were also located in the vicinity of the larger cities. The Kingdom of Croatia had a high ratio of population working in agriculture. Many industrial branches developed in that time, like forestry and wood industry (stave fabrication, the production of potash, lumber mills, shipbuilding). The most profitable one was stave fabrication, the boom of which started in the 1820s with the clearing of the oak forests around Karlovac and Sisak and again in the 1850s with the marshy oak masses along the Sava and Drava rivers. Shipbuilding in Croatia played a huge role in the 1850s Austrian Empire, especially the long-range sailing boats. Sisak and Vukovar were the centres of river-shipbuilding.[75] Slavonia was also mostly an agricultural land and it was known for its silk production. Agriculture and the breeding of cattle were the most profitable occupations of the inhabitants. It produced corn of all kinds, hemp, flax, tobacco, and great quantities of liquorice.[76][77]

The first steps towards industrialization began in the 1830s and in the following decades the construction of big industrial enterprises took place.[78] During the 2nd half of the 19th and early 20th century there was an upsurge of industry in Croatia, strengthened by the construction of railways and the electric-power production. However, the industrial production was still lower than agricultural production.[79] Regional differences were high. Industrialization was faster in inner Croatia than in other regions, while Dalmatia remained one of the poorest provinces of Austria-Hungary.[80] The slow rate of modernization and rural overpopulation caused extensive emigration, particularly from Dalmatia. According to estimates, roughly 400,000 Croats emigrated from Austria-Hungary between 1880 and 1914. In 1910 8.5% of the population of Croatia-Slavonia lived in urban settlements.[81]

In 1918 Croatia became part of the Kingdom of Yugoslavia, which was in the interwar period one of the least developed countries in Europe. Most of its industry was based in Slovenia and Croatia, but further industrial development was modest and centered on textile mills, sawmills, brick yards and food-processing plants. The economy was still traditionally based on agriculture and raising of livestock, with peasants accounting for more than half of Croatia's population.[81][82]

In 1941 the Independent State of Croatia (NDH), a World War II puppet state of Germany and Italy, was established in parts of Axis-occupied Yugoslavia. The economic system of NDH was based on the concept of "Croatian socialism".[83] The main characteristic of the new system was the concept of a planned economy with high levels of state involvement in economic life. The fulfillment of basic economic interests was primarily ensured with measures of repression.[84] All large companies were placed under state control and the property of the regime's national enemies was nationalized. Its currency was the NDH kuna. The Croatian State Bank was the central bank, responsible for issuing currency. As the war progressed the government kept printing more money and its amount in circulation was rapidly increasing, resulting in high inflation rates.[85]

After World War II, the new Communist Party of Yugoslavia resorted to a command economy on the Soviet model of rapid industrial development. In accordance with the socialist plan, mainly companies in the pharmaceutical industry, the food industry and the consumer goods industry were founded in Croatia. Metal and heavy industry was mainly promoted in Bosnia and Serbia. By 1948 almost all domestic and foreign-owned capital had been nationalized. The industrialization plan relied on high taxation, fixed prices, war reparations, Soviet credits, and export of food and raw materials. Forced collectivization of agriculture was initiated in 1949. At that time 94% of agricultural land was privately owned, and by 1950 96% was under the control of the social sector. A rapid improvement of food production and the standard of living was expected, but due to bad results the program was abandoned three years later.[81]

Throughout the 1950s Croatia experienced rapid urbanization. Decentralization came in 1965 and spurred growth of several sectors including the prosperous tourist industry. SR Croatia was, after SR Slovenia, the second most developed republic in Yugoslavia with a ~55% higher GDP per capita than the Yugoslav average, generating 31.5% of Yugoslav GDP or $30.1Bn in 1990.[86] Croatia and Slovenia accounted for nearly half of the total Yugoslav GDP, and this was reflected in the overall standard of living. In the mid-1960s, Yugoslavia lifted emigration restrictions and the number of emigrants increased rapidly. In 1971 224,722 workers from Croatia were employed abroad, mostly in West Germany.[87][88] Foreign remittances contributed $2 billion annually to the economy by 1990.[89] Profits gained through Croatia's industry were used to develop poor regions in other parts of former Yugoslavia, leading to Croatia contributing much more to the federal Yugoslav economy than it gained in return. This, coupled with austerity programs and hyperinflation in the 1980s, led to discontent in both Croatia and Slovenia which eventually fuelled political movements calling for independence.[90]

Transition and war years Edit

 
Shipbuilding in Split
 
GDP of Croatia at constant 2010 prices from 1990 to 2017
 
General government gross debt of Croatia from 2000 to 2016
 
Real GDP growth in Croatia 2005–2015
 
Unemployment rate from 1996 to 2019 according to Eurostat

In the late 1980s and early 1990s, with the collapse of socialism and the beginning of economic transition, Croatia faced considerable economic problems stemming from:[91]

  • the legacy of longtime communist mismanagement of the economy;
  • damage during the internecine fighting to bridges, factories, power lines, buildings, and houses;
  • the large refugee and displaced population, both Croatian and Bosnian;
  • the disruption of economic ties; and
  • mishandled privatization

At the time Croatia gained independence, its economy (and the whole Yugoslavian economy) was in the middle of recession. Privatization under the new government had barely begun when war broke out in 1991. As a result of the Croatian War of Independence, infrastructure sustained massive damage in the period 1991–92, especially the revenue-rich tourism industry. Privatization in Croatia and transformation from a planned economy to a market economy was thus slow and unsteady, largely as a result of public mistrust when many state-owned companies were sold to politically well-connected at below-market prices. With the end of the war, Croatia's economy recovered moderately, but corruption, cronyism, and a general lack of transparency stymied economic reforms and foreign investment.[90][92] The privatization of large government-owned companies was practically halted during the war and in the years immediately following the conclusion of peace. As of 2000, roughly 70% of Croatia's major companies were still state-owned, including water, electricity, oil, transportation, telecommunications, and tourism.[93]

The early 1990s were characterized by high inflation rates. In 1991 the Croatian dinar was introduced as a transitional currency, but inflation continued to accelerate. The anti-inflationary stabilization steps in 1993 decreased retail price inflation from a monthly rate of 38.7% to 1.4%, and by the end of the year, Croatia experienced deflation. In 1994 Croatia introduced the kuna as its currency.[92]

As a result of the macro-stabilization programs, the negative growth of GDP during the early 1990s stopped and reversed into a positive trend. Post-war reconstruction activity provided another impetus to growth. Consumer spending and private sector investments, both of which were postponed during the war, contributed to the growth in 1995–1997.[92] Croatia began its independence with a relatively low external debt because the debt of Yugoslavia was not shared among its former republics at the beginning. In March 1995 Croatia agreed with the Paris Club of creditor governments and took 28.5% of Yugoslavia's previously non-allocated debt over 14 years. In July 1996 an agreement was reached with the London Club of commercial creditors, when Croatia took 29.5% of Yugoslavia's debt to commercial banks. In 1997 around 60 percent of Croatia's external debt was inherited from former Yugoslavia.[94]

At the beginning of 1998 value-added tax was introduced. The central government budget was in surplus in that year, most of which was used to repay foreign debt.[95] Government debt to GDP had fallen from 27.30% to 26.20% at the end of 1998. However, the consumer boom was disrupted in mid 1998, as a result of the bank crisis when 14 banks went bankrupt.[92] Unemployment increased and GDP growth slowed down to 1.9%. The recession that began at the end of 1998 continued through most of 1999, and after a period of expansion GDP in 1999 had a negative growth of −0.9%.[96] In 1999 the government tightened its fiscal policy and revised the budget with a 7% cut in spending.[97]

In 1999 the private sector share in GDP reached 60%, which was significantly lower than in other former socialist countries. After several years of successful macroeconomic stabilization policies, low inflation and a stable currency, economists warned that the lack of fiscal changes and the expanding role of the state in the economy caused the decline in the late 1990s and were preventing sustainable economic growth.[94][97]

Year GDP growth Deficit/surplus* Debt to GDP Privatization revenues*
1994 5.9% 1.8% 22.2%
1995 6.8% −0.7% 19.3% 0.9%
1996 5.9% −0.4% 28.5% 1.4%
1997 6.6% −1.2% 27.3% 2.0%
1998 1.9% 0.5% 26.2% 3.6%
1999 −0.9% −2.2% 28.5% 8.2%
2000 3.8% −5.0% 34.3% 10.2%
2001 3.4% −3.2% 35.2% 13.5%
2002 5.2% −2.6% 34.8% 15.8%
*Including capital revenues
*cumulative, in % of GDP

Economy since 2000 Edit

The new government led by the president of SDP, Ivica Račan, carried out a number of structural reforms after it won the parliamentary elections on 3 January 2000. The country emerged from the recession in the 4th quarter of 1999 and growth picked up in 2000.[98] Due to overall increase in stability, the economic rating of the country improved and interest rates dropped. Economic growth in the 2000s was stimulated by a credit boom led by newly privatized banks, capital investment, especially in road construction, a rebound in tourism and credit-driven consumer spending. Inflation remained tame and the currency, the kuna, stable.[90][99]

In 2000 Croatia generated 5,899 billion kunas in total income from the shipbuilding sector, which employed 13,592 people. Total exports in 2001 amounted to $4,659,286,000, of which 54.7% went to the countries of the EU. Croatia's total imports were $9,043,699,000, 56% of which originated from the EU.[100]

Unemployment reached its peak in late 2002, but has since been steadily declining. In 2003, the nation's economy would officially recover to the amount of GDP it had in 1990.[101] In late 2003 the new government led by HDZ took over the office. Unemployment continued falling, powered by growing industrial production and rising GDP, rather than only seasonal changes from tourism. Unemployment reached an all-time low in 2008 when the annual average rate was 8.6%,[102] GDP per capita peaked at $16,158,[96] while public debt as percentage of GDP decreased to 29%. Most economic indicators remained positive in this period except for the external debt as Croatian firms focused more on empowering the economy by taking loans from foreign resources.[101] Between 2003 and 2007, Croatia's private-sector share of GDP increased from 60% to 70%.[103]

The Croatian National Bank had to take steps to curb further growth of indebtedness of local banks with foreign banks. The dollar debt figure is quite adversely affected by the EUR/USD ratio—over a third of the increase in debt since 2002 is due to currency value changes.

2009–2015 Edit

Economic growth has been hurt by the global financial crisis.[104] Immediately after the crisis it seemed that Croatia did not suffer serious consequences like some other countries. However, in 2009, the crisis gained momentum and the decline in GDP growth, at a slower pace, continued during 2010. In 2011 the GDP stagnated as the growth rate was zero.[105] Since the global crisis hit the country, the unemployment rate has been steadily increasing, resulting in the loss of more than 100,000 jobs.[106] While unemployment was 9.6% in late 2007,[107] in January 2014 it peaked at 22.4%.[108] In 2010 Gini coefficient was 0,32.[109] In September 2012, Fitch ratings agency unexpectedly improved Croatia's economic outlook from negative to stable, reaffirming Croatia's current BBB rating.[110] The slow pace of privatization of state-owned businesses and an over-reliance on tourism have also been a drag on the economy.[104]

Croatia joined the European Union on 1 July 2013 as the 28th member state. The Croatian economy is heavily interdependent on other principal economies of Europe, and any negative trends in these larger EU economies also have a negative impact on Croatia. Italy, Germany and Slovenia are Croatia's most important trade partners.[105] In spite of the rather slow post-recession recovery, in terms of income per capita it is still ahead of some European Union member states such as Bulgaria, and Romania.[111] In terms of average monthly wage, Croatia is ahead of 9 EU members (Czech Republic, Estonia, Slovakia, Latvia, Poland, Hungary, Lithuania, Romania, and Bulgaria).[112]

 
Graphical depiction of Croatia's product exports in 28 color-coded categories.

