Economy of Croatia

The economy of Croatia is a developed high-income service based economy with the tertiary sector accounting for 60% of total gross domestic product (GDP). After the collapse of socialism, Croatia went through a process of transition to a market-based economy in the 1990s, but its economy suffered badly during the Croatian War of Independence. After the war the economy began to improve, before the financial crisis of 2007–08 the Croatian economy grew at 4-5% annually, incomes doubled, and economic and social opportunities dramatically improved.

Croatia joined the World Trade Organization in 2000, NATO in 2009 and became a member of the European Union on 1 July 2013. Croatian economy was badly affected by the financial crisis which, together with slow progress of economic reforms, resulted in six years of recession and a cumulative decline in GDP of 12.5%. Croatia formally emerged from the recession with 3 continuous quarters of GDP growth in Q4 2014 (0.3%), Q1 2015 (0.5%) and Q2 2015 (1.2%). Croatia's economy is expected to continue growing in 2018, similar to the growth in 2017 (around 3%). A declining unemployment rate together with a strong tourist sector—supported by important investments to expand tourism capacity—should continue to underpin consumer spending in 2018. Growth is set to remain robust and broad-based in 2017. However, economic activity is expected to lose some of its momentum over the next two years and the volume of GDP is only set to return to its precrisis level in 2019. The potential negative impact on growth of the ongoing Agrokor restructuring is still looming. The unemployment rate is set to continue falling, albeit at a slowing pace as employment growth and outbound migration ease. The general government deficit is projected to remain stable, but with the economy still growing above its potential, the structural balance is set to deteriorate.[14]

The industrial sector with exports of over €10 billion annually is dominated by shipbuilding which accounts for over 10% of exported goods. Food processing and chemical industry also account for significant portions of industrial output and exports. Industrial sector represents 27% of Croatia's total economic output while agriculture represents 6%. Industrial sector is responsible for 25% of Croatia's GDP, with agriculture, forestry and fishing accounting for the remaining 5% of Croatian GDP.

Tourism is traditionally a notable source of income, particularly during the summer months, but also more recently during the winter months as well, due to an increase in popularity of snow sports such as skiing. With over 14 million tourists annually, tourism generates revenue in excess of €8 billion. Croatia is ranked among the top 20 most popular tourist destinations in the world, and was voted world's top tourism destination in 2005 by Lonely Planet.[15]

Trade plays a major role in Croatian economic output. In 2007 Croatia's exports were valued at US$12.84 billion (24.7 billion including service exports). According to Healy Consultants, trade in Croatia is bolstered by its low trade-weighted average tariff of just 1.2%.[16] Croatia's currency is the kuna, which was implemented in 1994 and has remained stable since.

Economy of Croatia
Montage - Economy of Croatia
Sectors of the Croatian economy
CurrencyCroatian kuna (HRK, kn)
Calendar year
Trade organisations
EU, WTO
Statistics
GDPIncrease $60.688 billion (nominal, 2018 est.)[1]
Increase $107.406 billion (PPP, 2018 est.)[1]
GDP rank78th (nominal, 2018)
81st (PPP, 2018)
GDP growth
3.5% (2016) 2.9% (2017)
2.6% (2018e) 2.5% (2019f)[2]
GDP per capita
Increase $14,815 (nominal, 2018 est.)[1]
Increase $26,221 (PPP, 2018 est.)[1]
GDP per capita rank
55th (nominal, 2018)
55th (PPP, 2018)
GDP by sector
agriculture: 3.7%
industry: 26.2%
services: 70.1% (2017 est.)[3]
GDP by component
Private consumption: 60.6%; Public consumption: 20.0%; Investments: 19.3% (2013)[4]
1.475% (2019f est.)[1]
1.500% (2018)[1]
1.4% (October 2017)[5]
Population below poverty line
19.5% (2015 est.)[3]

Adriatic Croatia 15.8% (2016)

Continental Croatia 21.9% (2016)[6]
Negative increase 29.9 low (2017, Eurostat)[7]
Increase 0.831 (2017)[8]
Labour force
1.559 million (2017 est.)[3]
Labour force by occupation
agriculture: 1.9%
industry: 27.3%
services: 70.8% (2017 est.)[3]
UnemploymentPositive decrease 9.5% (March 2019)[5]
Average gross salary
9,467 HRK / US$1450 monthly (March 2018)[9]
6,478 HRK / US$1,079 monthly (March 2018)[9]
Main industries
chemicals and plastics, machine tools, fabricated metal, electronics, pig iron and rolled steel products, aluminium, paper, wood products, construction materials, textiles, shipbuilding, petroleum and petroleum refining, food and beverages, tourism
51st (2018)[10]
External
ExportsIncrease $16.45 billion (2017 est.)[11]
Export goods
transport equipment, machinery, textiles, chemicals, foodstuffs, fuels
Main export partners
 Italy 13.4%
 Germany 12.2%
 Slovenia 10.6%
 Bosnia and Herzegovina 9.8%
 Austria 6.2%
 Serbia 4.8% (2017)[3]
ImportsIncrease $22.34 billion (2017 est.)[3]
Import goods
machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs
Main import partners
 Germany 15.7%
 Italy 12.9%
 Slovenia 10.7%
 Hungary 7.5%
 Austria 7.5% (2017)[3]
FDI stock
Increase $43.71 billion (31 December 2017 est.)[3]
Increase Abroad: $8.473 billion (31 December 2017 est.)[3]
Increase $2.15 billion (2017 est.)[3]
Negative increase $48.1 billion (31 December 2017 est.)[3]
Public finances
Positive decrease 77.8% of GDP (2017 est.)[3]
+0.8% (of GDP) (2017 est.)[3]
Revenues25.24 billion (2017 est.)[3]
Expenses24.83 billion (2017 est.)[3]
Economic aid€179.5 million (0.12% of GNI) (2007)
S&P BBB - Outlook: Stable (2016)[12]
Scope:[13]
BB+
Outlook: Stable
Foreign reserves
Increase $18.82 billion (31 December 2017 est.)[3]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

