Current Account in Croatia
Croatia - Current Account
The pace of year-on-year GDP growth moderated in Q1 but remained healthy nonetheless. A faster expansion in fixed investment was more than offset by softer increases in private and public consumption. Meanwhile, the external sector contributed positively to growth, likely supported by a recovering tourism sector. Economic growth should moderate in the current quarter, partly due to a higher base of comparison. That said, rising consumer and business sentiment in April suggest that economic dynamics remain strong, although soaring inflation could be weighing on household spending. Meanwhile, in May, Fitch Ratings affirmed the country’s investment rating at 'BBB' with a positive outlook, citing a recovering tourism industry and limited exposure to the Russia-Ukraine war. Moreover, the European Commission recently praised the country’s reduction of private and public debt.Croatia - Current Account Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | 3.1 | 2.2 | 3.9 | 1.7 | 2.8 |
Croatia Current Account Chart
Source: Crotia Central Bank and FocusEconomics calculations.
Croatia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.67 | 0.0 % | Dec 31 |
| Exchange Rate | 6.64 | -0.54 % | Jan 01 |
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Economic News
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Croatia: Croatia adopts the euro; a range of economic benefits awaits
January 30, 2023
On 1 January 2023, Croatia joined the Eurozone and the borderless Schengen Area. Croatia’s economy should benefit from higher investment and trade via the elimination of exchange rate risk.
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Croatia: Industrial output records largest drop in over two years in December
January 30, 2023
Industrial output dropped 2.2% year on year in working-day adjusted terms in December, which was a deterioration from November's 2.0% decrease.
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Croatia: Inflation declines to lowest level since September in December
January 17, 2023
Inflation dropped to 13.1% in December, following November’s 13.5%.
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Croatia: Croatia adopts the euro; a range of economic benefits awaits
January 17, 2023
• On 1 January 2023, Croatia joined the Eurozone and the borderless Schengen Area. • Croatia’s economy should benefit from higher investment and trade via the elimination of exchange rate risk. • This should more than offset a minor short-term inflation spike and the loss of autonomous monetary policy. The road to the euro: On 1 January 2023, Croatia adopted the euro as its national currency.
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Croatia: Industrial output records largest decline in over two years in November
December 29, 2022
Industrial output slid 1.8% year on year in working-day adjusted terms in November, which was a deterioration from October's 0.4% decrease.
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