The annual average unemployment rate in 2014 was 17.3% and Croatia has the third-highest unemployment rate in the European Union, after Greece (26.5%), and Spain (24.%).[102] Of particular concern is the heavily backlogged judiciary system, combined with inefficient public administration, especially regarding the issues of land ownership and corruption in the public sector. Unemployment is regionally uneven: it is very high in eastern and southern parts of the country, nearing 20% in some areas, while relatively low in the north-west and in larger cities, where it is between 3 and 7%. In 2015 external debt rose by 2.7 billion euros since the end of 2014 and is now around €49.3 billion.

2016–2020 Edit

During 2015 the Croatian economy started with slow but upward economic growth, which continued during 2016 and conclusive at the end of the year seasonally adjusted was recorded at 3.5%.[113] The better than expected figures during 2016 enabled the Croatian Government and with more tax receipts enabled the repayment of debt as well as narrow the current account deficit during Q3 and Q4 of 2016[114][115] This growth in economic output, coupled with the reduction of government debt has made a positive impact on the financial markets with many ratings agencies revising their outlook from negative to stable, which was the first upgrade of Croatia's credit rating since 2007.[116] Due to consecutive months of economic growth and the demand for labour, plus the outflows of residents to other European countries, Croatia had recorded the biggest fall in the number of unemployed during the month of November 2016 from 16.1% to 12.7%.

2020– present Edit

2020 Edit

COVID-19 Pandemic has caused more than 400,000 workers to file for economic aid of 4000.00 HRK./month. In the first quarter of 2020, Croatian GDP rose by 0.2% but then in Q2 Government of Croatia announced the biggest quarterly GDP plunge of -15.1% since GDP has been measured. Economic activity also plunged in Q3 2020 when GDP slid by an additional -10.0%.

In autumn 2020 European Commission estimated total GDP loss in 2020 to be -9.6%. Growth was set to pick up in the last month of Q1 2021 and the second quarter of 2021 respectively +1.4% and +3.0%, meaning that Croatia was set to reach 2019 levels by 2022.[117]

2021 Edit

In July 2021 projection was improved to 5.4% due to the strong outturn in the first quarter and the positive high-frequency indicators concerning consumption, construction, industry and tourism prospects.[118] In November 2021 Croatia outperformed these projections and the real GDP growth was calculated to be 8.1% for the year 2021, improving its projection of 5.4% GDP growth made in July.[119] The recovery was supported by strong private consumption, the better-than-expected performance of tourism and the ongoing resilience of the export sector. Preliminary data point to tourism-related expenditure already exceeding 2019 levels, which has been supportive of both employment and consumption. Exports of goods have also continued to perform strongly (up 43%yoy in 2Q21) pointing to resilient competitiveness.[120] Expressed in euros, Croatian merchandise exports in the first nine months of 2021 amounted to 13.3 billion euros, an annual increase of 24.6 per cent. At the same time, imports rose 20.3 per cent to 20.4 billion euros. The coverage of imports by exports for the first nine months is 65.4 per cent.[121] This made 2021 Croatian export's record year as the score from 2019 was exceeded by 2 billion euros.[38]

Exports recovered in all major markets, more precisely with all EU countries and CEFTA countries. Specifically, on the EU market, only a lower export result is recorded in relations with Sweden, Belgium and Luxembourg. Italy is again the main market for Croatian products, followed by Germany and Slovenia. Apart from the high contribution of crude oil that Ina sends to Hungary to the Mol refinery for processing, the export of artificial fertilizers from Petrokemija also has a significant contribution to growth.

For 2022, the Commission revised downwards its projection for Croatia's economic growth to 5.6% from 5.9% previously predicted in July 2021. Commission again confirmed that the volume of Croatia's GDP should reach its 2019 level during 2022, while in 2023 the GDP will grow by 3.4%. The Commission warned that the key downside risks stem from Croatia's relatively low vaccination rates, which could lead to stricter containment measures, and continued delays of the earthquake-related reconstruction. On the upside, Croatia's entry into the Schengen area and euro adoption towards the end of the forecast period could benefit investment and trade.

On Friday, 12 November 2021 Fitch raised Croatia's credit rating by one level, from ‘BBB-‘ to ‘BBB’, Croatia's highest credit rating in history,[57] with a positive outlook, noting progress in preparations for Eurozone membership and a strong recovery of the Croatian economy from the pandemic crisis.[58] This is also secured by the failure of the eurosceptic party Hrvatski Suverenisti in a bid on the referendum to block Euro adoption in Croatia.[122] In December 2021 Croatia's industrial production increased for the thirteenth consecutive month,[123] observing the growth of production increasing in all of the five aggregates.[124] meaning that industrial production in 2021 increased by 6.7 percent.[125]

2022 Edit

In late March 2022 Croatian Bureau of Statistics announced that Croatia's industrial output rose by 4% in February, thus growing for 15 months in a row.[59][60] Croatia continued to have strong growth during 2022 fuelled by tourism revenue[61] and increased exports.[62][63] According to a preliminary estimate, Croatia's GDP in Q2 grew by 7.7% from the same period of 2021.[64] The International Monetary Fund (IMF) projected in early September 2022 that Croatia's economy will expand by 5.9% in 2022, whilst EBRD expects Croatian GDP growth to reach 6.5% by the end of 2022.[65] Pfizer announced launching a new production plant in Savski Marof[66] whilst Croatian IT industry grew 3.3%[67][68] confirming the trend that started with Coronavirus pandemic where the Croatia's digital economy increased by 16 percent on average annually from 2019 to 2021. It is estimated that by 2030 its value could reach 15 percent of GDP, with the ICT sector being the main driver of that growth.[69]

On 12 July 2022, the Eurogroup approved Croatia becoming the 20th member of the Eurozone, with the formal introduction of the Euro currency to take place on 1 January 2023.[126][127] Croatia was also set to join the Schengen Area in 2023.[70] By 2023, the minimum wage is ostensibly expected to rise to NET 700 EUR,[71][72][73] increasing consumer spending.[74]

Sectors Edit

In 2022, the sector with the highest number of companies registered in Croatia is Services with 110,085 companies followed by Retail Trade and Construction with 22,906 and 22,121 companies respectively.[128]

Industry Edit

Main article: Industry of Croatia

Tourism Edit

Main article: Tourism in Croatia

Tourism is a notable source of income during the summer and a major industry in Croatia. It dominates the Croatian service sector and accounts for up to 20% of Croatian GDP. Annual tourist industry income for 2011 was estimated at €6.61 billion. Its positive effects are felt throughout the economy of Croatia in terms of increased business volume observed in retail business, processing industry orders and summer seasonal employment. The industry is considered an export business, because it significantly reduces the country's external trade imbalance.[129] Since the conclusion of the Croatian War of Independence, the tourist industry has grown rapidly, recording a fourfold rise in tourist numbers, with more than 10 million tourists each year. The most numerous are tourists from Germany, Slovenia, Austria and the Czech Republic as well as Croatia itself. Length of a tourist stay in Croatia averages 4.9 days.[130]

The bulk of the tourist industry is concentrated along the Adriatic Sea coast. Opatija was the first holiday resort since the middle of the 19th century. By the 1890s, it became one of the most significant European health resorts.[131] Later a large number of resorts sprang up along the coast and numerous islands, offering services ranging from mass tourism to catering and various niche markets, the most significant being nautical tourism, as there are numerous marinas with more than 16 thousand berths, cultural tourism relying on appeal of medieval coastal cities and numerous cultural events taking place during the summer. Inland areas offer mountain resorts, agrotourism and spas. Zagreb is also a significant tourist destination, rivalling major coastal cities and resorts.[132]

Croatia has unpolluted marine areas reflected through numerous nature reserves and 99 Blue Flag beaches and 28 Blue Flag marinas.[133] Croatia is ranked as the 18th most popular tourist destination in the world.[134] About 15% of these visitors (over one million per year) are involved with naturism, an industry for which Croatia is world-famous. It was also the first European country to develop commercial naturist resorts.[135]

Agriculture Edit

Croatian agricultural sector subsists from exports of blue water fish, which in recent years experienced a tremendous surge in demand, mainly from Japan and South Korea. Croatia is a notable producer of organic foods and much of it is exported to the European Union. Croatian wines, olive oil and lavender are particularly sought after. Value of Croatia's agriculture sector is around 3.1 billion according to preliminary data released by the national statistics office.[136]

Croatia has around 1.72 million hectares of agricultural land, however totally utilized land for agricultural in 2020 was around 1.506 million hectares, of these permanent pasture land constituted 536 000 hectares or some 35.5% of total land available to agriculture. Croatia imports significant quantity of fruits and olive oil, despite having large domestic production of the same. In terms of livestock Croatian agriculture had some 15.2 million poultry, 453 000 Cattle, 802 000 Sheep, 1.157 000 Pork/Pigs,88 000 Goats. Croatia also produced 67 000 tons of blue fish, some 9000 of these are Tuna fish, which are farmed and exported to Japan, South Korea and United States.[137]

Croatia produced in 2022:[138]

In addition to smaller productions of other agricultural products, like apple (93 thousand tons), triticale (62 thousand tons) and olive (34 thousand tons).[139]

  •  

    Boškarin cattle.

  •  

    Plantations in the fertile Neretva valley.

  •  

    Vineyards of Istria.