History

Pre–1990

Rijeka oil refinery around 1930
Oil refinery in Rijeka in the 1930s

During the 19th century the Kingdom of Croatia had a high ratio of population working in agriculture. Many industrial branches developed in that time, like forestry and wood industry (stave fabrication, the production of potash, lumber mills, shipbuilding). The most profitable one was stave fabrication, the boom of which started in the 1820s with the clearing of the oak forests around Karlovac and Sisak and again in the 1850s with the marshy oak masses along the Sava and Drava rivers. Shipbuilding in Croatia played a huge role in the 1850s Austrian Empire, especially the longe-range sailing boats. Sisak and Vukovar were the centres of river-shipbuilding.[17] Slavonia was also mostly an agricultural land and it was known for its silk production. Agriculture and the breeding of cattle were the most profitable occupations of the inhabitants. It produced corn of all kinds, hemp, flax, tobacco, and great quantities of liquorice.[18][19]

The first steps towards industrialization began in the 1830s and in the following decades the construction of big industrial enterprises took place.[20] During the 2nd half of the 19th and early 20th century there was an upsurge of industry in Croatia, strengthened by the construction of railways and the electric-power production. However, the industrial production was still lower than agricultural production.[21] Regional differences were high. Industrialization was faster in inner Croatia than in other regions, while Dalmatia remained one of the poorest provinces of Austria-Hungary.[22] The slow rate of modernization and rural overpopulation caused extensive emigration, particularly from Dalmatia. According to estimates, roughly 400,000 Croats emigrated from Austria-Hungary between 1880 and 1914. In 1910 8,5% of the population of Croatia-Slavonia lived in urban settlements.[23]

In 1918 Croatia became part of the Kingdom of Yugoslavia, which was in the interwar period one of the least developed countries in Europe. Most of its industry was based in Slovenia and Croatia, but further industrial development was modest and centered on textile mills, sawmills, brick yards and food-processing plants. Economy was still traditionally based on agriculture and raising of livestock, with peasants accounting for more than half of Croatia's population.[23][24]

In 1941 the Independent State of Croatia (NDH), a World War II puppet state of Germany and Italy, was established in parts of Axis-occupied Yugoslavia. The economic system of NDH was based on the concept of "Croatian socialism".[25] The main characteristic of the new system was the concept of a planned economy with high levels of state involvement in economic life. The fulfillment of basic economic interests was primarily ensured with measures of repression.[26] All large companies were placed under state control and the property of the regime's national enemies was nationalized. Its currency was the NDH kuna. The Croatian State Bank was the central bank, responsible for issuing currency. As the war progressed the government kept printing more money and its amount in circulation was rapidly increasing, resulting in high inflation rates.[27]

After the World War II, the new Communist Party of Yugoslavia resorted to a command economy on the Soviet model of rapid industrial development. By 1948 almost all domestic and foreign-owned capital had been nationalized. The industrialization plan relied on high taxation, fixed prices, war reparations, Soviet credits, and export of food and raw materials. Forced collectivization of agriculture was initiated in 1949. At that time 94% of agricultural land was privately owned, and by 1950 96% was under the control of the social sector. A rapid improvement of food production and the standard of living was expected, but due to bad results the program was abandoned three years later.[23]

Throughout the 1950s Croatia experienced rapid urbanization. Decentralization came in 1965 and spurred growth of several sectors including the prosperous tourist industry. SR Croatia was, after SR Slovenia, the second most developed republic in Yugoslavia with a 25% higher GDP per capita than the Yugoslav average. Croatia and Slovenia accounted for nearly half of the total Yugoslav GDP, and this was reflected in the overall standard of living. In the mid-1960s, Yugoslavia lifted emigration restrictions and the number of emigrants increased rapidly. In 1971 224,722 workers from Croatia were employed abroad, mostly in West Germany.[28][29] Foreign remittances contributed $2 billion annually to the economy by 1990.[30] Profits gained through Croatia's industry were used to develop poor regions in other parts of former Yugoslavia, leading to Croatia contributing much more to the federal Yugoslav economy than it gained in return. This, coupled with austerity programs and hyperinflation in the 1980s, led to discontent in both Croatia and Slovenia which eventually fuelled political movements calling for independence.[31]

Transition and war years

Brodosplit - juice carrier
Shipbuilding in Split
GDP of Croatia at constant prices
GDP of Croatia at constant 2010 prices from 1990–2017
General government debt of Croatia
General government gross debt of Croatia from 2000–2016
Real GDP growth in Croatia
Real GDP growth in Croatia 2005–2015
Unemployment in Croatia 1996. - 2018
Unemployment rate from 1996–2018 according to Eurostat

In the late 1980s and early 1990s, with the collapse of socialism and the beginning of economic transition, Croatia faced considerable economic problems stemming from:[32]

  • 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;
  • the disruption of economic ties; and
  • mishandled privatization

At the time Croatia gained independence, its economy (and the whole Yugoslavian economy) was in the middle of recession. Privatization under the new government had barely begun when war broke out in 1991. As a result of the Croatian War of Independence, infrastructure sustained massive damage in the period 1991–92, especially the revenue-rich tourism industry. Privatization in Croatia and transformation from a planned economy to a market economy was thus slow and unsteady, largely as a result of public mistrust when many state-owned companies were sold to politically well-connected at below-market prices. With the end of the war, Croatia's economy recovered moderately, but corruption, cronyism, and a general lack of transparency stymied economic reforms and foreign investment.[31][33] The privatization of large government-owned companies was practically halted during the war and in the years immediately following the conclusion of peace. As of 2000, roughly 70% of Croatia's major companies were still state-owned, including water, electricity, oil, transportation, telecommunications, and tourism.[34]

Early 1990s were characterized with high inflation rates. In 1991 the Croatian dinar was introduced as a transitional currency, but inflation continued to accelerate. The anti-inflationary stabilization steps in 1993 decreased retail price inflation from a monthly rate of 38,7% to 1,4%, and by the end of the year Croatia experienced deflation. In 1994 Croatia introduced the kuna as its currency.[33]

As a result of the macro-stabilization programs, the negative growth of GDP during the early 1990s stopped and turned into a positive trend. Post-war reconstruction activity provided another impetus to growth. Consumer spending and private sector investments, both of which were postponed during the war, contributed to the growth in 1995–1997.[33] Croatia began its independence with a relatively low external debt because the debt of Yugoslavia was not shared among its former republics at the beginning. In March 1995 Croatia agreed with the Paris Club of creditor governments and took 28,5% of Yugoslavia's previously non-allocated debt over 14 years. In July 1996 an agreement was reached with the London Club of commercial creditors, when Croatia took 29,5% of Yugoslavia's debt to commercial banks. In 1997 around 60 percent of Croatia's external debt was inherited from former Yugoslavia.[35]

