Back اقتصاد كرواتيا Arabic Economía de Croacia AST Эканоміка Харватыі Byelorussian Икономика на Хърватия Bulgarian Privreda Hrvatske BS Economia de Croàcia Catalan Wirtschaft Kroatiens German Οικονομία της Κροατίας Greek Economía de Croacia Spanish Économie de la Croatie French

Economy of Croatia

Economy of Croatia
The city of Zagreb is the capital and financial centre of Croatia.
CurrencyEuro (EUR, €)
1 January – 31 December
Trade organisations
EU, EEA, WTO
Country group
Statistics
PopulationDecrease 3,861,967 (2023 est.)[3]
GDP
  • Increase $89.67 billion (nominal, 2024)[4]
  • Increase $187.19 billion (PPP, 2024)[4]
GDP rank
GDP growth
  • Increase 6.3% (2022)[5]
  • Increase 3.3% (2023)[6]
  • Increase 3.4% (2024f)[6]
GDP per capita
  • Increase $23,380 (nominal, 2024)[4]
  • Increase $48,811 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
Positive decrease 1.8% (August 2024)[8]
Population below poverty line
Negative increase 19.3% at risk of poverty (2023)[9]
Negative increase 29.7 low (2023)[10]
Steady 50 out of 100 points (2023)[14] (57th)
Labour force
  • Increase 1,707,050 (2022)[15]
  • Increase 70.7% employment rate (2023)[16]
Unemployment
  • Positive decrease 4.6% (September 2024)[17][18]
  • Positive decrease 16.7% (youth) (June 2024)[19]
Average gross salary
€1,834 monthly (March 2024)[20]
€1,326 monthly (March 2024)[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
External
ExportsIncrease $24.70 billion (2023)[21]
Export goods
transport equipment, machinery, textiles, chemicals, foodstuffs, fuels
Main export partners
ImportsIncrease $42.75 billion (2023)[21]
Import goods
machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs
Main import partners
FDI stock
  • Increase $43.71 billion (on-shore) (2017)[23]
  • Increase $8.473 billion (off-shore) (2017)[23]
Increase $1.0 billion (2021)[24]
Negative increase €49.55 billion (2022)[24]
Public finances
  • Positive decrease 63.0% of GDP (2023)[24]
  • Negative increase €31 billion (2022)[25]
  • HRK -12.438 billion deficit (2021)[26]
  • -2.9% of GDP (2021)[26]
Revenues46.4% of GDP (2021)[26]
Expenses49.2% of GDP (2021)[26]
Economic aid
  • Scope:[32]
  • A−
  • Outlook: Stable (2024)
Steady €2.92 billion (August 2024)[33]
All values, unless otherwise stated, are in US dollars.

The economy of Croatia is a developed mixed economy.[34] It is one of the largest economies in Southeast Europe by nominal gross domestic product (GDP).[35][36] It is an open economy with accommodative foreign policy, highly dependent on international trade in Europe. Within Croatia, economic development varies among its counties, with strongest growth in Central Croatia and its financial centre, Zagreb. It has a very high level of human development,[37] low levels of income inequality,[10] and a high quality of life.[38] Croatia's labor market has been perennially inefficient, with inconsistent business standards as well as ineffective corporate and income tax policy.[39][40]

Croatia's economic history is closely linked to its historic nation-building efforts. Its pre-industrial economy leveraged the country's geography and natural resources to guide agricultural growth. The 1800s saw to a shipbuilding boom, railroading, and industrial production. During the 1900s, Croatia entered into a planned economy (with socialism) in 1941 and a command economy (with communism) during World War II. It experienced rapid urbanization in the 1950s and decentralized in 1965, diversifying its economy before the collapse of Yugoslavia during the 1990s. The Croatian War of Independence (1991–95) curbed 21–25% of wartime GDP, leaving behind a developing transition economy.

The modern Croatian economy is considered high-income and dominated by its tertiary service sector, which accounts for 70% of GDP. The high levels of tourism in Croatia contributes to nearly 20% of GDP, with a total of 20.6 million tourists visiting in 2023.[41][42] Croatia is an emerging energy power in the region, with strategic investments in liquefied natural gas (LNG), geothermal power, and electric automobiles.[43][44] It supports regional economic activity via transportation networks across the Adriatic Sea and throughout Pan-European corridors. As a member of the European Union, Eurozone, and Schengen Area, it uses the euro (€) as official currency.[45][46] Croatia has free-trade agreements with many world nations and is a part of the World Trade Organization (2000) and the EEA (2013).

