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Croatia Economy 2010
http://www.workmall.com/wfb2010/croatia/croatia_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

Economy - overview:
Once one of the wealthiest of the Yugoslav republics, Croatia's economy suffered badly during the 1991-95 war as output collapsed and the country missed the early waves of investment in Central and Eastern Europe that followed the fall of the Berlin Wall. Between 2000 and 2007, however, Croatia's economic fortunes began to improve slowly, with moderate but steady GDP growth between 4% and 6% led by a rebound in tourism and credit-driven consumer spending. Inflation over the same period has remained tame and the currency, the kuna, stable. Nevertheless, difficult problems still remain, including a stubbornly high unemployment rate, a growing trade deficit and uneven regional development. The state retains a large role in the economy, as privatization efforts often meet stiff public and political resistance. While macroeconomic stabilization has largely been achieved, structural reforms lag because of deep resistance on the part of the public and lack of strong support from politicians. The EU accession process should accelerate fiscal and structural reform. While long term growth prospects for the economy remain strong, Croatia will face significant pressure as a result of the global financial crisis. Croatia's high foreign debt, anemic export sector, strained state budget, and over-reliance on tourism revenue will result in higher risk to economic stability over the medium term.

GDP (purchasing power parity):
$78.98 billion (2009 est.)

$83.57 billion (2008 est.)
$81.61 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$61.72 billion (2009 est.)

GDP - real growth rate:
-5.5% (2009 est.)

2.4% (2008 est.)
5.5% (2007 est.)

GDP - per capita (PPP):
$17,600 (2009 est.)

$18,600 (2008 est.)
$18,200 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 6.2%
industry: 28.1%
services: 65.7% (2009 est.)

Labor force:
1.773 million (2009 est.)

Labor force - by occupation:
agriculture: 5%
industry: 31.3%
services: 63.6% (2008)

Unemployment rate:
15.2% (2009 est.)

13.7% (2008 est.)

Population below poverty line:
11% (2003)

Household income or consumption by percentage share:
lowest 10%: 3.6%
highest 10%: 23.1% (2005 est.)

Distribution of family income - Gini index:
29 (2008)

29 (1998)

Investment (gross fixed):
25.3% of GDP (2009 est.)

Budget:
revenues: $22.77 billion
expenditures: $25.09 billion (2009 est.)

Public debt:
47.7% of GDP (2009 est.)

42.7% of GDP (2008 est.)

Inflation rate (consumer prices):
2.5% (2009 est.)

6.1% (2008 est.)

Central bank discount rate:
9% (31 December 2008)

9% (31 December 2007)

Commercial bank prime lending rate:
10.07% (31 December 2008)

Stock of money:
$10.71 billion (31 December 2008)

$11.61 billion (31 December 2007)

Stock of quasi money:
$33.17 billion (31 December 2008)

$31.86 billion (31 December 2007)

Stock of domestic credit:
$49.79 billion (31 December 2008)

$45.7 billion (31 December 2007)

Market value of publicly traded shares:
$26.79 billion (31 December 2008)

$65.98 billion (31 December 2007)
$29.01 billion (31 December 2006)

Agriculture - products:
wheat, corn, sugar beets, sunflower seed, barley, alfalfa, clover, olives, citrus, grapes, soybeans, potatoes; livestock, dairy products

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:
-3.9% (2009 est.)

Electricity - production:
11.47 billion kWh (2007 est.)

Electricity - consumption:
15.42 billion kWh (2007 est.)

Electricity - exports:
2.14 billion kWh (2008 est.)

Electricity - imports:
8.249 billion kWh (2008 est.)

Oil - production:
22,200 bbl/day (2008 est.)

Oil - consumption:
105,000 bbl/day (2008 est.)

Oil - exports:
43,750 bbl/day (2007 est.)

Oil - imports:
122,100 bbl/day (2007 est.)

Oil - proved reserves:
79.3 million bbl (1 January 2009 est.)

Natural gas - production:
1.58 billion cu m (2008 est.)

Natural gas - consumption:
2.84 billion cu m (2008 est.)

Natural gas - exports:
310 million cu m (2007 est.)

Natural gas - imports:
1.26 billion cu m (2008 est.)

Natural gas - proved reserves:
30.58 billion cu m (1 January 2009 est.)

Current account balance:
$-3.672 billion (2009 est.)

$-6.397 billion (2008 est.)

Exports:
$10.05 billion (2009 est.)

$14.36 billion (2008 est.)

Exports - commodities:
transport equipment, machinery, textiles, chemicals, foodstuffs, fuels

Exports - partners:
Italy 18.9%, Bosnia and Herzegovina 15.3%, Germany 10.7%, Slovenia 7.7%, Austria 5.7% (2008)

Imports:
$20.47 billion (2009 est.)

$30.42 billion (2008 est.)

Imports - commodities:
machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs

Imports - partners:
Italy 17.1%, Germany 13.4%, Russia 10.5%, China 6.1%, Slovenia 5.6%, Austria 4.9% (2008)

Reserves of foreign exchange and gold:
$12.3 billion (31 December 2009 est.)

$12.96 billion (31 December 2008 est.)

Debt - external:
$55.5 billion (31 December 2009 est.)

$54.79 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$29.6 billion (31 December 2009 est.)

$27.17 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$3.543 billion (31 December 2009 est.)

$3.343 billion (31 December 2008 est.)

Exchange rates:
kuna (HRK) per US dollar - 5.4331 (2009), 4.98 (2008), 5.3735 (2007), 5.8625 (2006), 5.9473 (2005)


NOTE: The information regarding Croatia on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Croatia Economy 2010 information contained here. All suggestions for corrections of any errors about Croatia Economy 2010 should be addressed to the CIA.



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