At the beginning of 1998 value-added tax was introduced. The central government budget was in surplus in that year, most of which was used to repay foreign debt.[36] Government debt to GDP had fallen from 27,30% to 26,20% at the end of 1998. However, the consumer boom was disrupted in mid 1998, as a result of the bank crisis when 14 banks went bankrupt.[33] Unemployment increased and GDP growth slowed down to 1,9%. The recession that began at the end of 1998 continued through most of 1999, and after a period of expansion GDP in 1999 had a negative growth of -0,9%.[37] In 1999 the government tightened its fiscal policy and revised the budget with a 7% cut in spending.[38]

In 1999 the private sector share in GDP reached 60%, which was significantly lower than in other former socialist countries. After several years of successful macroeconomic stabilization policies, low inflation and a stable currency, economists warned that the lack of fiscal changes and the expanding role of the state in economy caused the decline in the late 1990s and were preventing a sustainable economic growth.[35][38]

Year GDP growth Deficit/surplus* Debt to GDP Privatization revenues*
1994 5.9% 1.8% 22.2%
1995 6.8% −0.7% 19.3% 0.9%
1996 5.9% −0.4% 28.5% 1.4%
1997 6.6% −1.2% 27.3% 2.0%
1998 1.9% 0.5% 26.2% 3.6%
1999 −0.9% −2.2% 28.5% 8.2%
2000 3.8% −5.0% 34.3% 10.2%
2001 3.4% −3.2% 35.2% 13.5%
2002 5.2% −2.6% 34.8% 15.8%
*Including capital revenues
*cumulative, in % of GDP

Economy since 2000

The new government led by the president of SDP, Ivica Račan, carried out a number of structural reforms after it won the parliamentary elections on 3 January 2000. The country emerged from the recession in the 4th quarter of 1999 and growth picked up in 2000.[39] Due to overall increase in stability, the economic rating of the country improved and interest rates dropped. Economic growth in the 2000s was stimulated by a credit boom led by newly privatized banks, capital investment, especially in road construction, a rebound in tourism and credit-driven consumer spending. Inflation remained tame and the currency, the kuna, stable.[31][40]

In 2000 Croatia generated 5,899 billion kunas in total income from the shipbuilding sector, which employed 13,592 people. Total exports in 2001 amounted to $4,659,286,000, of which 54.7% went to the countries of the EU. Croatia's total imports were $9,043,699,000, 56% of which originated from the EU.[41]

Unemployment reached its peak in late 2002, but has since been steadily declining. In 2003, the nation's economy would officially recover to the amount of GDP it had in 1990.[42] In late 2003 the new government led by HDZ took over the office. Unemployment continued falling, powered by growing industrial production and rising GDP, rather than only seasonal changes from tourism. Unemployment reached an all-time low in 2008 when the annual average rate was 8.6%,[43] GDP per capita peaked at $16,158,[37] while public debt as percentage of GDP decreased to 29%. Most economic indicators remained positive in this period except for the external debt as Croatian firms focused more on empowering the economy by taking loans from foreign resources.[42] Between 2003 and 2007, Croatia's private-sector share of GDP increased from 60% to 70%.[44]

The Croatian National Bank had to take steps to curb further growth of indebtedness of local banks with foreign banks. The dollar debt figure is quite adversely affected by the EUR/USD ratio—over a third of the increase in debt since 2002 is due to currency value changes.

2009–2015

Economic growth has been hurt by the global financial crisis.[45] Immediately after the crisis it seemed that Croatia did not suffer serious consequences like some other countries. However, in 2009, the crisis gained momentum and the decline in GDP growth, at a slower pace, continued during 2010. In 2011 the GDP stagnated as the growth rate was zero.[46] Since the global crisis hit the country, the unemployment rate has been steadily increasing, resulting in the loss of more than 100,000 jobs.[47] While unemployment was 9.6% in late 2007,[48] in January 2014 it peaked at 22.4%.[5] In 2010 Gini coefficient was 0,32.[49] In September 2012, Fitch ratings agency unexpectedly improved Croatia's economic outlook from negative to stable, reaffirming Croatia's current BBB rating.[50] The slow pace of privatization of state-owned businesses and an overreliance on tourism have also been a drag on the economy.[45]

Croatia joined the European Union on 1 July 2013 as the 28th member state. The Croatian economy is heavily interdependent on other principal economies of Europe, and any negative trends in these larger EU economies also have a negative impact on Croatia. Italy, Germany and Slovenia are Croatia's most important trade partners.[46] In spite of the rather slow post-recession recovery, in terms of income per capita it is still ahead of some European Union member states such as Bulgaria, and Romania.[51] In terms of average monthly wage, Croatia is ahead of 9 EU members (Czech Republic, Estonia, Slovakia, Latvia, Poland, Hungary, Lithuania, Romania, and Bulgaria).[52]

Croatia Export Treemap
Graphical depiction of Croatia's product exports in 28 color-coded categories.

Annual average unemployment rate in 2014 was 17.3% and Croatia has the third highest unemployment rate in the European Union, after Greece (26.5%), and Spain (24.%).[43] Of particular concern is the heavily backlogged judiciary system, combined with inefficient public administration, especially regarding the issues of land ownership and corruption in the public sector. Unemployment is regionally uneven: it is very high in eastern and southern parts of the country, nearing 20% in some areas, while relatively low in the north-west and in larger cities, where it is between 3 and 7%. In 2015 external debt rose by 2.7 billion euros since the end of 2014 and is now around €49.3 billion.

2016–present

During 2015 the Croatian economy started with slow but upward economic growth, which continued during 2016 and conclusive at the end of the year seasonally adjusted was recorded at 3.5%.[53] The better than expected figures during 2016 enabled the Croatian Government and with more tax receipts enabled the repayment of debt as well as narrow the current account deficit during Q3 and Q4 of 2016 [54][55] This growth in economic output, coupled with the reduction of government debt has made a positive impact on the financial markets with many ratings agencies revising their outlook from negative to stable, which was the first upgrade of Croatia's credit rating since 2007.[56] Due to consecutive months of economic growth and the demand for labour, plus the outflows of residents to other European countries, Croatia had recorded the biggest fall in the number of unemployed during the month of November 2016 from 16.1% to 12.7%, however despite the drop in the unemployment rate, Croatia still sits 3rd from the bottom, in front of Spain and Greece.[57] In 2016 ACG Worldwide became the first Indian pharmaceutical company to operate in Croatia.[58]

Sectors

Industry

Uljanik ship launch (01)

Uljanik shipyard

Asfaltna baza Ivanovec.1

Asphalt plant in Ivanovec

Sisak oil refinery2

Sisak oil refinery

Zadar2006.2

Maraska liqueur factory in Zadar

Tourism

Costa Serena u Dubrovniku

Cruise ship in Dubrovnik.

Kopački rit wooden trail

Kopački Rit Nature Reserve.

St. Mark's Church, Zagreb (16054174011)

St. Mark's Church in Zagreb.

Varaždin - stari grad

Varaždin Old Town.

Golden Cape

Zlatni Rat beach on the Brač island.

Tourism is a notable source of income during the summer and a major industry in Croatia. It dominates the Croatian service sector and accounts for up to 20% of Croatian GDP. Annual tourist industry income for 2011 was estimated at €6.61 billion. Its positive effects are felt throughout the economy of Croatia in terms of increased business volume observed in retail business, processing industry orders and summer seasonal employment. The industry is considered an export business, because it significantly reduces the country's external trade imbalance.[59] Since the conclusion of the Croatian War of Independence, the tourist industry has grown rapidly, recording a fourfold rise in tourist numbers, with more than 10 million tourists each year. The most numerous are tourists from Germany, Slovenia, Austria and the Czech Republic as well as Croatia itself. Length of a tourist stay in Croatia averages 4.9 days.[60]

The bulk of the tourist industry is concentrated along the Adriatic Sea coast. Opatija was the first holiday resort since the middle of the 19th century. By the 1890s, it became one of the most significant European health resorts.[61] Later a large number of resorts sprang up along the coast and numerous islands, offering services ranging from mass tourism to catering and various niche markets, the most significant being nautical tourism, as there are numerous marinas with more than 16 thousand berths, cultural tourism relying on appeal of medieval coastal cities and numerous cultural events taking place during the summer. Inland areas offer mountain resorts, agrotourism and spas. Zagreb is also a significant tourist destination, rivalling major coastal cities and resorts.[62]

Croatia has unpolluted marine areas reflected through numerous nature reserves and 116 Blue Flag beaches.[63] Croatia is ranked as the 18th most popular tourist destination in the world.[64] About 15% of these visitors (over one million per year) are involved with naturism, an industry for which Croatia is world-famous. It was also the first European country to develop commercial naturist resorts.[65]

Agriculture

Croatian agricultural sector subsists from exports of blue water fish, which in recent years experienced a tremendous surge in demand, mainly from Japan and South Korea. Croatia is a notable producer of organic foods and much of it is exported to the European Union. Croatian wines, olive oil and lavender are particularly sought after.

Boškarin

Boškarin cattle.

Fields near Metkovic 4

Plantations in the fertile Neretva valley.

Vineyards of Istria (Croatia)

Vineyards of Istria.

Infrastructure

Transport

Autocesta Zagreb-Split kod Jezerana (Croatia)
Croatian A1 motorway

The highlight of Croatia's recent infrastructure developments is its rapidly developed motorway network, largely built in the late 1990s and especially in the 2000s. By September 2011, Croatia had completed more than 1,100 kilometres (680 miles) of motorways, connecting Zagreb to most other regions and following various European routes and four Pan-European corridors.[66][67][68] The busiest motorways are the A1, connecting Zagreb to Split and the A3, passing east–west through northwest Croatia and Slavonia.[69] A widespread network of state roads in Croatia acts as motorway feeder roads while connecting all major settlements in the country. The high quality and safety levels of the Croatian motorway network were tested and confirmed by several EuroTAP and EuroTest programs.[70][71]

Croatia has an extensive rail network spanning 2,722 kilometres (1,691 miles), including 985 kilometres (612 miles) of electrified railways and 254 kilometres (158 miles) of double track railways. The most significant railways in Croatia are found within the Pan-European transport corridors Vb and X connecting Rijeka to Budapest and Ljubljana to Belgrade, both via Zagreb.[66] All rail services are operated by Croatian Railways.[72]

There are international airports in Zagreb, Zadar, Split, Dubrovnik, Rijeka, Osijek and Pula.[73] As of January 2011, Croatia complies with International Civil Aviation Organization aviation safety standards and the Federal Aviation Administration upgraded it to Category 1 rating.[74]

The busiest cargo seaport in Croatia is the Port of Rijeka and the busiest passenger ports are Split and Zadar.[75][76] In addition to those, a large number of minor ports serve an extensive system of ferries connecting numerous islands and coastal cities in addition to ferry lines to several cities in Italy.[77] The largest river port is Vukovar, located on the Danube, representing the nation's outlet to the Pan-European transport corridor VII.[66][78]

Energy

Urinj 251208
Oil refinery near Rijeka
Hidrocentrala Dubrava - zgrada
A hydroelectric power plant in Međimurje

There are 610 kilometres (380 miles) of crude oil pipelines in Croatia, connecting the Port of Rijeka oil terminal with refineries in Rijeka and Sisak, as well as several transhipment terminals. The system has a capacity of 20 million tonnes per year.[79] The natural gas transportation system comprises 2,113 kilometres (1,313 miles) of trunk and regional natural gas pipelines, and more than 300 associated structures, connecting production rigs, the Okoli natural gas storage facility, 27 end-users and 37 distribution systems.[80]

Croatian production of energy sources covers 85% of nationwide natural gas demand and 19% of oil demand. In 2008, 47.6% of Croatia's primary energy production structure comprised use of natural gas (47.7%), crude oil (18.0%), fuel wood (8.4%), hydro power (25.4%) and other renewable energy sources (0.5%). In 2009, net total electrical power production in Croatia reached 12,725 GWh and Croatia imported 28.5% of its electric power energy needs.[81] The bulk of Croatian imports are supplied by the Krško Nuclear Power Plant in Slovenia, 50% owned by Hrvatska elektroprivreda, providing 15% of Croatia's electricity.[82]

Electricity:

  • production: 13.38 billion kWh (2014 est.)
  • consumption: 16.97 billion kWh (2014 est.)
  • exports: 2.866 billion kWh (2014 est.)
  • imports: 6.592 billion kWh (2014 est.)
  • installed generating capacity: 4.206 million kW (2013 est.)