  1. ^ "World Economic Outlook Database, April 2023". IMF.org. International Monetary Fund. Retrieved 7 April 2023.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Estimate of mid-year population, households and dwellings in 2023 - Croatian Bureau of Statistics". Croatian Bureau of Statistics. 8 September 2023. Retrieved 30 August 2024.
  4. ^ a b c d "Report for Selected Countries and Subjects: October 2024". imf.org. International Monetary Fund.
  5. ^ "GDP Past Annual Growth Rate & IMF Forecast". International Monetary Fund. 18 April 2024.
  6. ^ a b "Economic Forecast for Croatia". European Commission. 15 May 2024.
  7. ^ "Croatia: Share of economic sectors in the gross domestic product (GDP) from 2012 to 2022". statista.
  8. ^ "Republic of Croatia and the IMF".
  9. ^ a b c d e "Pokazatelji siromaštva i socijalne isključenosti u 2022" [Indicators of poverty and social exclusion in 2023] (PDF). Priopćenje (in Croatian and English). Zagreb: Državni zavod za statistiku. 28 April 2023. ISSN 1334-0557. Retrieved 13 April 2024.
  10. ^ a b "Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu. Eurostat. Retrieved 7 January 2024.
  11. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 12 October 2022.
  12. ^ Conceição, Pedro (2024). "Human Development Report 2023/2024" (PDF). United Nations Development Programme.
  13. ^ Nations, United. "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 12 October 2022.
  14. ^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  15. ^ "Aktivno stanovništvo u Republici Hrvatskoj u 2022. – prosjek godine". DZS. Retrieved 7 January 2024.
  16. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 20 July 2024.
  17. ^ "Unemployment Rate for given month (September 2024)". Hzz.hr. Retrieved 22 October 2024.
  18. ^ "Unemployment by sex and age – monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
  19. ^ "Unemployment by sex and age – monthly data". ec.europa.eu/eurostat/en/. Eurostat. Retrieved 7 October 2024.
  20. ^ a b "Prosječna neto plaća, ožujak 2024. iznosila 1326 eura" [The average net salary in March 2024 amounted to 1,326 euros]. dzs.gov.hr (in Croatian). 21 May 2024. Retrieved 21 May 2024.
  21. ^ a b "Robna razmjena Republike Hrvatske s inozemstvom u 2023" [Merchandise exchange of the Republic of Croatia with foreign countries in 2022]. Priopćenje (in Croatian and English). Zagreb: Državni zavod za statistiku. 29 May 2024. ISSN 1334-0557. Retrieved 4 November 2024.
  22. ^ a b Žderić, Boro; Drempetić, Dubravka (29 May 2023). "Robna razmjena Republike Hrvatske s inozemstvom u 2022" [Merchandise exchange of the Republic of Croatia with foreign countries in 2022]. Priopćenje (in Croatian and English). Zagreb: Državni zavod za statistiku. ISSN 1334-0557. Retrieved 7 January 2024.
  23. ^ a b "Croatia". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved 4 February 2019. (Archived 2019 edition.)
  24. ^ a b c "Main macroeconomic indicators - HNB".
  25. ^ "General government debt statistics for September 2022". www.hnb.hr. Retrieved 18 February 2023.
  26. ^ a b c d "Euro area government deficit at 5.1% and EU at 4.7% of GDP". Eurostat. European Commission. Retrieved 27 April 2022.
  27. ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  28. ^ "Croatia Upgraded To 'A-' On Reform Progress; Outlook Positive". 16 September 2024.
  29. ^ "Fitch Upgrades Croatia to 'A-'; Outlook Stable". www.fitchratings.com. 21 September 2024.
  30. ^ GovBonds, Mr. "Croatia Credit Rating".
  31. ^ "Moodys Ratings upgrades Croatias ratings to A3". 8 November 2024.
  32. ^ "Scope upgrades Croatia's credit ratings to A- and revises the Outlook to Stable". Scope Ratings. Retrieved 18 October 2024.
  33. ^ "International reserves - HNB". Hnb.hr. 14 January 2016. Retrieved 26 September 2024.
  34. ^ "World Economic Situation and Prospects report 2019" (PDF). UN. Archived (PDF) from the original on 24 February 2019. Retrieved 21 January 2019.
  35. ^ "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. 10 October 2023. Retrieved 10 October 2023.
  36. ^ "WEO Database, April 2024. Report for Selected Countries and Subjects: World, European Union". IMF.org. International Monetary Fund. 16 April 2024. Retrieved 16 April 2024.
  37. ^ "Sub-national HDI - Area Database - Global Data Lab". hdi.globaldatalab.org. Retrieved 19 July 2021.
  38. ^ "Croatia - Market Overview". International Trade Administration. 4 December 2023. Retrieved 20 December 2023.
  39. ^ "Doing Business 2020: Croatia Country Profile" (PDF). World Bank Group. 1 January 2020. Retrieved 20 December 2023.
  40. ^ "Croatian Economy: Be Dynamic, Not Only in Tourism". IMF. Retrieved 20 December 2023.
  41. ^ "DOLASCI I NOĆENJA DOMAĆIH I STRANIH TURISTA PO ZEMLJAMA PRIPADNOSTI ZA RAZDOBLJE SIJEČANJ - PROSINAC 2023./2022. (SVI KAPACITETI)" [ARRIVALS AND OVERNIGHTS OF DOMESTIC AND FOREIGN TOURISTS BY COUNTRIES OF AFFILIATION FOR THE PERIOD JANUARY - DECEMBER 2023/2022. (ALL CAPACITIES)] (PDF). htz.hr (in Croatian). 2023.
  42. ^ "Informacije o tijeku sezone | Business HTZ". www.htz.hr. Retrieved 22 June 2024.
  43. ^ "Croatian island eyes green energy self-sufficiency in this decade". Reuters. Reuters. 18 June 2021. Retrieved 26 November 2021.
  44. ^ "Croatia - Renewable Energy". www.trade.gov. Retrieved 26 November 2021.
  45. ^ "Nova EU direktiva: Minimalac bi mogao porasti na 4000 kuna, sindikati traže 5000". tportal.hr. Retrieved 17 October 2022.
  46. ^ "Overview". World Bank. Retrieved 17 October 2022.

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