Croatia Economy: from the All Country Info reference guide to country facts

Croatia Economy

Croatia Economy: A summary of information about Croatia Economy, from government research data as well as independent research and other sources.

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Croatia: Economy

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. Croatia faces considerable economic problems stemming from:
the legacy of longtime communist mismanagement of the economy; damage
during the internecine fighting to bridges, factories, power lines,
buildings, and houses; the large refugee and displaced population,
both Croatian and Bosnian; and the disruption of economic ties.
Western aid and investment, especially in the tourist and oil
industries, would help restore the economy. The government has been
successful in some reform efforts - partially macroeconomic
stabilization policies - and it has normalized relations with its
creditors. Yet it still is struggling with privatization of large
state enterprises and with bank reform. The recession that began at
the end of 1998 continued through most of 1999, and GDP growth for the
year was flat. Inflation remained in check and the kuna was stable.
The death of President TUDJMAN in December 1999, and the defeat of his
ruling Coatian Democratic Union or HDZ party in parliamentary and
presidential elections in January 2000 has ushered in a new government
committed to economic reform but faced with the challenge of halting
the economic decline.
GDP
purchasing power parity - $23.9 billion (1999 est.)
GDP - real growth rate
0% (1999 est.)
GDP - per capita
purchasing power parity - $5,100 (1999 est.)
GDP - composition by sector
agriculture: 10%
industry: 24%
services: 66% (1996 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
4.4% (1999)
Labor force
1.65 million (1999)
Labor force - by occupation
agriculture NA%, industry NA%, services
NA%
Unemployment rate
20% (1999 est.)
Budget
revenues: $6 billion
expenditures: $4.7 billion, including capital expenditures of $NA
(1998)
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
-2% (1999 est.)
Electricity - production
9.515 billion kWh (1998)
Electricity - production by source
fossil fuel: 42.72%
hydro: 57.28%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
12.949 billion kWh (1998)
Electricity - exports
900 million kWh (1998)
Electricity - imports
5 billion kWh (1998)
Agriculture - products
wheat, corn, sugar beets, sunflower seed,
alfalfa, clover, olives, citrus, grapes, vegetables; livestock, dairy
products
Exports
$4.5 billion (f.o.b., 1998)
Exports - commodities
textiles, chemicals, foodstuffs, fuels
Exports - partners
Italy 21%, Germany 18%, Bosnia and Herzegovina
15%, Slovenia 12% (1997)
Imports
$8.4 billion (c.i.f., 1998)
Imports - commodities
machinery, transport and electrical equipment,
chemicals, fuels and lubricants, foodstuffs
Imports - partners
Germany 20%, Italy 19%, Slovenia 8%, Austria 8%
(1997)
Debt - external
$8.1 billion (October 1999)
Economic aid - recipient
$NA
Currency
1 Croatian kuna (HRK) = 100 lipas
Exchange rates
Croatian kuna per US$1 - 7.591 (January 2000), 7.112
(1999), 6.362 (1998), 6.157 (1997), 5.434 (1996), 5.230 (1995)
Fiscal year
calendar year
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