Electricity – production by source:

  • hydro: 48.5% (2013 est.)
  • fossil fuels: 37.1% (2013 est.)
  • nuclear: 7.7% (2013 est.)
  • other: 6.6% (2013 est.)

Crude oil:

  • production: 11,070 barrels per day (1,760 m3/d) (2014 est.)
  • imports: 37,300 barrels per day (5,930 m3/d) (2014 est.)
  • proved reserves: 71,000,000 barrels (11,300,000 m3) (2014 est.)

Natural gas:

  • production: 1.805 billion m³ (2014 est.)
  • consumption: 2.81 billion m³ (2014 est.)
  • exports: 422 million m³ (2014 est.)
  • imports: 1.079 billion m³ (2014 est.)
  • proved reserves: 24.92 billion m³ (2014 est.)

Stock exchanges

Panorama-Eurotower, Cibona, HOTO
Zagreb Stock Exchange, located in Eurotower

Banking

Banco Nacional, Zagreb, Croacia, 2014-04-20, DD 01
Croatian National Bank Building in Zagreb

Central bank:

Major commercial banks:

Central Budget

Overall Budget:[83]
Revenues:

  • $16.77 billion (114.9 billion Kuna) 2016

Expenditures:

  • $17.9 billion, (122.4 billion Kuna) 2016

Expenditure for 2016

  • Foreign and European Affairs – 0.603 billion Kuna
  • Social Politics and Youth – 4.7 billion Kuna
  • Regional Development and EU funds – 0.917 billion Kuna
  • Interior – 5.08 billion Kuna
  • Finance – 37.5 billion Kuna
  • Defence – 4.02 billion Kuna
  • Health – 9.05 billion Kuna
  • Justice – 2.3 billion Kuna
  • Public Administration – 0.373 billion Kuna
  • Economy – 1.8 billion Kuna
  • Entrepreneurship and Crafts – 1.2 billion Kuna
  • Labour and Pension System – 41.8 billion Kuna
  • Maritime Affairs, Transport and Infrastructure – 6.1 billion Kuna
  • Science, Education and Sport – 13.8 billion Kuna
  • Agriculture – 6.8 billion Kuna
  • Tourism – 0.172 billion Kuna
  • Environmental and Nature Protection – 1.3 billion Kuna
  • Construction and Physical Planning – 0.944 billion Kuna
  • Veterans' Affairs – 0.938 billion Kuna
  • Culture – 0.924 billion Kuna

Economic indicators

The following table shows the main economic indicators in 1993–2017.[84]

Year 1993 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
GDP in $
(PPP)
36.02 Bln. 42.41 Bln. 54.51 Bln. 76.28 Bln. 82.38 Bln. 88.94 Bln. 92.54 Bln. 86.36 Bln. 86.17 Bln. 87.66 Bln. 87.28 Bln. 88.11 Bln. 89.61 Bln. 92.71 Bln. 96.86 Bln. 101.34 Bln.
GDP per capita in $
(PPP)
7,790 9,524 12,441 17,173 18,556 20,049 20,872 19,499 19,505 20,483 20,450 20,703 21,144 22,052 23,227 24,424
GDP growth
(real)
−8.0 % 6.6 % 3.8 % 4.2 % 4.8 % 5.2 % 2.1 % −7.4 % −1.4 % −0.3 % −2.2 % −0.6 % −0.1 % 2.3 % 3.2 % 2.8 %
Inflation
(in Percent)
1,518.5 % 2.0 % 4.6 % 3.3 % 3.2 % 2.9 % 6.1 % 2.4 % 1.0 % 2.3 % 3.4 % 2.2 % −0.2 % −0.5 % −1.1 % 1.1 %
Unemployment rate
(in Percent)
14.8 % 14.5 % 20.6 % 17.6 % 16.5 % 14.7 % 13.0 % 14.5 % 17.2 % 17.4 % 18.6 % 19.8 % 19.3 % 17.1 % 14.8 % 12.2 %
Government debt
(Percentage of GDP)
... ... 33 % 41 % 39 % 38 % 40 % 49 % 58 % 65 % 71 % 82 % 86 % 85 % 83 % 78 %

From the CIA World Factbook 2016.

GDP – purchasing power parity: $91.28 billion (2015 est.)

GDP – real growth rate: 1.6% (2015 est.)

GDP – per capita: purchasing power parity - $21,600 (2015 est.)

GDP – composition by sector: agriculture: 4.3% industry: 26.2% services: 69.5% (2015 est.)

Labor force: 1.677 million (2015 est.)

Labor force – by occupation: agriculture 1.9%, industry 27.6%, services 70.4% (2014)

Unemployment rate: 17.1% (2015 est.)

Population below poverty line: 19.5% (2014)

Household income or consumption by percentage share:
lowest 10%: 3.3%
highest 10%: 27.5% (2008 est.)

Distribution of family income – Gini index: 29 (2001) 32 (2010)

Inflation rate (consumer prices): -0.5% (2015)

Investment (gross fixed): 19,1% of GDP (2014 est.)

Budget:
revenues: $21.3 billion (2015 est.)
expenditures: $22.86 billion, (2015 est.)

Public debt: 86.7% of GDP (2015 est.)

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

Industries: chemicals and plastics, machine tools, fabricated metal, electronics, pig iron and rolled steel products, aluminium, paper, wood products, construction materials, textiles, shipbuilding, petroleum and petroleum refining, food and beverages; tourism

Industrial production growth rate: 1.9% (2015 est.)

Current account balance: $2.551 billion (2015 est.)

Exports: $11.91 billion (2015 est.)

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

Exports – partners: Italy 13.4%, Slovenia 12.5%, Germany 11.4%, Bosnia and Herzegovina 9.9%, Austria 6.6%, (2015)

Imports: $19.28 billion (2015 est.)

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

Imports – partners: Germany 15.5%, Italy 13.1%, Slovenia 10.7%, Austria 9.2%, Hungary 7.8%, (2015)

Reserves of foreign exchange and gold: $14.97 billion (31 December 2015 est.)

Debt – external: $50.88 billion (31 December 2015 est.)

