About Croatia and Key Financial Statistics









About Croatia and Key Financial Statistics



Overview of Economy:

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.



Gross Domestic Product (In USD):

$88.73 billion (2014 est.)
$89.05 billion (2013 est.)
$90.01 billion (2012 est.)



Composition of Gross Domestic Product:


% Agricuture: 4.3

% Industry: 26.3

% Services: 69.4


Composition of Labor Force by Occupation:

% Agriculture: 1.9

% Industry: 27.6

% Services: 70.4


Per Capita Income:

$20,900 (2014 est.)
$21,000 (2013 est.)
$21,200 (2012 est.)



Exports:

$12.95 billion (2014 est.)
$11.84 billion (2013 est.)



Key Export Commodities:

transport equipment, machinery, textiles, chemicals, foodstuffs, fuels



Export Partners:


Italy 13.7%, Bosnia and Herzegovina 12%, Slovenia 11.2%, Germany 11.1%, Austria 6%, Serbia 5% (2014)


Imports:

$21.39 billion (2014 est.)
$20.57 billion (2013 est.)



Key Import Commodities:

machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs



Import Partners:

Germany 15.1%, Italy 14.1%, Slovenia 10.7%, Austria 8.6%, Hungary 6.5%, Russia 5% (2014)



Inflation Rate (Consumer Price Index):


-0.2% (2014 est.)
2.2% (2013 est.)



Exchange Rate to USD:

kuna (HRK) per US dollar -
5.7482 (2014 est.)
5.7482 (2013 est.)
5.85 (2012 est.)
5.3439 (2011 est.)
5.498 (2010 est.)




Unemployment Rate:

20.3% (2014 est.)
20.3% (2013 est.)


S&P Rating:



Standard & Poor's Ratings:

  • AAA: The best quality borrowers, reliable and stable
  • AA: Quality borrowers, a bit higher risk than AAA
  • A: Economic situation can affect finance
  • BBB: Medium class borrowers, which are satisfactory at the moment
  • BB: More prone to changes in the economy
  • B: Financial situation varies noticeably
  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.






Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings