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Croatia Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Croatia Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

Economy - overview:
Though still one of the wealthiest of the former Yugoslav republics, Croatia's economy suffered badly during the 1991-95 war. The country's output during that time collapsed and Croatia missed the early waves of investment in Central and Eastern Europe that followed the fall of the Berlin Wall. Between 2000 and 2007, however, Croatia's economic fortunes began to improve 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 remained tame and the currency, the kuna, stable. Croatia experienced an abrupt slowdown in the economy in 2008 and has yet to recover. Difficult problems still remain, including a stubbornly high unemployment rate, uneven regional development, and a challenging investment climate. The new government has announced a more flexible approach to privatization, including the sale in the coming years of state-owned businesses that are not of strategic importance. While macroeconomic stabilization has largely been achieved, structural reforms lag. Croatia will face significant pressure as a result of the global financial crisis, due to reduced exports and capital inflows. Croatia reentered a recession in 2012, and Zagreb cut spending. The government also raised additional revenues through more stringent tax collection and by raising the Value Added Tax in February 2012. On 1 July 2013 Croatia joined the EU, following a decade long application process. Croatia will be a member of the European Exchange Rate Mechanism until it meets the criteria for joining the Economic and Monetary Union and adopts the euro as its currency. Croatia's high foreign debt, strained state budget, and over-reliance on tourism revenue could hinder economic progress over the medium-term.

GDP (purchasing power parity):
$77.56 billion (2012 est.)
country comparison to the world: 82

$79.12 billion (2011 est.)
$79.16 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$55.71 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2% (2012 est.)
country comparison to the world: 209

0% (2011 est.)
-2.3% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$17,600 (2012 est.)
country comparison to the world: 77

$18,000 (2011 est.)
$17,900 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
19.3% of GDP (2012 est.)
country comparison to the world: 80

19.5% of GDP (2011 est.)
19.8% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 59.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.8%
investment in fixed capital: 18.4%
investment in inventories: 2%
exports of goods and services: 43.4%
imports of goods and services: -42.7%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 25.8%
services: 69.2% (2012 est.)

Agriculture - products:
arable crops (wheat, corn, barley, sugar beet, sunflower, rapeseed, alfalfa, clover); vegetables (potatoes, cabbage, onion, tomato, pepper); fruits (apples, plum, mandarins, olives), grapes for wine; livestock (cattle, cows, pigs); dairy products

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:
-6.5% (2012 est.)
country comparison to the world: 176
[see also: Industrial production growth rate country ranks ]

Labor force:
1.702 million (2012 est.)
country comparison to the world: 126
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 29%
services: 69% (2012)

Unemployment rate:
19.1% (2012 est.)
country comparison to the world: 159

17.8% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
21.1% (2011)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27.5% (2008 est.)

Distribution of family income - Gini index:
32 (2010)
country comparison to the world: 105

29 (1998)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $21.56 billion
[see also: Budget revenues country ranks ]
expenditures: $23.42 billion (2012 est.)

Taxes and other revenues:
38.7% of GDP (2012 est.)
country comparison to the world: 54
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.3% of GDP (2012 est.)
country comparison to the world: 127
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
53.7% of GDP (2012 est.)
country comparison to the world: 52

47.2% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.4% (2012 est.)
country comparison to the world: 108

2.3% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7% (31 December 2012 est.)
country comparison to the world: 42

7% (31 December 2011 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.48% (31 December 2012 est.)
country comparison to the world: 92

9.68% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$9.216 billion (31 December 2012 est.)
country comparison to the world: 78

$8.924 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$43.47 billion (31 December 2012 est.)
country comparison to the world: 70

$41.42 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$55.5 billion (31 December 2012 est.)
country comparison to the world: 62

$54.92 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$21.3 billion (31 December 2012)
country comparison to the world: 61

$22.44 billion (31 December 2011)
$25.28 billion (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-51.55 million (2012 est.)
country comparison to the world: 68

$-548 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$12.6 billion (2012 est.)
country comparison to the world: 85

$13.6 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Italy 14.9%, Bosnia and Herzegovina 13.2%, Germany 10.6%, Slovenia 8.8%, Austria 6.8% (2012)

Imports:
$20.37 billion (2012 est.)
country comparison to the world: 75

$22.15 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Italy 16.7%, Germany 12.9%, Russia 7.6%, China 7.1%, Slovenia 5.9%, Austria 4.5% (2012)

Reserves of foreign exchange and gold:
$14.81 billion (31 December 2012 est.)
country comparison to the world: 65

$14.48 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$65.37 billion (31 December 2012 est.)
country comparison to the world: 56

$64.83 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$36.08 billion (31 December 2012 est.)
country comparison to the world: 58

$34.73 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$5.581 billion (31 December 2012 est.)
country comparison to the world: 64

$5.728 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
kuna (HRK) per US dollar -

5.8503 (2012 est.)
5.3439 (2011 est.)
5.498 (2010 est.)
5.2692 (2009)
4.98 (2008)


NOTE: 1) The information regarding Croatia on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Croatia Economy 2014 information contained here. All suggestions for corrections of any errors about Croatia Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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