Currency: kuna (HRK)

Exchange rates: kuna per US$1 – 6.8583 (2015), 5.7482 (2014), 5.7089 (2013), 5.3735 (2007), 5.8625 (2006), 5.9473 (2005), 6.0358 (2004), 6.7035 (2003), 7.8687 (2002), 8.34 (2001), 8.2766 (2000), 7.112 (1999), 6.362 (1998), 6.157 (1997), 5.434 (1996), 5.230 (1995)

Gross Domestic Product

Counties of Croatia by GDP, in million Euro
County 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Zastava bjelovarsko bilogorske zupanije.gif Bjelovar-Bilogora 548 604 674 672 716 754 848 847 1,037 957 852 844 813 799
Flag of Brod-Posavina County.svg Brod-Posavina 575 643 699 717 782 786 869 931 1,074 968 934 931 920 913
Flag of Dubrovnik-Neretva County.png Dubrovnik-Neretva 572 634 674 742 876 963 1,063 1,265 1,344 1,273 1,259 1,202 1,208 1,220
Zastava Istarske županije.svg Istria 1,401 1,597 1,783 1,935 2,137 2,240 2,410 2,654 2,826 2,754 2,773 2,704 2,633 2,641
Flag of Karlovac county.svg Karlovac 587 715 783 752 770 839 940 1,052 1,127 1,009 979 991 968 975
Flag of Koprivnica-Križevci County.png Koprivnica-Križevci 684 733 793 793 810 872 1,017 1,103 1,169 1,121 1,058 984 1,052 1,002
Flag of Krapina-Zagorje-County.svg Krapina-Zagorje 571 660 685 703 721 834 879 984 1,011 897 824 836 823 835
Flag of Lika-Senj County.png Lika-Senj 242 259 316 384 521 398 418 411 492 435 424 410 388 386
Medjimurje-flag.gif Međimurje 520 575 651 655 693 725 836 894 1,057 984 951 963 958 962
Zastava Osječko-baranjske županije.png Osijek-Baranja 1,370 1,499 1,699 1,710 1,884 1,999 2,193 2,538 2,844 2,590 2,527 2,520 2,452 2,443
Flag of Požega-Slavonia County.png Požega-Slavonia 337 371 395 428 456 472 484 541 557 510 504 489 468 463
Flag of Primorje-Gorski Kotar County.png Primorje-Gorski Kotar 2,040 2,067 2,185 2,440 2,586 2,952 3,222 3,406 3,864 3,744 3,716 3,768 3,873 3,810
Flag of Sisak-Moslavina County.png Sisak-Moslavina 917 938 971 978 1,026 1,140 1,318 1,269 1,470 1,432 1,409 1,411 1,380 1,307
Flag of Split-Dalmatia County.svg Split-Dalmatia 1,883 2,077 2,267 2,446 2,813 3,006 3,324 3,847 4,058 3,837 3,796 3,672 3,583 3,571
Flag of Šibenik-Knin County.png Šibenik-Knin 416 447 506 570 647 742 751 892 932 826 866 865 847 856
Flag of Varaždin County.png Varaždin 898 1,001 1,141 1,161 1,150 1,221 1,372 1,490 1,700 1,592 1,470 1,457 1,454 1,468
Flag of Virovitica-Podravina County.png Virovitica-Podravina 378 34 465 478 493 497 584 616 661 561 528 536 520 502
Flag of Vukovar-Syrmia County.svg Vukovar-Syrmia 651 723 795 836 889 964 1,098 1,144 1,318 1,180 1,109 1,113 1,065 1,059
Flag of Zadar County.png Zadar 623 731 825 962 1,035 1,139 1,184 1,380 1,580 1,474 1,435 1,414 1,398 1,402
Zagreb County.png Zagreb County 1,301 1,293 1,599 1,658 1,825 2,043 2,085 2,392 2,627 2,560 2,458 2,474 2,481 2,480
Flag of Zagreb.svg City of Zagreb 6,632 7,537 8,205 8,991 9,927 11,138 12,208 13,176 14,622 14,079 15,149 14,634 14,675 14,423
Source: Croatian Bureau of Statistics[85][86][87][88][89][90][91][92]
Counties of Croatia by GDP per capita, in Euro
County 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Zastava bjelovarsko bilogorske zupanije.gif Bjelovar-Bilogora 4,105 4,550 5,108 5,135 5,510 5,848 6,634 6,691 8,255 7,677 7,059 7,062 6,879 6,838
Flag of Brod-Posavina County.svg Brod-Posavina 3,260 3,633 3,955 4,065 4,452 4,487 4,972 5,345 6,183 5,606 5,852 5,882 5,853 5,858
Flag of Dubrovnik-Neretva County.png Dubrovnik-Neretva 4,679 5,146 5,456 5,990 7,059 7,719 8,482 10,042 10,601 9,990 10,265 9,807 9,861 9,969
Zastava Istarske županije.svg Istria 6,828 7,728 8,597 9,275 10,192 10,628 11,377 12,463 13,195 12,810 13,298 12,991 12,677 12,711
Flag of Karlovac county.svg Karlovac 4,124 5,054 5,581 5,408 5,580 6,125 6,923 7,825 8,451 7,634 7,539 7,709 7,621 7,763
Flag of Koprivnica-Križevci County.png Koprivnica-Križevci 5,487 5,894 5,406 6,441 6,620 7,157 8,386 9,142 9,730 9,371 9,108 8,524 9,156 8,768
Flag of Krapina-Zagorje-County.svg Krapina-Zagorje 3,995 4,639 4,843 5,001 5,161 5,993 6,345 7,144 7,377 6,576 6,174 6,300 6,246 6,380
Flag of Lika-Senj County.png Lika-Senj 4,478 4,822 5,941 7,249 9,892 7,603 8,074 8,039 9,725 8,707 8,243 8,081 7,764 7,841
Medjimurje-flag.gif Međimurje 4,397 4,855 5,494 5,535 5,855 6,125 7,074 7,581 8,960 8,349 8,353 8,459 8,436 8,481
Zastava Osječko-baranjske županije.png Osijek-Baranja 4,147 4,537 5,149 5,199 5,750 6,127 6,757 7,875 8,871 8,112 8,246 8,271 8,093 8,121
Flag of Požega-Slavonia County.png Požega-Slavonia 3,934 4,320 4,610 5,020 5,383 5,605 5,786 6,505 6,750 6,229 6,404 6,281 6,101 6,102
Flag of Primorje-Gorski Kotar County.png Primorje-Gorski Kotar 6,682 6,765 7,155 7,997 8,474 9,674 10,560 11,177 12,680 12,305 12,515 12,724 13,110 12,930
Flag of Sisak-Moslavina County.png Sisak-Moslavina 4,949 5,067 5,274 5,349 5,654 6,331 7,391 7,200 8,432 8,325 8,079 8,214 8,148 7,842
Flag of Split-Dalmatia County.svg Split-Dalmatia 4,097 4,468 4,840 5,192 5,935 6,298 6,932 8,003 8,422 7,952 8,340 8,072 7,875 7,849
Flag of Šibenik-Knin County.png Šibenik-Knin 3,710 3,953 4,466 5,019 5,691 6,513 6,575 7,799 8,156 7,239 7,848 7,930 7,869 8,051
Flag of Varaždin County.png Varaždin 4,852 5,422 6,198 6,338 6,305 6,711 7,552 8,223 9,404 8,834 8,338 8,285 8,300 8,415
Flag of Virovitica-Podravina County.png Virovitica-Podravina 4,045 4,654 5,016 5,176 5,410 5,485 6,497 6,923 7,485 6,399 6,179 6,333 6,199 6,043
Flag of Vukovar-Syrmia County.svg Vukovar-Srijem 3,184 3,528 3,903 4,127 4,414 4,807 5,501 5,756 6,647 5,974 6,123 6,217 5,996 6,025
Flag of Zadar County.png Zadar 3,872 4,497 5,027 5,806 6,198 6,731 6,918 7,980 9,051 8,388 8,460 8,302 8,169 8,173
Zagreb County.png Zagreb County 4,236 4,166 5,111 5,249 5,731 6,368 6,458 7,360 8,036 7,803 7,755 7,786 7,791 7,781
Flag of Zagreb.svg City of Zagreb 8,532 9,674 10,529 11,527 12,701 14,216 15,567 16,766 18,554 17,814 19,211 18,503 18,506 18,132
Source: Croatian Bureau of Statistics[85][86][87][88][89][90][91][92]

