The Economy of Croatia
The Economy of Croatia
Croatian Economy
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. Since 2000, however, Croatia's economic fortunes have begun 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:
GDP - real growth rate: 4.8% (2008 est.) 5.6% (2007 est.) 4.8% (2006 est.)
GDP - per capita:
GDP - composition by sector: agriculture: 7% industry: 31.6% services: 61.4% (2008 est.)
Population below poverty line:
Household income or consumption by percentage share: lowest 10%: 3.4% highest 10%: 24.5% (2003 est.)
Distribution of family income - Gini index: 29 (2008)
Inflation rate (consumer prices):
Labor force: 1.781 million (2008)
Labor force - by occupation: agriculture: 5% industry: 31.3% services: 63.6% (2008)
Unemployment rate: 14.8% (2008 est.)
Budget: revenues: $23.71 billion expenditures: $23.46 billion (2008 est.)
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: 2.9% (2008 est.)
Electricity - production: 12.25 billion kWh (2007)
Electricity - production by source:
Electricity - consumption: 18.61 billion kWh (2007)
Electricity - exports: 1.451 billion kWh (2007)
Electricity - imports: 7.511 billion kWh (2007)
Oil - production: 17,580 bbl/day (2007 est.)
Oil - consumption: 101,200 bbl/day (2007 est.)
Oil - exports: 0 bbl/day (2007)
Oil - imports: 83,800 bbl/day (2007)
Oil - proved reserves: 79.15 million bbl (1 January 2008 est.)
Natural gas - production: 2.892 billion cu m (2007)
Natural gas - consumption: 3.3 billion cu m (2007)
Natural gas - exports: 751.7 million cu m (2007)
Natural gas - imports: 1.055 billion cu m (2007)
Natural gas - proved reserves: 40.9 billion cu m (1 January 2008 est.)
Agriculture - products: wheat, corn, sugar beets, sunflower seed, barley, alfalfa, clover, olives, citrus, grapes, soybeans, potatoes; livestock, dairy products
Exports: $12.36 billion f.o.b. (2008)
Exports - commodities: transport equipment, machinery, textiles, chemicals, foodstuffs, fuels
Exports - partners: Italy 19.3%, Bosnia and Herzegovina 13.9%, Germany 10.2%, Slovenia 8.4%, Austria 6.2% (2007)
Imports: $25.84 billion f.o.b. (2008)
Imports - commodities: machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs
Imports - partners: Italy 16.1%, Germany 14.4%, Russia 10.1%, China 6.2%, Slovenia 6%, Austria 5.3% (2007)
Debt - external: $53.3 billion (31 December 2008 est.)
Economic aid - recipient:
Currency:
Currency code:
Exchange rates: kuna (HRK) per US dollar - 4.98 (2008 est.), 5.3735 (2007), 5.8625 (2006), 5.9473 (2005), 6.0358 (2004)
Fiscal year: