| Economy | Croatia |
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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 (purchasing power parity):
|
$73.36 billion (2008 est.)
$70 billion (2007)
$66.92 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$16,100 (2008 est.)
$15,700 (2007 est.)
$14,900 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$63.95 billion (2008 est.) |
GDP - real growth rate:
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4.8% (2008 est.)
5.6% (2007 est.)
4.8% (2006 est.) |
GDP - composition by sector:
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agriculture: 7%
industry: 31.6%
services: 61.4% (2008 est.) |
Investment (gross fixed):
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31.5% of GDP (2008 est.) |
Population below poverty line:
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11% (2003) |
Household income or consumption by percentage share:
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lowest 10%: 3.4%
highest 10%: 24.5% (2003 est.) |
Distribution of family income - Gini index:
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29 (2008) |
Inflation rate (consumer prices):
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6.3% (2008 est.) |
Central bank discount rate:
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9% (31 December 2008) |
Commercial bank prime lending rate:
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9.33% (31 December 2008) |
Stock of money:
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$10.43 billion (31 December 2008) |
Stock of money - per capita:
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2,324 USD per capita |
Stock of quasi money:
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$31.77 billion (31 December 2008) |
Stock of quasi money - per capita:
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7,077 USD per capita |
Stock of domestic credit:
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$47.83 billion (31 December 2008) |
Stock of domestic credit - per capita:
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10,654 USD per capita |
Labor force:
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1.781 million (2008) |
Labor force participation rate:
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39.67 % of population |
Labor force - by occupation:
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agriculture: 5%
industry: 31.3%
services: 63.6% (2008) |
Unemployment rate:
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14.8% (2008 est.) |
Budget:
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revenues: $23.71 billion
expenditures: $23.46 billion (2008 est.) |
Budget revenues per capita:
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5,282 USD per capita |
Public debt:
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48.9% of GDP (2008 est.) |
Industries:
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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:
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2.9% (2008 est.) |
Electricity - production:
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12.25 billion kWh (2007) |
Electricity - production per capita:
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2,729 kWh per capita |
Electricity - consumption:
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18.61 billion kWh (2007) |
Electricity - consumption - per capita:
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4,146 kWh per capita |
Electricity - exports:
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1.451 billion kWh (2007) |
Electricity - imports:
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7.511 billion kWh (2007) |
Oil - production:
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17,580 bbl/day (2007 est.) |
Oil - production per capita:
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3,916 bbl/day per capita |
Oil - consumption:
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101,200 bbl/day (2007 est.) |
Oil - consumption - per capita:
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8.23 bbl/year per capita |
Oil - exports:
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0 bbl/day (2007) |
Oil - imports:
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83,800 bbl/day (2007) |
Oil - proved reserves:
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79.15 million bbl (1 January 2008 est.) |
Natural gas - production:
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2.892 billion cu m (2007) |
Natural gas - production per capita:
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645 cu m per capita |
Natural gas - consumption:
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3.3 billion cu m (2007) |
Natural gas - consumption - per capita:
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736 cu m per capita |
Natural gas - exports:
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751.7 million cu m (2007) |
Natural gas - imports:
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1.055 billion cu m (2007) |
Natural gas - proved reserves:
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40.9 billion cu m (1 January 2008 est.) |
Agriculture - products:
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wheat, corn, sugar beets, sunflower seed, barley, alfalfa, clover, olives, citrus, grapes, soybeans, potatoes; livestock, dairy products |
Current account balance:
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-$6.156 billion (2008 est.) |
Current account balance - per capita:
|
-1,371 USD per capita |
Exports:
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$12.36 billion f.o.b. (2008) |
Exports per capita:
|
2,754 USD per capita |
Exports - commodities:
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transport equipment, machinery, textiles, chemicals, foodstuffs, fuels |
Exports - partners:
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Italy 19.3%, Bosnia and Herzegovina 13.9%, Germany 10.2%, Slovenia 8.4%, Austria 6.2% (2007) |
Imports:
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$25.84 billion f.o.b. (2008) |
Imports per capita:
|
5,756 USD per capita |
Imports - commodities:
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machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs |
Imports - partners:
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Italy 16.1%, Germany 14.4%, Russia 10.1%, China 6.2%, Slovenia 6%, Austria 5.3% (2007) |
Reserves of foreign exchange and gold:
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$14.14 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
3,150 USD per capita |
Debt - external:
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$53.3 billion (31 December 2008 est.) |
Debt - external - per capita:
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11,873 USD per capita |
Stock of direct foreign investment - at home:
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$19.5 billion (2008) |
Stock of direct foreign investment - at home - per capita:
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4,344 USD per capita |
Stock of direct foreign investment - abroad:
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$2.1 billion (2008) |
Stock of direct foreign investment - abroad - per capita:
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468 USD per capita |
Market value of publicly traded shares:
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$53.02 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
11,811 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
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ODA, $125.4 million (2005) |
Economic aid - recipient per capita:
|
28 USD per capita |
Currency (code):
|
kuna (HRK) |
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:
|
calendar year |
|
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