See also

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External links

Areas of Special State Concern (Croatia)

Areas of Special State Concern or ASSC (Croatian: Područja od posebne državne skrbi) in Croatia are areas of relative underdevelopment compared to the rest of the country in which Croatian Government implement certain policies aimed at achieving balanced regional development. In addition to challenges faced by many other non-urban communities in Croatia ASSC areas face specific challenges which are result of the 1991–1995 Croatian War of Independence and include return and reintegration of war refugees, lack of entrepreneurial capacity and support for business, destroyed or inadequate infrastructure, land under land-mines and insufficient social reintegration. The legal foundation for the government's activities is the Act on Areas of Special State Concern which belongs to the group of the four regional acts, though are mostly implemented at local and municipal level. The Act was enacted in 1996 which brought flexibility with municipalities and settlements entering or leaving the ASSC depending on their indicators. In 2002 the Act has passed through the major amendment divided the ASSC into three major categories.The First Category is covering settlements directly on the state border which were under the rebel control during the war and whose seat is less than 15 km away from the border and have less than 5,000 inhabitants according to the 1991 census as well as the entire area of the former self-proclaimed Eastern Slavonia, Baranja and Western Syrmia. The Second Category covers all the other regions which were under the rebel control but are not in the first category. The Third Category includes areas which are lagging behind the rest of the country in its development. Particular financial contribution to the Government activities in the ASSC areas is provided by the Regional Development Fund established in 2001.The Act's general provisions determine than only up to 15% of the total population of Croatia may live in the ares which are determined as the ASSC. 170 units of local government in Croatia or some of their settlements are part of the ASSC and in 2001 679,657 inhabitants lived on their territory (15,3% of the total population), with 217,876 in the First, 264,031 in the Second and 197,750 in the Third Category.

Automotive industry in Croatia

The automotive industry in Croatia employs about 10,000 people in over 130 companies and generates profit of about US$600 million. Croatia mostly produces automotive parts and software for foreign market, primarily the European Union and the European automotive industry. Two most prominent car manufacturers in Croatia are DOK-ING and Rimac Automobili, while Crobus produces buses. The automotive industry accounts for approximately 1.8 per cent of all Croatian exports, while 90 per cent of profits in the industry itself are derived from exports.Automotive parts manufacturers in Croatia are well-integrated into the global parts supply chain, such as AD Plastik, which produces for Volkswagen, or Lipik Glas, which supplies windscreens to the London Taxi Company and Aston Martin. Other Croatian companies produce parts for PSA Peugeot Citroën, General Motors, Fiat, BMW, Audi, Ford, Renault, Toyota and Volvo, among others.

Business Innovation Center of Croatia

The Business Innovation Center of Croatia (Croatian: Poslovno-inovacijski centar Hrvatske) or BICRO is an agency of the Croatian government formed in 1998 and responsible for allocating state funding for research and development projects.

The agency's main goal is providing successful and efficient support to technological development and commercial use of research outputs by creating financial and material conditions for companies who wish to increase their competitiveness or facilitate introduction of new products or services to the market. The agency mainly does this by approving financial aid and incentives to small- and medium-sized companies for research and development.

CROBEX

CROBEX is the official share index of the Zagreb Stock Exchange. As of March 2011, it includes stocks of 25 companies and is calculated continuously using the latest stock prices. It is measured using free float market capitalization, where the weight of each individual stock is limited to 15 percent.

Croatia and the euro

Croatia's currency, the kuna, has used the euro (and prior to that one of the euro's major predecessors, the German mark or Deutschmark) as its main reference since its creation in 1994, and a long-held policy of the Croatian National Bank has been to keep the kuna's exchange rate with the euro within a relatively stable range.

Croatia's EU membership obliges it to eventually join the eurozone, as such the country plans to join the European Monetary System, the pathway to euro adoption. Prior to Croatian entry to the EU on 1 July 2013, Boris Vujčić, governor of the Croatian National Bank, stated that he would like the kuna to be replaced by the euro as soon as possible after accession. This must be at least two years after Croatia joins the ERM2 (in addition to it meeting other criteria). The Croatian National Bank had anticipated euro adoption within two or three years of EU entry. However, the EU's response to the ongoing financial crises in eurozone states may delay Croatia's adoption of the euro. The country's own contracting economy also poses a major challenge to it meeting the convergence criteria. While keen on euro adoption, one month before Croatia's EU entry governor Vujčić admitted "...we have no date [to join the single currency] in mind at the moment". Before Croatia can join ERM II, it must reduce its budget deficit by about 1.5 billion kuna (June 2013 figures). The European Central Bank was expecting Croatia to be approved for ERM II membership in 2016 at the earliest, with euro adoption in 2019.Many small businesses in Croatia had debts denominated in euros before EU accession.