Infrastructure Edit

Transport Edit

Main article: Transport in Croatia
 
Croatian A1 motorway

The highlight of Croatia's recent infrastructure developments is its rapidly developed motorway network, largely built in the late 1990s and especially in the 2000s. By January 2022, Croatia had completed more than 1,300 kilometres (810 miles) of motorways, connecting Zagreb to most other regions and following various European routes and four Pan-European corridors.[140][141] The busiest motorways are the A1, connecting Zagreb to Split and the A3, passing east–west through northwest Croatia and Slavonia.[142] A widespread network of state roads in Croatia acts as motorway feeder roads while connecting all major settlements in the country. The high quality and safety levels of the Croatian motorway network were tested and confirmed by several EuroTAP and EuroTest programs.[143][144]

Croatia has an extensive rail network spanning 2,722 kilometres (1,691 miles), including 985 kilometres (612 miles) of electrified railways and 254 kilometres (158 miles) of double track railways. The most significant railways in Croatia are found within the Pan-European transport corridors Vb and X connecting Rijeka to Budapest and Ljubljana to Belgrade, both via Zagreb.[140] All rail services are operated by Croatian Railways.[145]

There are international airports in Zagreb, Zadar, Split, Dubrovnik, Rijeka, Osijek and Pula.[146] As of January 2011, Croatia complies with International Civil Aviation Organization aviation safety standards and the Federal Aviation Administration upgraded it to Category 1 rating.[147]

The busiest cargo seaport in Croatia is the Port of Rijeka and the busiest passenger ports are Split and Zadar.[148][149] In addition to those, a large number of minor ports serve an extensive system of ferries connecting numerous islands and coastal cities in addition to ferry lines to several cities in Italy.[150] The largest river port is Vukovar, located on the Danube, representing the nation's outlet to the Pan-European transport corridor VII.[140][151]

Energy Edit

Main article: Energy in Croatia
 
Oil refinery near Rijeka
 
A hydroelectric power plant in Međimurje

There are 631 kilometres (392 miles) of crude oil pipelines in Croatia, connecting the Port of Rijeka oil terminal with refineries in Rijeka and Sisak, as well as several transhipment terminals. The system has a capacity of 20 million tonnes per year.[152] The natural gas transportation system comprises 2,544 kilometres (1,581 miles) of trunk and regional natural gas pipelines, and more than 300 associated structures, connecting production rigs, the Okoli natural gas storage facility, 27 end-users and 37 distribution systems.[153]

Croatian production of energy sources covers 85% of nationwide natural gas demand and 19% of oil demand. In 2008, 47.6% of Croatia's primary energy production structure comprised use of natural gas (47.7%), crude oil (18.0%), fuel wood (8.4%), hydro power (25.4%) and other renewable energy sources (0.5%). In 2009, net total electrical power production in Croatia reached 12,725 GWh and Croatia imported 28.5% of its electric power energy needs.[154] The bulk of Croatian imports are supplied by the Krško Nuclear Power Plant in Slovenia, 50% owned by Hrvatska elektroprivreda, providing 16% of Croatia's electricity.[155]

Electricity:[156]

  • production: 14.728 GWh (2021)
  • consumption: 18.869 GWh (2021)
  • exports: 7.544 GWh (2021)
  • imports: 11.505 GWh (2021)

Electricity – production by source:[157]

  • hydro: 26% (2022)
  • thermal: 24% (2022)
  • nuclear: 14% (2022)
  • renewable: 8% (2022)
  • import: 28% (2022)

Crude oil:[158]

  • production: 615 thousand tons (2021)
  • consumption: 2.456 million tons (2021)
  • exports: 472 thousand tons (2021)
  • imports: 2.300 million tons (2021)
  • proved reserves: 10,230,300 barrels (1,626,490 m3) (2017)

Natural gas:[156]

  • production: 746 million m³ (2021)
  • consumption: 2.906 billion m³ (2021)
  • exports: 126 million m³ (2021)
  • imports: 2.291 billion m³ (2021)
  • proved reserves: 21.094 billion m³ (2019)

Stock exchanges Edit

 
Zagreb Stock Exchange, located in Eurotower

Banking Edit

See also: List of banks in Croatia
 
Croatian National Bank Building in Zagreb

Central bank:

Major commercial banks:

Central Budget Edit

Overall Budget:[159]
Revenues:

  • 187.30 billion kuna (€24.83 billion), 2023

Expenditures:

  • 200.92 billion kuna (€26.63 billion), 2023

Expenditure by ministries for 2023:[159]

Economic indicators Edit

The following table shows the main economic indicators for the period 2000–2022 according to the Croatian Bureau of Statistics.[9]

Year Population (in million) GDP (nominal in bln. EUR) GDP (nominal in bln. USD) GDP (PPP in bln. USD) GDP per capita (nominal in EUR) GDP per capita (nominal in USD) GDP per capita (PPP in USD) Exchange rate (1 USD to 1 EUR) Inflation (in %) GDP growth (real in %) Government debt (% GDP)
2000 4.426 23.959 21.782 47.668 5,351 4,929 10,786 0.9236 4.6 2.9 35.4
2001 4.300 25.751 23.266 50.083 6,044 5,414 11,655 0.8956 3.8 3.0 36.6
2002 4.302 28.297 27.082 54.964 6,688 6,293 12,771 0.9456 1.7 5.7 36.5
2003 4.303 31.167 35.026 58.943 7,206 8,130 13,682 1.1312 1.8 5.5 37.9
2004 4.305 33.648 42.035 63.254 7,847 9,752 14,675 1.2439 2.1 4.1 40.0
2005 4.310 36.191 45.830 66.622 8,539 10,620 15,439 1.2441 3.3 4.3 40.9
2006 4.311 39.449 50.903 75.941 9,405 11,795 17,596 1.2556 3.2 4.9 38.5
2007 4.310 43.177 60.625 84.148 10,272 14,043 19,491 1.3705 2.9 4.9 37.2
2008 4.310 46.467 70.952 90.420 11,216 16,419 20,924 1.4708 6.1 1.9 39.1
2009 4.305 44.409 63.367 87.068 10,549 14,663 20,147 1.3948 2.4 -7.3 48.4
2010 4.295 44.273 60.650 86.106 10,615 14,062 19,965 1.3257 1.1 -1.3 57.3
2011 4.281 44.973 63.413 90.287 10,608 14,758 21,013 1.3920 2.3 -0.1 63.7
2012 4.268 44.545 57.364 91.601 10,430 13,400 21,398 1.2848 3.4 -2.3 69.4
2013 4.256 44.697 59.022 94.202 10,423 13,869 22,135 1.3281 2.2 -0.4 80.3
2014 4.238 44.572 58.412 94.787 10,386 13,783 22,366 1.3285 -0.2 -0.4 83.9
2015 4.204 45.734 50.741 98.115 10,755 11,944 23,339 1.1095 -0.5 2.5 83.3
2016 4.174 47.331 52.391 105.446 11,324 12,557 25,262 1.1069 -1.1 3.6 79.8
2017 4.125 49.516 55.938 112.204 12,101 13,657 27,201 1.1297 1.1 3.4 76.7
2018 4.088 51.933 61.333 118.179 12,896 15,245 28,909 1.1810 1.5 2.8 73.3
2019 4.065 54.784 61.331 124.328 13,678 15,333 30,585 1.1195 0.8 3.4 71.1
2020 4.048 50.451 57.625 117.033 12,408 14,205 28,911 1.1422 0.1 -8.6 87.3
2021 3.879 58.207 68.841 133.952 15,006 17,747 34,533 1.1827 2.6 13.1 78.3
2022 3.854 67.390 70.961 155.085 17,486 18,412 40,240 1.0530 10.8 6.3 70.4

From the CIA World Factbook 2021.

Real GDP (purchasing power parity): $123.348 billion

Real GDP growth rate: 13.07%

Real GDP per capita: $31,600

GDP (official exchange rate): $60,687 billion (2019 est.)

Labor force: 1.656 million (2020 est.)

Labor force – by occupation: agriculture 1.9%, industry 27.3%, services 70.8% (2017 est.)

Unemployment rate: 8.68%

Population below poverty line: 18.3% (2018 est.)

Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 23% (2015 est.)

Distribution of family income – Gini index: 28.9 (2018 est.)

Inflation rate (consumer prices): 2.55%

Budget:
revenues: $212.81 billion (2019 est.)
expenditures: $211.069 billion, (2019 est.)

Public debt: 104.89% of GDP

Taxes and revenues: 20.6% (of GDP) (2020 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%

Current account balance: $2.082 billion

Exports: $35.308 billion

Exports – commodities: refined petroleum, packaged medicines, crude petroleum, electricity, electrical transformers

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

Imports: $36.331 billion

Imports – commodities: crude petroleum, cars, refined petroleum, packaged medicines, electricity (2019)

Imports – partners: Germany 14%, Italy 14%, Slovenia 11%, Hungary 7%, Austria 6% (2019)

Reserves of foreign exchange and gold: $28.309 billion (31 December 2021 est.)

Debt – external: $48.263 billion (2019 est.)

Currency: euro (EUR)

Exchange rates: EUR per US$1 – 0.845

Gross Domestic Product Edit

See also: List of Croatian counties by GDP
Counties of Croatia by GDP, in million Euro
County 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
  Bjelovar-Bilogora 520 569 639 645 688 698 800 804 953 917 834 823 786 790 789 809 855 874 925
  Brod-Posavina 564 628 687 713 779 771 849 918 1,032 952 914 917 895 888 853 879 917 969 1,016
  Dubrovnik-Neretva 573 630 676 754 883 977 1,083 1,292 1,340 1,267 1,248 1,208 1,202 1,234 1,260 1,313 1,403 1,532 1,587
  Istria 1,420 1,614 1,814 1,980 2,182 2,291 2,482 2,729 2,842 2,768 2,773 2,762 2,635 2,631 2,666 2,747 2,947 3,106 3,162
  Karlovac 586 713 785 758 777 835 943 1,048 1,107 998 969 978 948 961 934 961 1,008 1,031 1,035
  Koprivnica-Križevci 723 762 830 845 853 855 988 1,046 1,069 998 935 926 906 919 905 916 961 991 979
  Krapina-Zagorje 569 655 681 706 729 815 858 947 974 868 807 815 803 823 837 867 928 990 1,021
  Lika-Senj 235 250 309 384 522 407 429 417 491 445 416 405 382 388 379 388 402 427 436
  Međimurje 510 562 644 654 691 737 841 892 1,034 977 933 941 929 1,088 959 986 1,045 1,109 1,142
  Osijek-Baranja 1,352 1,459 1,668 1,700 1,872 2,043 2,249 2,600 2,834 2,642 2,507 2,514 2,421 2,438 2,375 2,436 2,544 2,581 2,572
  Požega-Slavonia 325 355 380 420 451 464 478 508 554 504 497 482 458 461 433 440 453 466 499
  Primorje-Gorski Kotar 2,111 2,138 2,261 2,543 2,685 3,066 3,371 3,560 4,060 3,820 3,822 3,905 3,981 3,849 3,849 3,854 3,961 4,177 4,270
  Sisak-Moslavina 925 938 972 989 1,033 1,137 1,335 1,262 1,435 1,447 1,451 1,439 1,434 1,306 1,221 1,268 1,247 1,266 1,309
  Split-Dalmatia 1,924 2,118 2,318 2,529 2,898 3,061 3,427 3,934 4,115 3,804 3,788 3,695 3,578 3,583 3,581 3,712 3,913 4,133 4,278
  Šibenik-Knin 423 450 511 581 659 748 765 902 923 802 859 856 835 851 852 862 903 988 1,027
  Varaždin 894 996 1,139 1,175 1,166 1,229 1,347 1,451 1,637 1,549 1,463 1,456 1,436 1,467 1,462 1,506 1,601 1,718 1,865
  Virovitica-Podravina 357 406 438 458 471 476 555 590 615 546 516 526 504 496 455 460 485 500 536
  Vukovar-Syrmia 624 686 762 816 864 928 1,079 1,109 1,260 1,171 1,090 1,092 1,049 1,048 999 1,031 1,076 1,120 1,171
  Zadar 627 733 829 982 1,055 1,166 1,238 1,443 1,618 1,478 1,405 1,383 1,366 1,386 1,395 1,445 1,527 1,671 1,797
  Zagreb County 1,284 1,272 1,583 1,653 1,823 2,059 2,128 2,419 2,653 2,555 2,398 2,449 2,439 2,450 2,466 2,549 2,651 2,832 3,011
  City of Zagreb 6,912 7,806 8,569 9,458 10,400 11,717 12,954 14,059 15,439 14,561 15,586 15,383 15,055 14,778 14,754 15,206 15,818 16,782 17,544
Source: Croatian Bureau of Statistics[160]
Counties of Croatia by GDP per capita, in Euro
County 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
  Bjelovar-Bilogora 4,007 4,383 4,951 5,042 5,417 5,539 6,395 6,489 7,756 7,522 6,907 6,888 6,657 6,766 6,829 7,107 7,647 7,958 7,986
  Brod-Posavina 3,425 3,812 4,171 4,345 4,766 4,731 5,223 5,660 6,384 5,921 5,731 5,789 5,691 5,700 5,539 5,810 6,195 6,726 6,607
  Dubrovnik-Neretva 4,886 5,373 5,738 6,378 7,442 8,197 9,025 10,698 11,024 10,351 10,174 9,855 9,812 10,083 10,297 10,737 11,500 12,608 13,277
  Istria 7,184 8,160 9,117 9,880 10,813 11,267 12,116 13,221 13,691 13,285 13,297 13,270 12,684 12,665 12,811 13,199 14,165 14,915 15,570
  Karlovac 4,181 5,082 5,635 5,491 5,666 6,139 6,989 7,830 8,341 7,598 7,458 7,615 7,461 7,651 7,541 7,868 8,373 8,701 8,301
  Koprivnica-Križevci 5,955 6,269 6,858 7,025 7,134 7,181 8,335 8,878 9,108 8,545 8,052 8,020 7,890 8,039 7,969 8,149 8,660 9,066 8,711
  Krapina-Zagorje 4,089 4,702 4,919 5,129 5,323 5,972 6,313 7,008 7,250 6,479 6,049 6,142 6,091 6,287 6,439 6,721 7,265 7,830 7,919
  Lika-Senj 4,219 4,493 5,582 6,965 9,466 7,446 7,927 7,783 9,277 8,515 8,091 7,984 7,652 7,874 7,812 8,134 8,571 9,297 8,878
  Međimurje 4,472 4,930 5,644 5,729 6,056 6,459 7,375 7,830 9,086 8,583 8,196 8,273 8,176 9,592 8,480 8,751 9,328 9,989 10,302
  Osijek-Baranja 4,247 4,582 5,239 5,354 5,914 6,480 7,174 8,353 9,162 8,578 8,183 8,249 7,990 8,105 7,965 8,270 8,779 9,098 8,684
  Požega-Slavonia 3,904 4,255 4,572 5,066 5,479 5,658 5,874 6,286 6,897 6,330 6,314 6,194 5,971 6,081 5,774 5,973 6,307 6,681 6,620
  Primorje-Gorski Kotar 7,123 7,210 7,622 8,575 9,051 10,326 11,337 11,959 13,642 12,847 12,873 13,185 13,474 13,061 13,103 13,204 13,686 14,559 14,797
  Sisak-Moslavina 4,884 4,952 5,158 5,285 5,552 6,156 7,292 6,966 8,018 8,184 8,321 8,372 8,465 7,832 7,459 7,899 7,939 8,284 7,868
  Split-Dalmatia 4,422 4,866 5,278 5,723 6,508 6,820 7,593 8,684 9,059 8,361 8,323 8,121 7,866 7,876 7,876 8,184 8,655 9,183 9,636
  Šibenik-Knin 3,855 4,094 4,631 5,254 5,946 6,733 6,863 8,081 8,262 7,202 7,788 7,855 7,764 7,998 8,086 8,267 8,776 9,737 9,713
  Varaždin 4,952 5,516 6,327 6,550 6,525 6,890 7,564 8,165 9,233 8,758 8,298 8,281 8,193 8,412 8,434 8,752 9,389 10,176 10,899
  Virovitica-Podravina 3,887 4,416 4,793 5,029 5,222 5,329 6,253 6,703 7,048 6,326 6,037 6,213 6,012 5,979 5,542 5,704 6,135 6,480 6,525
  Vukovar-Syrmia 3,277 3,604 4,018 4,330 4,617 4,985 5,825 6,012 6,853 6,401 6,016 6,094 5,856 5,961 5,772 6,082 6,498 6,999 6,730
  Zadar 4,050 4,726 5,289 6,193 6,579 7,186 7,534 8,676 9,640 8,752 8,281 8,114 7,985 8,084 8,146 8,478 9,003 9,901 10,803
  Zagreb County 4,327 4,283 5,279 5,459 5,966 6,686 6,859 7,745 8,443 8,089 7,565 7,703 7,660 7,687 7,748 8,050 8,434 9,083 9,710
  City of Zagreb 8,962 10,114 11,091 12,238 13,418 15,082 16,642 18,005 19,709 18,526 19,765 19,453 18,986 18,578 18,479 18,992 19,711 20,879 22,695
Source:[160]

See also Edit

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External links Edit

  Media related to Economy of Croatia at Wikimedia Commons

  • Tariffs applied by Croatia as provided by ITC's ITCMarket Access Map[permanent dead link], an online database of customs tariffs and market requirements.

