Croatia's Macroeconomic Analysis:
Nominal GDP of USD 71.5 billion in 2022.
Nominal GDP of USD 82.7 billion in 2023.
GDP per capita of USD 21,514 compared to the global average of USD 10,589.
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.
Average real GDP growth of 2.7% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Croatia
Year-on-year GDP growth increased to 3.9% in Q3 from 3.5% in Q2. The improvement was driven by a quicker rise in government spending and a rebound in exports. Less positively, private consumption and fixed investment growth lost traction.Turning to Q4, our Consensus is for GDP growth to decelerate, and the data at hand bears out this projection. Economic sentiment fell from Q3’s level in October–November. Moreover, industrial production shrank in October due to a decline in manufacturing output. More positively, tourist arrivals rebounded in the first month of the quarter. In politics, in early December, Prime Minister Andrej Plenkovic survived a no-confidence vote sparked by a corruption case involving a former minister. Meanwhile, the country will hold presidential elections on 29 December, with incumbent President Zoran Milanovic likely to retain the largely ceremonial role.Croatia Economic Forecasts
Projections out to 2034.56 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 26 expert analysts.
Want to get insight on the economic outlook for Croatia in the coming years? FocusEconomics collects projections out to 2034 on 56 economic indicators for Croatia from a panel of 26 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.