Economy in Croatia

Economy—overview: Before the dissolution of Yugoslavia, the Republic of Croatia, after Slovenia, was the most prosperous and industrialized area with a per capita output perhaps one-third above the Yugoslav average. The economy emerged from a mild recession in 2000 with tourism, banking, and public investments leading the way. Unemployment remains high, at about 18%, with structural factors slowing its decline. 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. Growth, while impressive at about 3% to 4% for the last several years, has been stimulated, in part, through high fiscal deficits and rapid credit growth. The EU accession process should accelerate fiscal and structural reform.

GDP: purchasing power parity—$55.76 billion (2005 est.)

GDP—real growth rate: 4% (2005 est.)

GDP—per capita: purchasing power parity—$11 600 (2005 est.)

GDP—composition by sector:

agriculture: 8.5%

industry: 31%  

services: 60% (2005 est.)

Inflation rate—consumer price index: 3.2% (2005 est.)

Labor force:

total: 1.71 million (2005)

by occupation: industry and mining 32.8% agriculture 2.7% services 64.5% (2004)

Unemployment rate: 18.7% official rate; labor force surveys indicate unemployment around 14% (December 2004 est.)

Budget:

revenues: $17.69 billion

expenditures: $19.35 billion; including capital expenditures of $NA (2005 est.)

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: 4.5% (2005)

Electricity—consumption: 15.81 billion kWh (2003)

Electricity—production: 11.15 billion kWh (2003)

Agriculture—products: wheat, corn, sugar beets, sunflower seed, barley, alfalfa, clover, olives, citrus, grapes, soybeans, potatoes; livestock, dairy products

Exports:

total value: $10.3 billion f.o.b. (2005 est.)

commodities: transport equipment, textiles, chemicals, foodstuffs, fuels 

partners: Italy 23%, Bosnia and Herzegovina 13.4%, Germany 11.4%, Austria 9.6%, Slovenia 7.6% (2004)

Imports:

total value: $18.93 billion f.o.b. (2005 est.)

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

partners: Italy 17.1%, Germany 15.5%, Russia 7.3%, Slovenia 7.1%, Austria 6.9%, France 4.4% (2004) 

Debt—external: $29.28 billion (30 June 2005 est.)

Economic aid:

recipient: ODA, $166.5 million (2002) 

Currency: 1 Croatian kuna (HRK) = 100 lipas

Exchange rates: Croatian kuna per US$1—5.9473 (2005), 6.0358 (2004), 6.7035 (2003), 7.8687 (2002), 8.34 (2001)

Fiscal year: calendar year