October 20, 2023
economy, croatia, this, article, lead, section, long, length, article, please, help, moving, some, material, from, into, body, article, please, read, layout, guide, lead, section, guidelines, ensure, section, will, still, inclusive, essential, details, please,. This article s lead section may be too long for the length of the article Please help by moving some material from it into the body of the article Please read the layout guide and lead section guidelines to ensure the section will still be inclusive of all essential details Please discuss this issue on the article s talk page August 2023 The economy of Croatia is a high income service based social market economy 35 36 with the tertiary sector accounting for 70 of total gross domestic product GDP Croatia has a fully integrated and globalized economy Croatia s road to globalization started as soon as the country gained independence with tourism as one of the country s core industries dependent on the global market Croatia joined the World Trade Organization in 2000 NATO in 2009 has been a member of the European Union since 1 July 2013 and it finally joined the Eurozone and the Schengen Area on 1 January 2023 Croatia is also negotiating membership of OECD organization which it hopes to join by 2025 Further integration into the EU structures will continue in the coming years including participation in ESA CERN as well as EEA membership in the next 24 months Economy of CroatiaStrojarska Business CenterCurrencyEuro EUR Fiscal yearCalendar yearTrade organisationsEU WTOCountry groupDeveloped Advanced 1 High income economy 2 StatisticsPopulation3 871 833 2021 Census 3 GDP 78 88 billion nominal 2023 4 163 36 billion PPP 2023 4 GDP rank76th nominal 2023 82nd PPP 2023 GDP growth6 3 2022 5 1 7 2023f 5 2 3 2024f 5 GDP per capita 20 537 nominal 2023 4 42 531 PPP 2023 4 GDP per capita rank49th nominal 2023 45th PPP 2023 GDP by sectoragriculture 3 7 industry 26 2 services 70 1 2017 est 6 GDP by componentPrivate consumption 60 6 Public consumption 20 0 Investments 19 3 2013 7 Inflation CPI 6 5 2023 est 8 10 7 2022 8 2 6 2021 9 0 1 2020 4 Population below poverty line19 2 at risk of poverty 2021 10 Pannonian Croatia 27 0 2021 10 Adriatic Croatia 18 1 2021 10 City of Zagreb 11 6 2021 10 North Croatia 18 5 2021 10 20 9 at risk of poverty or social exclusion 10 Gini coefficient29 2 low 2021 Eurostat 11 Human Development Index0 858 very high 2021 12 40th 0 797 high IHDI 32nd 2021 13 Labour force1 735 532 2021 14 65 2 employment rate Target 62 9 2018 15 Labour force by occupationagriculture 3 7 industry 26 2 services 70 1 2017 est 6 Unemployment6 3 August 2020 Eurostat 16 17 16 6 youth unemployment 2020 18 2018 19 Average gross salary 1 556 monthly January 2023 20 Average net salary 1 130 monthly 20 Main industrieschemicals and plastics machine tools fabricated metal electronics pig iron and rolled steel products aluminium paper wood products construction materials textiles shipbuilding petroleum and petroleum refining food and beverages tourismEase of doing business rank51st very easy 2020 21 ExternalExports 24 2 billion 2022 22 Export goodstransport equipment machinery textiles chemicals foodstuffs fuelsMain export partners Slovenia 12 75 Italy 12 54 Germany 11 81 Hungary 9 14 Bosnia and Herzegovina 8 48 2021 23 Imports 41 8 billion 2022 23 24 Import goodsmachinery transport and electrical equipment chemicals fuels and lubricants foodstuffsMain import partners Germany 14 77 Italy 12 59 Slovenia 11 02 Hungary 7 32 Austria 6 42 2021 23 FDI stock 43 71 billion 31 December 2017 est 6 Abroad 8 473 billion 31 December 2017 est 6 Current account 1 billion 2021 25 Gross external debt 47 2 billion 2021 25 Public financesGovernment debt70 4 of GDP 2022 9 HRK 344 609 million 2022 26 27 Budget balanceHRK 12 438 billion deficit 2021 27 2 9 of GDP 2021 27 Revenues46 4 of GDP 2021 27 Expenses49 2 of GDP 2021 27 Economic aid 179 5 million 0 12 of GNI 2007 Credit ratingStandard amp Poor s 28 BBB short term A Long Term 29 Outlook Stable 2022 Fitch BBB 30 Outlook Positive 2021 Moodys 31 Baa2 32 Outlook Stable 2022 Scope 33 BBB Outlook StableForeign reservesEUR27 870bn HRK 210 04 bn December 2022 34 All values unless otherwise stated are in US dollars With its entry into the Eurozone Croatia is now classified as a developed country or an advanced economy a designation given by the IMF to highly developed industrial nations with GDP nominal per capita above 20 000 which includes all members of the Eurozone Croatia was hit hard by the 2008 global financial crisis which affected the Croatian economy with a significant downturn in economic growth as well as progress in economic reform that resulted in six years of recession and a cumulative decline in GDP of 12 5 Croatia formally emerged from the recession in the fourth quarter of 2014 and had continuous GDP growth until 2020 The Croatian economy reached pre crisis levels in 2019 but due to the Coronavirus pandemic GDP decreased by 8 4 in 2020 Growth rebounded in 2021 and Croatia recorded its largest year over year GDP growth since 1991 37 Croatia s post pandemic recovery was supported by strong private consumption better than expected performance in the tourism industry and a boom in merchandise exports Croatian exports in 2021 and 2022 saw rapid growth of nearly 25 and 26 respectively with exports in 2021 reaching 143 7 billion kuna and exports in 2022 expanding further by 26 to reach projected 182 billion kuna 38 39 Croatian Economy also saw continuation of rapid economic growth based on good tourism receipts and export numbers as well as rapidly expanding ICT sector which saw rapid growth and revenue that rival Croatian Tourism ICT sector alone is generating 7 billion of service exports and it is expected to expand further in 2023 and 2024 at an average of 15 40 In 2022 Croatian economy is expected to grow between 5 9 and 7 8 in real terms and it is expected to reach between 72 and 73 6 billion according to preliminary estimates by Croatian Government surpassing early estimates of 491 billion kuna or 68 5 billion Croatian Purchasing Power Parity in 2022 for the first time should exceed 40 000 however considering Croatian economy experienced 6 years of deep recession catching up will take several more years of high growth Economic outlook for 2023 for Croatian economy are mixed depends largely on how the big Eurozone economies perform Croatia s largest trading partners Italy Germany Austria Slovenia and France are expected to slow down but avoid recession according to latest economic projections and estimates so Croatian economy as a result could see better then expected results in 2023 early projections of between 1 and 2 6 economic growth in 2023 with inflation at 7 is a significant slow down for the country however country is experiencing major internal and inward investment cycle unparalleled in recent history EU recovery funds 41 in tune of 8 7 billion coupled with large EU investments in recently earthquake affected areas of Croatia as well as major investments by local business in to renewable energy sector also EU supported and funded as well as major investments in transport infrastructure and rapidly expanding Croatia s ICT sector Croatian economy could see continuation of rapid growth in 2023 Tourism is one of the main pillars of the Croatian economy comprising 19 6 of Croatia s GDP Croatia is working to become an energy powerhouse with its floating liquefied natural gas LNG regasification terminal on the island of Krk 42 and investments in green energy 43 44 particularly wind energy 45 solar and geothermal energy having opened 17 MW Velika 1 hr geothermal power plant in Ciglena in late 2019 that is the largest power plant in continental Europe with binary technology 46 47 48 and starting the work on the second one in the summer of 2021 49 50 51 The government intends to spend about 1 4 billion on grid modernisation with a goal of increasing renewable energy source connections by at least 800 MW by 2026 and 2 500 MW by 2030 52 and predicts that renewable energy resources as a share of total energy consumption will grow to 36 4 in 2030 and to 65 6 in 2050 53 In 2021 Croatia joined the list of countries with its own automobile industry 54 with Rimac Automobili s Nevera started being produced The company also took over Bugatti Automobiles in November same year and started building its new HQ in Zagreb titled as the Rimac Campus that will serve as the company s international research and development R amp D and production base for all future Rimac products as well as home of R amp D for future Bugatti models The company also plans to build battery systems for different manufacturers from the automotive industry 55 56 This campus will also become the home of R amp D for future Bugatti models due to the new joint venture though these vehicles will be built at Bugatti s Molsheim plant in France On Friday 12 November 2021 Fitch raised Croatia s credit rating by one level from BBB to BBB Croatia s highest credit rating in history 57 with a positive outlook noting progress in preparations for euro area membership and a strong recovery of the Croatian economy from the pandemic crisis 58 In late March 2022 Croatian Bureau of Statistics announced that Croatia s industrial output rose by 4 in February thus growing for 15 months in a row 59 60 Croatia continued to have strong growth during 2022 fuelled by tourism revenue 61 and increased exports 62 63 According to a preliminary estimate Croatia s GDP in Q2 grew by 7 7 from the same period of 2021 64 The International Monetary Fund IMF projected in early September 2022 that Croatia s economy will expand by 5 9 in 2022 whilst EBRD expects Croatian GDP growth to reach 6 5 by the end of 2022 65 Pfizer announced launching a new production plant in Savski Marof 66 whilst Croatian IT industry grew 3 3 67 68 confirming the trend that started with the Coronavirus pandemic where Croatia s digital economy increased by 16 percent on average annually from 2019 to 2021 and by 2030 its value could reach 15 percent of GDP with the ICT sector the main driver of that growth 69 Croatia joined both the Eurozone and Schengen Area in January 2023 70 which helps strengthen the country s integration into the European economy and makes cross border trade with both European countries and European trade partners easier The minimum wage is expected to rise to NET 700 EUR 71 72 73 in 2023 further increasing consumer spending and combating the high inflation rate 74 Contents 1 History 1 1 Pre 1990 1 2 Transition and war years 1 3 Economy since 2000 1 4 2009 2015 1 5 2016 2020 2 2020 present 2 1 2020 2 2 2021 2 3 2022 3 Sectors 3 1 Industry 3 2 Tourism 3 3 Agriculture 4 Infrastructure 4 1 Transport 4 2 Energy 5 Stock exchanges 6 Banking 7 Central Budget 8 Economic indicators 9 Gross Domestic Product 10 See also 11 References 12 External linksHistory EditPre 1990 Edit nbsp Zagreb Stock Exchange Palace in 1927 nbsp Oil refinery in Rijeka in the 1930sWhen Croatia was still part of the Dual Monarchy its economy was largely agricultural However modern industrial companies were also located in the vicinity of the larger cities The Kingdom of Croatia had a high ratio of population working in agriculture Many industrial branches developed in that time like forestry and wood industry stave fabrication the production of potash lumber mills shipbuilding The most profitable one was stave fabrication the boom of which started in the 1820s with the clearing of the oak forests around Karlovac and Sisak and again in the 1850s with the marshy oak masses along the Sava and Drava rivers Shipbuilding in Croatia played a huge role in the 1850s Austrian Empire especially the long range sailing boats Sisak and Vukovar were the centres of river shipbuilding 75 Slavonia was also mostly an agricultural land and it was known for its silk production Agriculture and the breeding of cattle were the most profitable occupations of the inhabitants It produced corn of all kinds hemp flax tobacco and great quantities of liquorice 76 77 The first steps towards industrialization began in the 1830s and in the following decades the construction of big industrial enterprises took place 78 During the 2nd half of the 19th and early 20th century there was an upsurge of industry in Croatia strengthened by the construction of railways and the electric power production However the industrial production was still lower than agricultural production 79 Regional differences were high Industrialization was faster in inner Croatia than in other regions while Dalmatia remained one of the poorest provinces of Austria Hungary 80 The slow rate of modernization and rural overpopulation caused extensive emigration particularly from Dalmatia According to estimates roughly 400 000 Croats emigrated from Austria Hungary between 1880 and 1914 In 1910 8 5 of the population of Croatia Slavonia lived in urban settlements 81 In 1918 Croatia became part of the Kingdom of Yugoslavia which was in the interwar period one of the least developed countries in Europe Most of its industry was based in Slovenia and Croatia but further industrial development was modest and centered on textile mills sawmills brick yards and food processing plants The economy was still traditionally based on agriculture and raising of livestock with peasants accounting for more than half of Croatia s population 81 82 In 1941 the Independent State of Croatia NDH a World War II puppet state of Germany and Italy was established in parts of Axis occupied Yugoslavia The economic system of NDH was based on the concept of Croatian socialism 83 The main characteristic of the new system was the concept of a planned economy with high levels of state involvement in economic life The fulfillment of basic economic interests was primarily ensured with measures of repression 84 All large companies were placed under state control and the property of the regime s national enemies was nationalized Its currency was the NDH kuna The Croatian State Bank was the central bank responsible for issuing currency As the war progressed the government kept printing more money and its amount in circulation was rapidly increasing resulting in high inflation rates 85 After World War II the new Communist Party of Yugoslavia resorted to a command economy on the Soviet model of rapid industrial development In accordance with the socialist plan mainly companies in the pharmaceutical industry the food industry and the consumer goods industry were founded in Croatia Metal and heavy industry was mainly promoted in Bosnia and Serbia By 1948 almost all domestic and foreign owned capital had been nationalized The industrialization plan relied on high taxation fixed prices war reparations Soviet credits and export of food and raw materials Forced collectivization of agriculture was initiated in 1949 At that time 94 of agricultural land was privately owned and by 1950 96 was under the control of the social sector A rapid improvement of food production and the standard of living was expected but due to bad results the program was abandoned three years later 81 Throughout the 1950s Croatia experienced rapid urbanization Decentralization came in 1965 and spurred growth of several sectors including the prosperous tourist industry SR Croatia was after SR Slovenia the second most developed republic in Yugoslavia with a 55 higher GDP per capita than the Yugoslav average generating 31 5 of Yugoslav GDP or 30 1Bn in 1990 86 Croatia and Slovenia accounted for nearly half of the total Yugoslav GDP and this was reflected in the overall standard of living In the mid 1960s Yugoslavia lifted emigration restrictions and the number of emigrants increased rapidly In 1971 224 722 workers from Croatia were employed abroad mostly in West Germany 87 88 Foreign remittances contributed 2 billion annually to the economy by 1990 89 Profits gained through Croatia s industry were used to develop poor regions in other parts of former Yugoslavia leading to Croatia contributing much more to the federal Yugoslav economy than it gained in return This coupled with austerity programs and hyperinflation in the 1980s led to discontent in both Croatia and Slovenia which eventually fuelled political movements calling for independence 90 Transition and war years Edit nbsp Shipbuilding in Split nbsp GDP of Croatia at constant 2010 prices from 1990 to 2017 nbsp General government gross debt of Croatia from 2000 to 2016 nbsp Real GDP growth in Croatia 2005 2015 nbsp Unemployment rate from 1996 to 2019 according to EurostatIn the late 1980s and early 1990s with the collapse of socialism and the beginning of economic transition Croatia faced considerable economic problems stemming from 91 the legacy of longtime communist mismanagement of the economy damage during the internecine fighting to bridges factories power lines buildings and houses the large refugee and displaced population both Croatian and Bosnian the disruption of economic ties and mishandled privatizationAt the time Croatia gained independence its economy and the whole Yugoslavian economy was in the middle of recession Privatization under the new government had barely begun when war broke out in 1991 As a result of the Croatian War of Independence infrastructure sustained massive damage in the period 1991 92 especially the revenue rich tourism industry Privatization in Croatia and transformation from a planned economy to a market economy was thus slow and unsteady largely as a result of public mistrust when many state owned companies were sold to politically well connected at below market prices With the end of the war Croatia s economy recovered moderately but corruption cronyism and a general lack of transparency stymied economic reforms and foreign investment 90 92 The privatization of large government owned companies was practically halted during the war and in the years immediately following the conclusion of peace As of 2000 roughly 70 of Croatia s major companies were still state owned including water electricity oil transportation telecommunications and tourism 93 The early 1990s were characterized by high inflation rates In 1991 the Croatian dinar was introduced as a transitional currency but inflation continued to accelerate The anti inflationary stabilization steps in 1993 decreased retail price inflation from a monthly rate of 38 7 to 1 4 and by the end of the year Croatia experienced deflation In 1994 Croatia introduced the kuna as its currency 92 As a result of the macro stabilization programs the negative growth of GDP during the early 1990s stopped and reversed into a positive trend Post war reconstruction activity provided another impetus to growth Consumer spending and private sector investments both of which were postponed during the war contributed to the growth in 1995 1997 92 Croatia began its independence with a relatively low external debt because the debt of Yugoslavia was not shared among its former republics at the beginning In March 1995 Croatia agreed with the Paris Club of creditor governments and took 28 5 of Yugoslavia s previously non allocated debt over 14 years In July 1996 an agreement was reached with the London Club of commercial creditors when Croatia took 29 5 of Yugoslavia s debt to commercial banks In 1997 around 60 percent of Croatia s external debt was inherited from former Yugoslavia 94 At the beginning of 1998 value added tax was introduced The central government budget was in surplus in that year most of which was used to repay foreign debt 95 Government debt to GDP had fallen from 27 30 to 26 20 at the end of 1998 However the consumer boom was disrupted in mid 1998 as a result of the bank crisis when 14 banks went bankrupt 92 Unemployment increased and GDP growth slowed down to 1 9 The recession that began at the end of 1998 continued through most of 1999 and after a period of expansion GDP in 1999 had a negative growth of 0 9 96 In 1999 the government tightened its fiscal policy and revised the budget with a 7 cut in spending 97 In 1999 the private sector share in GDP reached 60 which was significantly lower than in other former socialist countries After several years of successful macroeconomic stabilization policies low inflation and a stable currency economists warned that the lack of fiscal changes and the expanding role of the state in the economy caused the decline in the late 1990s and were preventing sustainable economic growth 94 97 Year GDP growth Deficit surplus Debt to GDP Privatization revenues 1994 5 9 1 8 22 2 1995 6 8 0 7 19 3 0 9 1996 5 9 0 4 28 5 1 4 1997 6 6 1 2 27 3 2 0 1998 1 9 0 5 26 2 3 6 1999 0 9 2 2 28 5 8 2 2000 3 8 5 0 34 3 10 2 2001 3 4 3 2 35 2 13 5 2002 5 2 2 6 34 8 15 8 Including capital revenues cumulative in of GDPEconomy since 2000 Edit The new government led by the president of SDP Ivica Racan carried out a number of structural reforms after it won the parliamentary elections on 3 January 2000 The country emerged from the recession in the 4th quarter of 1999 and growth picked up in 2000 98 Due to overall increase in stability the economic rating of the country improved and interest rates dropped Economic growth in the 2000s was stimulated by a credit boom led by newly privatized banks capital investment especially in road construction a rebound in tourism and credit driven consumer spending Inflation remained tame and the currency the kuna stable 90 99 In 2000 Croatia generated 5 899 billion kunas in total income from the shipbuilding sector which employed 13 592 people Total exports in 2001 amounted to 4 659 286 000 of which 54 7 went to the countries of the EU Croatia s total imports were 9 043 699 000 56 of which originated from the EU 100 Unemployment reached its peak in late 2002 but has since been steadily declining In 2003 the nation s economy would officially recover to the amount of GDP it had in 1990 101 In late 2003 the new government led by HDZ took over the office Unemployment continued falling powered by growing industrial production and rising GDP rather than only seasonal changes from tourism Unemployment reached an all time low in 2008 when the annual average rate was 8 6 102 GDP per capita peaked at 16 158 96 while public debt as percentage of GDP decreased to 29 Most economic indicators remained positive in this period except for the external debt as Croatian firms focused more on empowering the economy by taking loans from foreign resources 101 Between 2003 and 2007 Croatia s private sector share of GDP increased from 60 to 70 103 The Croatian National Bank had to take steps to curb further growth of indebtedness of local banks with foreign banks The dollar debt figure is quite adversely affected by the EUR USD ratio over a third of the increase in debt since 2002 is due to currency value changes 2009 2015 Edit Economic growth has been hurt by the global financial crisis 104 Immediately after the crisis it seemed that Croatia did not suffer serious consequences like some other countries However in 2009 the crisis gained momentum and the decline in GDP growth at a slower pace continued during 2010 In 2011 the GDP stagnated as the growth rate was zero 105 Since the global crisis hit the country the unemployment rate has been steadily increasing resulting in the loss of more than 100 000 jobs 106 While unemployment was 9 6 in late 2007 107 in January 2014 it peaked at 22 4 108 In 2010 Gini coefficient was 0 32 109 In September 2012 Fitch ratings agency unexpectedly improved Croatia s economic outlook from negative to stable reaffirming Croatia s current BBB rating 110 The slow pace of privatization of state owned businesses and an over reliance on tourism have also been a drag on the economy 104 Croatia joined the European Union on 1 July 2013 as the 28th member state The Croatian economy is heavily interdependent on other principal economies of Europe and any negative trends in these larger EU economies also have a negative impact on Croatia Italy Germany and Slovenia are Croatia s most important trade partners 105 In spite of the rather slow post recession recovery in terms of income per capita it is still ahead of some European Union member states such as Bulgaria and Romania 111 In terms of average monthly wage Croatia is ahead of 9 EU members Czech Republic Estonia Slovakia Latvia Poland Hungary Lithuania Romania and Bulgaria 112 nbsp Graphical depiction of Croatia s product exports in 28 color coded categories The annual average unemployment rate in 2014 was 17 3 and Croatia has the third highest unemployment rate in the European Union after Greece 26 5 and Spain 24 102 Of particular concern is the heavily backlogged judiciary system combined with inefficient public administration especially regarding the issues of land ownership and corruption in the public sector Unemployment is regionally uneven it is very high in eastern and southern parts of the country nearing 20 in some areas while relatively low in the north west and in larger cities where it is between 3 and 7 In 2015 external debt rose by 2 7 billion euros since the end of 2014 and is now around 49 3 billion 2016 2020 Edit During 2015 the Croatian economy started with slow but upward economic growth which continued during 2016 and conclusive at the end of the year seasonally adjusted was recorded at 3 5 113 The better than expected figures during 2016 enabled the Croatian Government and with more tax receipts enabled the repayment of debt as well as narrow the current account deficit during Q3 and Q4 of 2016 114 115 This growth in economic output coupled with the reduction of government debt has made a positive impact on the financial markets with many ratings agencies revising their outlook from negative to stable which was the first upgrade of Croatia s credit rating since 2007 116 Due to consecutive months of economic growth and the demand for labour plus the outflows of residents to other European countries Croatia had recorded the biggest fall in the number of unemployed during the month of November 2016 from 16 1 to 12 7 2020 present Edit2020 Edit COVID 19 Pandemic has caused more than 400 000 workers to file for economic aid of 4000 00 HRK month In the first