Croatian Economy
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 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; economic growth was stagnant or negative in each year since 2009. Difficult problems still remain, including a stubbornly high unemployment rate, uneven regional development, and a challenging investment climate. Croatia continues to face reduced foreign investment. 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. EU accession has increased pressure on the government to reduce Croatia’s relatively high public debt, which triggered the EU’s excessive deficit procedure for fiscal consolidation. Zagreb has cut spending since 2012, and the government also raised additional revenues through more stringent tax collection and by raising the Value Added Tax. The government has also sought to accelerate privatization of non-strategic assets, with mixed success.
GDP (purchasing power parity): $88.49 billion (2014 est.)
GDP (official exchange rate): $57.16 billion (2014 est.)
GDP - real growth rate: -0.4% (2014 est.)
GDP - per capita (PPP): $20,900 (2014 est.)
GDP - composition by sector: agriculture: 4.5%
industry: 26.6%
services: 68.9% (2014 est.)
Labor force: 1.725 million (2014 est.)
Labor force - by occupation: agriculture: 1.9%
industry: 27.6%
services: 70.4% (2014)
Unemployment rate: 19.7% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 3.3%
highest 10%: 27.5% (2008 est.)
Investment (gross fixed): 25.3% of GDP (2009 est.)
Budget: revenues: $19.85 billion
expenditures: $22.3 billion (2014 est.)
Public debt: 78% of GDP (2014 est.)
Inflation rate (consumer prices): -0.2% (2014 est.)
Central bank discount rate: 7% (31 December 2013)
Commercial bank prime lending rate: 5.56% (31 December 2014 est.)
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: 1.2% (2014 est.)
Electricity - production: 13.38 billion kWh (2014 est.)
Electricity - consumption: 16.97 billion kWh (2014 est.)
Electricity - exports: 2.866 billion kWh (2014 est.)
Electricity - imports: 6.592 billion kWh (2014 est.)
Oil - production: 11,070 bbl/day (2014 est.)
Oil - consumption: 105,000 bbl/day (2008 est.)
Oil - exports: 0 bbl/day (2014 est.)
Oil - imports: 37,300 bbl/day (2014 est.)
Oil - proved reserves: 71 million bbl (1 January 2014 est.)
Natural gas - production: 1.805 billion cu m (2014 est.)
Natural gas - consumption: 2.81 billion cu m (2014 est.)
Natural gas - exports: 422 million cu m (2014 est.)
Natural gas - imports: 1.079 billion cu m (2014 est.)
Natural gas - proved reserves: 24.92 billion cu m (1 January 2014 est.)
Current account balance: $1.164 billion (2014 est.)
Exports: $13.75 billion (2014 est.)
Exports - commodities: transport equipment, machinery, textiles, chemicals, foodstuffs, fuels
Exports - partners: Italy 13.7%, Bosnia and Herzegovina 12%, Slovenia 11.2%, Germany 11.1%, Austria 6%, Serbia 5% (2014)
Imports: $22.72 billion (2014 est.)
Imports - commodities: machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs
Imports - partners: Germany 15.1%, Italy 14.1%, Slovenia 10.7%, Austria 8.6%, Hungary 6.5%, Russia 5% (2014)
Reserves of foreign exchange and gold: $16.87 billion (31 December 2014 est.)
Debt - external: $62.09 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $3.506 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $6.131 billion (31 December 2014 est.)
Exchange rates: kuna (HRK) per US dollar - 5.7493 (2014 est.), 5.7058 (2013 est.), 5.85 (2012 est.), 5.3439 (2011 est.), 5.498 (2010 est.)
economic climate  
Background: The Croatian economy is based upon manufacturing industries and tourism. Important sectors include:
- Tourism
- Shipbuilding and shipping
- Agriculture, timber and food
- Textile industry
- Chemicals and petroleum
- Electrical manufacturing
- Metal working
Export opportunities:  
Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. http://www.austrade.gov.au
3. DIBNC Experts Team