Economy of Croatia
Sectors of the Croatian economy
|
|
| Currency | Croatian kuna (HRK, kn) |
|---|---|
| Calendar year | |
| Statistics | |
| GDP | $58.330 billion (nominal, 2014) $91.096 billion (PPP, 2015) |
| GDP rank | 76th (nominal) / 83rd (PPP) |
|
GDP growth
|
 +2.9% (real, Q3 2016) |
|
GDP per capita
|
$13,493 (nominal, 2014) $21,169 (PPP, 2015 est.) |
|
GDP by sector
|
agriculture: 4.3%; industry: 26.7%; services: 69.1% (2015 est.) |
|
GDP by component
|
Private consumption: 60.6%; Public consumption: 20.0%; Investments: 19.3% (2013) |
| -1.8% (May 2016) | |
|
Population below poverty line
|
19.4% (2014) |
 30.2 (2014) |
|
|
0.818 (2014) |
|
|
Labour force
|
1.642,474 (2015) |
|
Labour force by occupation
|
agriculture: 1.9%; industry: 27.6%; services: 70.4% (2014) |
| Unemployment |
14.8% (December 2016) |
|
Average gross salary
|
7,985 HRK / $1205, monthly (Nov 2016) |
| 5,915 HRK / $912, monthly (Nov 2016) | |
|
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 |
| 43rd (2017) | |
| External | |
| Exports |
$12.41 billion (2016 est.) |
|
Export goods
|
transport equipment, machinery, textiles, chemicals, foodstuffs, fuels |
|
Main export partners
|
 Italy 13.4% Slovenia 12.5% Germany 11.4% Bosnia and Herzegovina 9.9% Austria 6.6% |
| Imports |
$19.98 billion (2016 est.) |
|
Import goods
|
machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs |
|
Main import partners
|
Germany 15.5% Italy 13.1% Slovenia 10.7% Austria 9.2% Hungary 7.8% (2015) |
|
FDI stock
|
$36.17 billion (2014) |
|
Gross external debt
|
€44.6 billion (2016) |
| Public finances | |
|
84.9% of GDP (Q3 2016) |
|
| €1.4 billion, 3.2% of GDP (2015) | |
| Revenues | $21.47 billion (2016) |
| Expenses | $22.72 billion (2016) |
| Economic aid | €179.5 million (0.12% of GNI) (2007) |
| S&P BB Outlook: Stable (2016) | |
|
Foreign reserves
|
$14.46 billion (2016) |
$13,493 (nominal, 2014)
The economy of Croatia is a service-based economy with the tertiary sector accounting for 70% of total gross domestic product (GDP). After the collapse of socialism, Croatia went through a process of transition to a market-based economy in the 1990s, but its economy suffered badly during the Croatian War of Independence. After the war the economy began to improve, before the financial crisis of 2007–08 the Croatian economy grew at 4-5% annually, incomes doubled, and economic and social opportunities dramatically improved.
Croatia joined the World Trade Organization in 2000, NATO in 2009 and became a member of the European Union on 1 July 2013. Croatian economy was badly affected by the financial crisis which, together with slow progress of economic reforms, resulted in six years of recession and a cumulative decline in GDP of 12,5%. Croatia formally emerged from the recession with 3 continuous quarters of GDP growth in Q4 2014 (0,3%), Q1 2015 (0,5%) and Q2 2015 (1,2%). Predictions are that real GDP growth will gradually rise to 2.1% in 2016.
The industrial sector with exports of over €1 billion annually is dominated by shipbuilding which accounts for over 10% of exported goods. Food processing and chemical industry also account for significant portions of industrial output and exports. Industrial sector represents 27% of Croatia’s total economic output while agriculture represents 6%. Industrial sector is responsible for 25% of Croatia's GDP, with agriculture, forestry and fishing accounting for the remaining 5% of Croatian GDP.
Tourism is traditionally a notable source of income, particularly during the summer months, but also more recently during the winter months as well, due to an increase in popularity of snow sports such as skiing. With over 14 million tourists annually, tourism generates revenue in excess of €8 billion. Croatia is ranked among the top 20 most popular tourist destinations in the world, and was voted world's top tourism destination in 2005 by Lonely Planet.
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Wikipedia