quarter of 2020 Croatian GDP rose by 0 2 but then in Q2 Government of Croatia announced the biggest quarterly GDP plunge of 15 1 since GDP has been measured Economic activity also plunged in Q3 2020 when GDP slid by an additional 10 0 In autumn 2020 European Commission estimated total GDP loss in 2020 to be 9 6 Growth was set to pick up in the last month of Q1 2021 and the second quarter of 2021 respectively 1 4 and 3 0 meaning that Croatia was set to reach 2019 levels by 2022 117 2021 Edit In July 2021 projection was improved to 5 4 due to the strong outturn in the first quarter and the positive high frequency indicators concerning consumption construction industry and tourism prospects 118 In November 2021 Croatia outperformed these projections and the real GDP growth was calculated to be 8 1 for the year 2021 improving its projection of 5 4 GDP growth made in July 119 The recovery was supported by strong private consumption the better than expected performance of tourism and the ongoing resilience of the export sector Preliminary data point to tourism related expenditure already exceeding 2019 levels which has been supportive of both employment and consumption Exports of goods have also continued to perform strongly up 43 yoy in 2Q21 pointing to resilient competitiveness 120 Expressed in euros Croatian merchandise exports in the first nine months of 2021 amounted to 13 3 billion euros an annual increase of 24 6 per cent At the same time imports rose 20 3 per cent to 20 4 billion euros The coverage of imports by exports for the first nine months is 65 4 per cent 121 This made 2021 Croatian export s record year as the score from 2019 was exceeded by 2 billion euros 38 Exports recovered in all major markets more precisely with all EU countries and CEFTA countries Specifically on the EU market only a lower export result is recorded in relations with Sweden Belgium and Luxembourg Italy is again the main market for Croatian products followed by Germany and Slovenia Apart from the high contribution of crude oil that Ina sends to Hungary to the Mol refinery for processing the export of artificial fertilizers from Petrokemija also has a significant contribution to growth For 2022 the Commission revised downwards its projection for Croatia s economic growth to 5 6 from 5 9 previously predicted in July 2021 Commission again confirmed that the volume of Croatia s GDP should reach its 2019 level during 2022 while in 2023 the GDP will grow by 3 4 The Commission warned that the key downside risks stem from Croatia s relatively low vaccination rates which could lead to stricter containment measures and continued delays of the earthquake related reconstruction On the upside Croatia s entry into the Schengen area and euro adoption towards the end of the forecast period could benefit investment and trade On Friday 12 November 2021 Fitch raised Croatia s credit rating by one level from BBB to BBB Croatia s highest credit rating in history 57 with a positive outlook noting progress in preparations for Eurozone membership and a strong recovery of the Croatian economy from the pandemic crisis 58 This is also secured by the failure of the eurosceptic party Hrvatski Suverenisti in a bid on the referendum to block Euro adoption in Croatia 122 In December 2021 Croatia s industrial production increased for the thirteenth consecutive month 123 observing the growth of production increasing in all of the five aggregates 124 meaning that industrial production in 2021 increased by 6 7 percent 125 2022 Edit In late March 2022 Croatian Bureau of Statistics announced that Croatia s industrial output rose by 4 in February thus growing for 15 months in a row 59 60 Croatia continued to have strong growth during 2022 fuelled by tourism revenue 61 and increased exports 62 63 According to a preliminary estimate Croatia s GDP in Q2 grew by 7 7 from the same period of 2021 64 The International Monetary Fund IMF projected in early September 2022 that Croatia s economy will expand by 5 9 in 2022 whilst EBRD expects Croatian GDP growth to reach 6 5 by the end of 2022 65 Pfizer announced launching a new production plant in Savski Marof 66 whilst Croatian IT industry grew 3 3 67 68 confirming the trend that started with Coronavirus pandemic where the Croatia s digital economy increased by 16 percent on average annually from 2019 to 2021 It is estimated that by 2030 its value could reach 15 percent of GDP with the ICT sector being the main driver of that growth 69 On 12 July 2022 the Eurogroup approved Croatia becoming the 20th member of the Eurozone with the formal introduction of the Euro currency to take place on 1 January 2023 126 127 Croatia was also set to join the Schengen Area in 2023 70 By 2023 the minimum wage is ostensibly expected to rise to NET 700 EUR 71 72 73 increasing consumer spending 74 Sectors EditIn 2022 the sector with the highest number of companies registered in Croatia is Services with 110 085 companies followed by Retail Trade and Construction with 22 906 and 22 121 companies respectively 128 Industry Edit Main article Industry of Croatia nbsp Uljanik shipyard nbsp Asphalt plant in Ivanovec nbsp Sisak oil refinery nbsp Maraska liqueur factory in ZadarTourism Edit Main article Tourism in Croatia nbsp Cruise ship in Dubrovnik nbsp Kopacki Rit Nature Reserve nbsp St Mark s Church in Zagreb nbsp Varazdin Old Town nbsp Zlatni Rat beach on the Brac island Tourism is a notable source of income during the summer and a major industry in Croatia It dominates the Croatian service sector and accounts for up to 20 of Croatian GDP Annual tourist industry income for 2011 was estimated at 6 61 billion Its positive effects are felt throughout the economy of Croatia in terms of increased business volume observed in retail business processing industry orders and summer seasonal employment The industry is considered an export business because it significantly reduces the country s external trade imbalance 129 Since the conclusion of the Croatian War of Independence the tourist industry has grown rapidly recording a fourfold rise in tourist numbers with more than 10 million tourists each year The most numerous are tourists from Germany Slovenia Austria and the Czech Republic as well as Croatia itself Length of a tourist stay in Croatia averages 4 9 days 130 The bulk of the tourist industry is concentrated along the Adriatic Sea coast Opatija was the first holiday resort since the middle of the 19th century By the 1890s it became one of the most significant European health resorts 131 Later a large number of resorts sprang up along the coast and numerous islands offering services ranging from mass tourism to catering and various niche markets the most significant being nautical tourism as there are numerous marinas with more than 16 thousand berths cultural tourism relying on appeal of medieval coastal cities and numerous cultural events taking place during the summer Inland areas offer mountain resorts agrotourism and spas Zagreb is also a significant tourist destination rivalling major coastal cities and resorts 132 Croatia has unpolluted marine areas reflected through numerous nature reserves and 99 Blue Flag beaches and 28 Blue Flag marinas 133 Croatia is ranked as the 18th most popular tourist destination in the world 134 About 15 of these visitors over one million per year are involved with naturism an industry for which Croatia is world famous It was also the first European country to develop commercial naturist resorts 135 Agriculture Edit Croatian agricultural sector subsists from exports of blue water fish which in recent years experienced a tremendous surge in demand mainly from Japan and South Korea Croatia is a notable producer of organic foods and much of it is exported to the European Union Croatian wines olive oil and lavender are particularly sought after Value of Croatia s agriculture sector is around 3 1 billion according to preliminary data released by the national statistics office 136 Croatia has around 1 72 million hectares of agricultural land however totally utilized land for agricultural in 2020 was around 1 506 million hectares of these permanent pasture land constituted 536 000 hectares or some 35 5 of total land available to agriculture Croatia imports significant quantity of fruits and olive oil despite having large domestic production of the same In terms of livestock Croatian agriculture had some 15 2 million poultry 453 000 Cattle 802 000 Sheep 1 157 000 Pork Pigs 88 000 Goats Croatia also produced 67 000 tons of blue fish some 9000 of these are Tuna fish which are farmed and exported to Japan South Korea and United States 137 Croatia produced in 2022 138 1 66 million tons of maize 970 thousand tons of wheat 524 thousand tons of sugar beet the beet is used to manufacture sugar and ethanol 319 thousand tons of barley 196 thousand tons of soybean 107 thousand tons of potato 59 thousand tons of rapeseed 146 thousand tons of grape 154 thousand tons of sunflower seed In addition to smaller productions of other agricultural products like apple 93 thousand tons triticale 62 thousand tons and olive 34 thousand tons 139 nbsp Boskarin cattle nbsp Plantations in the fertile Neretva valley nbsp Vineyards of Istria Infrastructure EditTransport Edit Main article Transport in Croatia nbsp Croatian A1 motorwayThe highlight of Croatia s recent infrastructure developments is its rapidly developed motorway network largely built in the late 1990s and especially in the 2000s By January 2022 Croatia had completed more than 1 300 kilometres 810 miles of motorways connecting Zagreb to most other regions and following various European routes and four Pan European corridors 140 141 The busiest motorways are the A1 connecting Zagreb to Split and the A3 passing east west through northwest Croatia and Slavonia 142 A widespread network of state roads in Croatia acts as motorway feeder roads while connecting all major settlements in the country The high quality and safety levels of the Croatian motorway network were tested and confirmed by several EuroTAP and EuroTest programs 143 144 Croatia has an extensive rail network spanning 2 722 kilometres 1 691 miles including 985 kilometres 612 miles of electrified railways and 254 kilometres 158 miles of double track railways The most significant railways in Croatia are found within the Pan European transport corridors Vb and X connecting Rijeka to Budapest and Ljubljana to Belgrade both via Zagreb 140 All rail services are operated by Croatian Railways 145 There are international airports in Zagreb Zadar Split Dubrovnik Rijeka Osijek and Pula 146 As of January 2011 Croatia complies with International Civil Aviation Organization aviation safety standards and the Federal Aviation Administration upgraded it to Category 1 rating 147 The busiest cargo seaport in Croatia is the Port of Rijeka and the busiest passenger ports are Split and Zadar 148 149 In addition to those a large number of minor ports serve an extensive system of ferries connecting numerous islands and coastal cities in addition to ferry lines to several cities in Italy 150 The largest river port is Vukovar located on the Danube representing the nation s outlet to the Pan European transport corridor VII 140 151 Energy Edit Main article Energy in Croatia nbsp Oil refinery near Rijeka nbsp A hydroelectric power plant in MeđimurjeThere are 631 kilometres 392 miles of crude oil pipelines in Croatia connecting the Port of Rijeka oil terminal with refineries in Rijeka and Sisak as well as several transhipment terminals The system has a capacity of 20 million tonnes per year 152 The natural gas transportation system comprises 2 544 kilometres 1 581 miles of trunk and regional natural gas pipelines and more than 300 associated structures connecting production rigs the Okoli natural gas storage facility 27 end users and 37 distribution systems 153 Croatian production of energy sources covers 85 of nationwide natural gas demand and 19 of oil demand In 2008 47 6 of Croatia s primary energy production structure comprised use of natural gas 47 7 crude oil 18 0 fuel wood 8 4 hydro power 25 4 and other renewable energy sources 0 5 In 2009 net total electrical power production in Croatia reached 12 725 GWh and Croatia imported 28 5 of its electric power energy needs 154 The bulk of Croatian imports are supplied by the Krsko Nuclear Power Plant in Slovenia 50 owned by Hrvatska elektroprivreda providing 16 of Croatia s electricity 155 Electricity 156 production 14 728 GWh 2021 consumption 18 869 GWh 2021 exports 7 544 GWh 2021 imports 11 505 GWh 2021 Electricity production by source 157 hydro 26 2022 thermal 24 2022 nuclear 14 2022 renewable 8 2022 import 28 2022 Crude oil 158 production 615 thousand tons 2021 consumption 2 456 million tons 2021 exports 472 thousand tons 2021 imports 2 300 million tons 2021 proved reserves 10 230 300 barrels 1 626 490 m3 2017 Natural gas 156 production 746 million m 2021 consumption 2 906 billion m 2021 exports 126 million m 2021 imports 2 291 billion m 2021 proved reserves 21 094 billion m 2019 Stock exchanges Edit nbsp Zagreb