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Croatia Economy

Croatia's economy in numbers:

Nominal GDP of USD 71.5 billion in 2022.

GDP per capita of USD 18,544 compared to the global average of USD 10,589.

Average real GDP growth of 2.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 76% of overall GDP, manufacturing 12%, other industrial activity 9%, and agriculture 3%. Looking at GDP by expenditure, private consumption accounted for 58% of GDP in 2021, government consumption 22%, fixed investment 20%, and net exports 0%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 61% of total merchandise exports, mineral fuels 16%, food 14%, ores and metals 5% and agricultural raw materials 4%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 68% of total merchandise imports, mineral fuels 14%, food 13%, ores and metals 4% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 22 billion in 2022, while total imports were USD 41 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.2% in the decade to 2022. To read more about GDP growth in Croatia, go to our dedicated page.

Fiscal policy:

Croatia's fiscal deficit averaged 2.7% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 11.6% in the decade to 2022. For more information on Croatia's unemployment click here.

Inflation:

Inflation averaged 2.0% in the decade to 2022. Go to our Croatia inflation page for extra insight.

Monetary Policy:

Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Croatia monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
Annual economic growth accelerated in Q3 due to faster expansions in private consumption and fixed investment. On the flip side, public spending growth lost steam and exports contracted sharply. Our panelists project a similar expansion in Q4 to the prior quarter, with available data providing room for optimism. Industrial output and retail sales grew at faster annual clips in October–November compared to Q3, with retail sales likely spurred by softer price pressures for consumers. Both industrial output and retail sales likely continued to thrive in December, as signaled by stronger sentiment in both sectors. Additionally, tourist arrivals expanded at a sharper rate in October–November relative to Q3, and the downturn in merchandise exports eased markedly in October, pointing to less downbeat external demand.
Projections out to 2033.

53 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 25 expert analysts.

Want to get insight on the economic outlook for Croatia in the coming years? FocusEconomics collects projections out to 2033 on 53 economic indicators for Croatia from a panel of 25 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Croatia economy. To download a sample report on the Croatia's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Croatia Economic Data

2018 2019 2020 2021 2022
Population (million) 4.1 4.1 4.0 3.9 3.9
GDP (USD bn) 61.4 61.5 57.6 69.0 71.5
GDP per capita (USD) 15,026 15,120 14,241 17,800 18,544
GDP (EUR bn) 52.1 54.9 50.6 58.4 68.0
GDP per capita (EUR) 12,735 13,508 12,492 15,057 17,642
Economic Growth (Nominal GDP, ann. var. %) 4.9 5.5 -7.9 15.5 16.4
Economic Growth (GDP, ann. var. %) 2.8 3.4 -8.6 13.8 6.3
Domestic Demand (ann. var. %) 3.2 4.7 -3.2 8.0 4.5
Private Consumption (ann. var. %) 3.3 4.0 -5.2 10.7 6.7
Government Consumption (ann. var. %) 2.2 2.8 3.5 3.0 2.7
Fixed Investment (ann. var. %) 3.9 9.0 -5.0 6.6 0.1
Exports (G&S, ann. var. %) 3.6 6.8 -23.2 32.7 27.0
Imports (G&S, ann. var. %) 7.4 6.7 -12.3 17.3 26.5
Industrial Production (ann. var. %) -0.8 0.6 -3.4 6.4 1.6
Retail Sales (ann. var. %) 4.0 3.6 -5.6 11.7 2.0
Wages (ann. var. %) 4.8 4.8 6.7 4.0 8.3
Unemployment (% of active population, aop) 8.4 6.7 7.7 7.6 6.7
Fiscal Balance (% of GDP) -0.1 0.2 -7.3 -2.5 0.1
Public Debt (% of GDP) 73.1 70.9 86.8 78.1 68.2
Inflation (CPI, ann. var. %, eop) 0.9 1.4 -0.7 5.5 13.1
Inflation (CPI, ann. var. %, aop) 1.5 0.8 0.2 2.6 10.8
Inflation (HICP, ann. var. %, eop) 1.0 1.3 -0.3 5.2 12.7
Inflation (HICP, ann. var. %, aop) 1.6 0.8 0.0 2.7 10.7
Inflation (PPI, ann. var. %, aop) 0.0 0.7 -2.6 5.2 26.3
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 0.00 2.50
ECB Overnight Deposit Rate (%, eop) -0.40 -0.50 -0.50 -0.50 2.00
3-Month EURIBOR (%, eop) -0.31 -0.38 -0.55 -0.57 2.13
Stock Market (ann. var. of CROBEX %) -5.1 15.4 -13.8 19.6 -4.8
Exchange Rate (USD per EUR, eop) 1.14 1.12 1.22 1.14 1.07
Exchange Rate (USD per EUR, aop) 1.18 1.12 1.14 1.18 1.05
Current Account Balance (EUR bn) 0.8 1.4 -0.5 0.6 -1.9
Current Account Balance (% of GDP) 1.6 2.5 -1.0 1.0 -2.8
Merchandise Trade Balance (EUR bn) -9.7 -10.5 -8.9 -11.4 -18.1
Merchandise Exports (EUR bn) 12.2 12.8 12.0 14.8 20.6
Merchandise Imports (EUR bn) 21.9 23.3 20.9 26.2 38.7
Merchandise Exports (ann. var. %) 4.4 5.1 -6.2 23.1 38.9
Merchandise Imports (ann. var. %) 8.5 6.6 -10.4 25.5 47.6
Foreign Direct Investment (EUR bn) 1.0 0.4 0.1 3.9 3.4

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