Stock Exchange located in EurotowerZagreb Stock ExchangeBanking EditSee also List of banks in Croatia nbsp Croatian National Bank Building in ZagrebCentral bank Croatian National BankMajor commercial banks Zagrebacka banka owned by UniCredit from Italy Privredna banka Zagreb owned by Intesa Sanpaolo from Italy Hrvatska postanska banka OTP Banka owned by OTP Bank from Hungary Raiffeisen Bank Austria owned by Raiffeisen from Austria Erste amp Steiermarkische Bank former Rijecka banka owned by Erste Bank from Austria Central Budget EditOverall Budget 159 Revenues 187 30 billion kuna 24 83 billion 2023Expenditures 200 92 billion kuna 26 63 billion 2023Expenditure by ministries for 2023 159 Labor and Pension System Family and Social Policy 8 12 billion Finance 6 64 billion Science and Education 3 41 billion Health 2 72 billion Economy and Sustainable Development 1 96 billion Maritime Affairs Transport and Infrastructure 1 41 billion Agriculture 1 16 billion Interior 1 05 billion Defence 1 04 billion Justice and Public Administration 0 54 billion Construction Physical Planning and State Property 0 51 billion Regional Development and EU funds 0 50 billion Culture and Media 0 42 billion Tourism and Sport 0 17 billion Veterans Affairs 0 16 billion Foreign and European Affairs 0 13 billionEconomic indicators EditThe following table shows the main economic indicators for the period 2000 2022 according to the Croatian Bureau of Statistics 9 Year Population in million GDP nominal in bln EUR GDP nominal in bln USD GDP PPP in bln USD GDP per capita nominal in EUR GDP per capita nominal in USD GDP per capita PPP in USD Exchange rate 1 USD to 1 EUR Inflation in GDP growth real in Government debt GDP 2000 4 426 23 959 21 782 47 668 5 351 4 929 10 786 0 9236 4 6 2 9 35 42001 4 300 25 751 23 266 50 083 6 044 5 414 11 655 0 8956 3 8 3 0 36 62002 4 302 28 297 27 082 54 964 6 688 6 293 12 771 0 9456 1 7 5 7 36 52003 4 303 31 167 35 026 58 943 7 206 8 130 13 682 1 1312 1 8 5 5 37 92004 4 305 33 648 42 035 63 254 7 847 9 752 14 675 1 2439 2 1 4 1 40 02005 4 310 36 191 45 830 66 622 8 539 10 620 15 439 1 2441 3 3 4 3 40 92006 4 311 39 449 50 903 75 941 9 405 11 795 17 596 1 2556 3 2 4 9 38 52007 4 310 43 177 60 625 84 148 10 272 14 043 19 491 1 3705 2 9 4 9 37 22008 4 310 46 467 70 952 90 420 11 216 16 419 20 924 1 4708 6 1 1 9 39 12009 4 305 44 409 63 367 87 068 10 549 14 663 20 147 1 3948 2 4 7 3 48 42010 4 295 44 273 60 650 86 106 10 615 14 062 19 965 1 3257 1 1 1 3 57 32011 4 281 44 973 63 413 90 287 10 608 14 758 21 013 1 3920 2 3 0 1 63 72012 4 268 44 545 57 364 91 601 10 430 13 400 21 398 1 2848 3 4 2 3 69 42013 4 256 44 697 59 022 94 202 10 423 13 869 22 135 1 3281 2 2 0 4 80 32014 4 238 44 572 58 412 94 787 10 386 13 783 22 366 1 3285 0 2 0 4 83 92015 4 204 45 734 50 741 98 115 10 755 11 944 23 339 1 1095 0 5 2 5 83 32016 4 174 47 331 52 391 105 446 11 324 12 557 25 262 1 1069 1 1 3 6 79 82017 4 125 49 516 55 938 112 204 12 101 13 657 27 201 1 1297 1 1 3 4 76 72018 4 088 51 933 61 333 118 179 12 896 15 245 28 909 1 1810 1 5 2 8 73 32019 4 065 54 784 61 331 124 328 13 678 15 333 30 585 1 1195 0 8 3 4 71 12020 4 048 50 451 57 625 117 033 12 408 14 205 28 911 1 1422 0 1 8 6 87 32021 3 879 58 207 68 841 133 952 15 006 17 747 34 533 1 1827 2 6 13 1 78 32022 3 854 67 390 70 961 155 085 17 486 18 412 40 240 1 0530 10 8 6 3 70 4From the CIA World Factbook 2021 Real GDP purchasing power parity 123 348 billionReal GDP growth rate 13 07 Real GDP per capita 31 600GDP official exchange rate 60 687 billion 2019 est Labor force 1 656 million 2020 est Labor force by occupation agriculture 1 9 industry 27 3 services 70 8 2017 est Unemployment rate 8 68 Population below poverty line 18 3 2018 est Household income or consumption by percentage share lowest 10 2 7 highest 10 23 2015 est Distribution of family income Gini index 28 9 2018 est Inflation rate consumer prices 2 55 Budget revenues 212 81 billion 2019 est expenditures 211 069 billion 2019 est Public debt 104 89 of GDPTaxes and revenues 20 6 of GDP 2020 est Agricultural products maize wheat sugar beet milk barley soybeans potatoes pork grapes sunflower seedIndustries 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 tourismIndustrial production growth rate 9 11 Current account balance 2 082 billionExports 35 308 billionExports commodities refined petroleum packaged medicines crude petroleum electricity electrical transformersExports partners Italy 13 Germany 13 Slovenia 10 Bosnia and Herzegovina 9 Austria 6 Serbia 5 2019 Imports 36 331 billionImports commodities crude petroleum cars refined petroleum packaged medicines electricity 2019 Imports partners Germany 14 Italy 14 Slovenia 11 Hungary 7 Austria 6 2019 Reserves of foreign exchange and gold 28 309 billion 31 December 2021 est Debt external 48 263 billion 2019 est Currency euro EUR Exchange rates EUR per US 1 0 845Gross Domestic Product EditSee also List of Croatian counties by GDP Counties of Croatia by GDP in million EuroCounty 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 nbsp Bjelovar Bilogora 520 569 639 645 688 698 800 804 953 917 834 823 786 790 789 809 855 874 925 nbsp Brod Posavina 564 628 687 713 779 771 849 918 1 032 952 914 917 895 888 853 879 917 969 1 016 nbsp Dubrovnik Neretva 573 630 676 754 883 977 1 083 1 292 1 340 1 267 1 248 1 208 1 202 1 234 1 260 1 313 1 403 1 532 1 587 nbsp Istria 1 420 1 614 1 814 1 980 2 182 2 291 2 482 2 729 2 842 2 768 2 773 2 762 2 635 2 631 2 666 2 747 2 947 3 106 3 162 nbsp Karlovac 586 713 785 758 777 835 943 1 048 1 107 998 969 978 948 961 934 961 1 008 1 031 1 035 nbsp Koprivnica Krizevci 723 762 830 845 853 855 988 1 046 1 069 998 935 926 906 919 905 916 961 991 979 nbsp Krapina Zagorje 569 655 681 706 729 815 858 947 974 868 807 815 803 823 837 867 928 990 1 021 nbsp Lika Senj 235 250 309 384 522 407 429 417 491 445 416 405 382 388 379 388 402 427 436 nbsp Međimurje 510 562 644 654 691 737 841 892 1 034 977 933 941 929 1 088 959 986 1 045 1 109 1 142 nbsp Osijek Baranja 1 352 1 459 1 668 1 700 1 872 2 043 2 249 2 600 2 834 2 642 2 507 2 514 2 421 2 438 2 375 2 436 2 544 2 581 2 572 nbsp Pozega Slavonia 325 355 380 420 451 464 478 508 554 504 497 482 458 461 433 440 453 466 499 nbsp Primorje Gorski Kotar 2 111 2 138 2 261 2 543 2 685 3 066 3 371 3 560 4 060 3 820 3 822 3 905 3 981 3 849 3 849 3 854 3 961 4 177 4 270 nbsp Sisak Moslavina 925 938 972 989 1 033 1 137 1 335 1 262 1 435 1 447 1 451 1 439 1 434 1 306 1 221 1 268 1 247 1 266 1 309 nbsp Split Dalmatia 1 924 2 118 2 318 2 529 2 898 3 061 3 427 3 934 4 115 3 804 3 788 3 695 3 578 3 583 3 581 3 712 3 913 4 133 4 278 nbsp Sibenik Knin 423 450 511 581 659 748 765 902 923 802 859 856 835 851 852 862 903 988 1 027 nbsp Varazdin 894 996 1 139 1 175 1 166 1 229 1 347 1 451 1 637 1 549 1 463 1 456 1 436 1 467 1 462 1 506 1 601 1 718 1 865 nbsp Virovitica Podravina 357 406 438 458 471 476 555 590 615 546 516 526 504 496 455 460 485 500 536 nbsp Vukovar Syrmia 624 686 762 816 864 928 1 079 1 109 1 260 1 171 1 090 1 092 1 049 1 048 999 1 031 1 076 1 120 1 171 nbsp Zadar 627 733 829 982 1 055 1 166 1 238 1 443 1 618 1 478 1 405 1 383 1 366 1 386 1 395 1 445 1 527 1 671 1 797 nbsp Zagreb County 1 284 1 272 1 583 1 653 1 823 2 059 2 128 2 419 2 653 2 555 2 398 2 449 2 439 2 450 2 466 2 549 2 651 2 832 3 011 nbsp City of Zagreb 6 912 7 806 8 569 9 458 10 400 11 717 12 954 14 059 15 439 14 561 15 586 15 383 15 055 14 778 14 754 15 206 15 818 16 782 17 544Source Croatian Bureau of Statistics 160 Counties of Croatia by GDP per capita in EuroCounty 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 nbsp Bjelovar Bilogora 4 007 4 383 4 951 5 042 5 417 5 539 6 395 6 489 7 756 7 522 6 907 6 888 6 657 6 766 6 829 7 107 7 647 7 958 7 986 nbsp Brod Posavina 3 425 3 812 4 171 4 345 4 766 4 731 5 223 5 660 6 384 5 921 5 731 5 789 5 691 5 700 5 539 5 810 6 195 6 726 6 607 nbsp Dubrovnik Neretva 4 886 5 373 5 738 6 378 7 442 8 197 9 025 10 698 11 024 10 351 10 174 9 855 9 812 10 083 10 297 10 737 11 500 12 608 13 277 nbsp Istria 7 184 8 160 9 117 9 880 10 813 11 267 12 116 13 221 13 691 13 285 13 297 13 270 12 684 12 665 12 811 13 199 14 165 14 915 15 570 nbsp Karlovac 4 181 5 082 5 635 5 491 5 666 6 139 6 989 7 830 8 341 7 598 7 458 7 615 7 461 7 651 7 541 7 868 8 373 8 701 8 301 nbsp Koprivnica Krizevci 5 955 6 269 6 858 7 025 7 134 7 181 8 335 8 878 9 108 8 545 8 052 8 020 7 890 8 039 7 969 8 149 8 660 9 066 8 711 nbsp Krapina Zagorje 4 089 4 702 4 919 5 129 5 323 5 972 6 313 7 008 7 250 6 479 6 049 6 142 6 091 6 287 6 439 6 721 7 265 7 830 7 919 nbsp Lika Senj 4 219 4 493 5 582 6 965 9 466 7 446 7 927 7 783 9 277 8 515 8 091 7 984 7 652 7 874 7 812 8 134 8 571 9 297 8 878 nbsp Međimurje 4 472 4 930 5 644 5 729 6 056 6 459 7 375 7 830 9 086 8 583 8 196 8 273 8 176 9 592 8 480 8 751 9 328 9 989 10 302 nbsp Osijek Baranja 4 247 4 582 5 239 5 354 5 914 6 480 7 174 8 353 9 162 8 578 8 183 8 249 7 990 8 105 7 965 8 270 8 779 9 098 8 684 nbsp Pozega Slavonia 3 904 4 255 4 572 5 066 5 479 5 658 5 874 6 286 6 897 6 330 6 314 6 194 5 971 6 081 5 774 5 973 6 307 6 681 6 620 nbsp Primorje Gorski Kotar 7 123 7 210 7 622 8 575 9 051 10 326 11 337 11 959 13 642 12 847 12 873 13 185 13 474 13 061 13 103 13 204 13 686 14 559 14 797 nbsp Sisak Moslavina 4 884 4 952 5 158 5 285 5 552 6 156 7 292 6 966 8 018 8 184 8 321 8 372 8 465 7 832 7 459 7 899 7 939 8 284 7 868 nbsp Split Dalmatia 4 422 4 866 5 278 5 723 6 508 6 820 7 593 8 684 9 059 8 361 8 323 8 121 7 866 7 876 7 876 8 184 8 655 9 183 9 636 nbsp Sibenik Knin 3 855 4 094 4 631 5 254 5 946 6 733 6 863 8 081 8 262 7 202 7 788 7 855 7 764 7 998 8 086 8 267 8 776 9 737 9 713 nbsp Varazdin 4 952 5 516 6 327 6 550 6 525 6 890 7 564 8 165 9 233 8 758 8 298 8 281 8 193 8 412 8 434 8 752 9 389 10 176 10 899 nbsp Virovitica Podravina 3 887 4 416 4 793 5 029 5 222 5 329 6 253 6 703 7 048 6 326 6 037 6 213 6 012 5 979 5 542 5 704 6 135 6 480 6 525 nbsp Vukovar Syrmia 3 277 3 604 4 018 4 330 4 617 4 985 5 825 6 012 6 853 6 401 6 016 6 094 5 856 5 961 5 772 6 082 6 498 6 999 6 730 nbsp Zadar 4 050 4 726 5 289 6 193 6 579 7 186 7 534 8 676 9 640 8 752 8 281 8 114 7 985 8 084 8 146 8 478 9 003 9 901 10 803 nbsp Zagreb County 4 327 4 283 5 279 5 459 5 966 6 686 6 859 7 745 8 443 8 089 7 565 7 703 7 660 7 687 7 748 8 050 8 434 9 083 9 710 nbsp City of Zagreb 8 962 10 114 11 091 12 238 13 418 15 082 16 642 18 005 19 709 18 526 19 765 19 453 18 986 18 578 18 479 18 992 19 711 20 879 22 695Source 160 See also EditEconomy of Europe Areas of Special State Concern Croatia Croatia and the euro Croatia and the World Bank Croatian brands Taxation in CroatiaReferences Edit World Economic Outlook Database April 2023 IMF org International Monetary Fund Retrieved 7 April 2023 World Bank Country and Lending Groups datahelpdesk worldbank org World Bank Retrieved 29 September 2019 Census of population households and dwellings in 2021 Population by towns municipalities Croatian Bureau of Statistics 7 October 2022 Archived from the original on 9 December 2022 Retrieved 24 October 2022 a b c d e Report for Selected Countries and Subjects April 2023 imf org International Monetary Fund a b c The outlook is uncertain again amid financial sector turmoil high inflation ongoing effects of Russia s invasion of Ukraine and three years of COVID International Monetary Fund 11 April 2023 a b c d Croatia The World Factbook 2023 ed Central Intelligence Agency Retrieved 4 February 2019 Archived 2019 edition Economic forecasts PDF European Commission European Commission Archived PDF from the original on 15 May 2015 a b Republic of Croatia and the IMF a b c IMF TREND 1980 2027 IMF TREND 1980 2027 DZS IMF Retrieved 29 December 2022 a b c d e f Nikitovic Dijana Zagmestar Hrvoje 15 July 2022 Pokazatelji siromastva i socijalne iskljucenosti u 2021 Indicators of poverty and social exclusion in 2021 Priopcenje in Croatian and English Zagreb Drzavni zavod za statistiku ISSN 1330 0350 Retrieved 30 August 2022 Gini coefficient of equivalised disposable income EU SILC survey ec europa eu Eurostat Retrieved 18 August 2022 Human Development Index HDI hdr undp org HDRO Human Development Report Office United Nations Development Programme Retrieved 12 October 2022 Nations United Inequality adjusted HDI IHDI hdr undp org UNDP Retrieved 12 October 2022 Labor force total Croatia data worldbank org World Bank Retrieved 30 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2025 PDF Narodne novine in Croatian 13 December 2022 Retrieved 1 February 2023 a b Gross domestic product Review by countries 2000 2018 dzs hr Retrieved 19 July 2021 External links Edit nbsp Media related to Economy of Croatia at Wikimedia Commons Croatian National Bank Croatian Chamber of Economy GDP per inhabitant varied by one to six across the EU27 Member States Tariffs applied by Croatia as provided by ITC s ITCMarket Access Map permanent dead link an online database of customs tariffs and market requirements Retrieved from https en wikipedia org w index php title Economy of Croatia amp oldid 1175487886, wikipedia, wiki, book, books, library,

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