Croatian people already use the euro for most savings and many informal transactions. Real estate, motor vehicle and accommodation prices are mostly quoted in euros.

Croatian National Bank

The Croatian National Bank (Croatian: Hrvatska narodna banka or HNB; pronounced [xř̩ʋaːtskaː nǎːrodnaː bâːŋka]) is the central bank of the Republic of Croatia.

HNB was established by the Constitution of Croatia which was passed by the Croatian Parliament on 21 December 1990. Its main responsibilities are maintaining the stability of the national currency, the kuna, and ensuring general financial liquidity within the country. HNB also issues banknotes and holds the national monetary reserves. In performing its duties HNB acts as an independent institution responsible to the Parliament. The bank has a share capital of 2,500,000,000 Croatian kunas (c. US$ 450 million). HNB acts in accordance with Law on Croatian National Bank.

Croatian Quality

Croatian Quality is a label awarded by the Croatian Chamber of Economy to companies on Croatian territory which produce material and service of only the highest quality. This label can be applied to some of the following Croatian brands.

Croatian brands

The following products could be described as hallmarks of Croatian trade. Croatiastreet awards its own quality seal (Hrvatska kvaliteta) to the best Croatian products every year.

Index of Croatia-related articles

This page list topics related to Croatia.

Industry of Croatia

Industry of Croatia plays an important role in the country's economy. It has a longstanding tradition based since the 19th century on agriculture, forestry and mining. Many industrial branches developed at that time, like wood industry, food manufacturing, potash production, shipbuilding, leather and footwear production, textile industry, and others. Today, the industrial sectors in Croatia are food and beverage industry (approx. 24% of total manufacturing industry revenue), metal processing and machine industry, including vehicles (20%), coke and refined petroleum production (17%), chemical, pharmaceutical, rubber and plastics industry (11%), wood, furniture and paper manufacturing (9%), electrical equipment, electronics and optics fabrication (9%), textile, clothing and footwear industry (5%) as well as construction and building materials production (5%).

In the structure of Croatian Gross domestic product (GDP) in 2015, industry's share was 21.2%. Industry's export reached around 10 billion euros in 2015, representing 94.5% of total export. In the same year the industrial production growth rate was 2.7%.

List of Croatian counties by GDP

Gross domestic product (GDP) of the counties of Croatia significantly varies from one county to another as economic development of Croatia varies substantially between Croatia's geographic regions reflecting historic developments, infrastructure available, especially routes of transportation, and diverse geographic setting of various parts of the country, especially in respect of areas situated along the Adriatic Sea shores, where tourism represents a major source of income.

List of Croatian counties by Human Development Index

This is a list of Croatian counties (županije) by Human Development Index as of 2017, including the City of Zagreb, the capital and largest city.

Made in Croatia

Made in Croatia is a merchandise mark indicating that a product has been manufactured in Croatia. Croatia awards its own quality seal 'Croatian Quality (Hrvatska kvaliteta)' to the best Croatian products every year.

Minimum wage in Croatia

Minimum wage in Croatia is regulated by the Minimum Wage Act (Croatian: Zakon o minimalnoj plaći) and is defined as the lowest gross monthly wage for a full-time worker, based on a 40-hour work week. For workers who do not work full time, minimum wage is lower, in proportion to their working hours. Additional compensation for overtime work, night work, and work on Sundays and holidays is not included in the minimum wage. Minimum wage is recalculated once a year and is effective throughout the next calendar year.As of 1 January 2019, the minimum gross monthly wage in Croatia is 3,750.00 HRK (c. €505), which is equivalent to a net amount of 3,000.00 HRK (c. €406), or 45% of average monthly wage. In January 2018, minimum wage was received by 45,245 workers, down from c. 80,000 in 2014.

Ministry of Agriculture (Croatia)

The Ministry of Agriculture (Croatian: Ministarstvo poljoprivrede) is a ministry of the Croatian government, whose work is aimed at overseeing the development of agriculture and fisheries in Croatia. The current Agriculture Minister is Tomislav Tolušić, member of the Croatian Democratic Union.

Outline of Croatia

The following outline is provided as an overview of and topical guide to Croatia:

Croatia – unitary democratic parliamentary republic in Europe at the crossroads of Central Europe, the Balkans, and the Mediterranean. The country's population is 4.45 million, most of whom are Croats, with the most common religious denomination being Roman Catholicism. Croatia is a member of the European Union (since July 2013).

Privatization in Croatia

Privatization in Croatia refers to political and economic reforms which include the privatization of state-owned assets in Croatia. Privatization started in the late 1980s under Yugoslav Prime Minister Ante Marković and mostly took place in the 1990s after the breakup of Yugoslavia, during the presidency of Franjo Tuđman and the rule of his party Croatian Democratic Union (HDZ), and continued in the 2000s with the privatization of large state enterprises. Many aspects of the privatization process are still seen as controversial as the political and economic turmoil, coupled with the events of the simultaneous 1991–95 independence war, are thought to have led to a degree of criminal activity.

Taxation in Croatia

Taxes in Croatia is levied by both the central and the regional governments. Tax revenue in Croatia stood at 26.6% of GDP in 2013. Most important revenue sources, include the income tax, social security contributions, corporate tax and the value added tax, which are all applied on the national level.

Income earned in Croatia is subject to a progressive income tax, of three different brackets.

VAT in Croatia is levied at three different rates. The standard rate is 25 percent, two reduced rates are 13 and 5 percent apply on different goods and services. The 13% rate apply for newspapers, magazines, bread and milk; books and scientific journals, hotels and medicines.Employment Income is subject to social security, at a rate of 15.2% for the employer and 20% for the employee.

Corporate tax is levied at a rate of 12% for revenue less than 3 million kn and 18% for more. Certain expenses are tax deductible for businesses including personal means of transportation. Resident businesses are taxed on worldwide income, while foreign companies in Croatia are taxed on profits earned in Croatia.

Varaždin Stock Exchange

The Varaždin Stock Exchange or VSE (Croatian: Varaždinska burza) was a stock exchange which operated in Varaždin, Croatia. It was established in 1993 as an OTC market, and became a stock exchange in 2002. According to January 2007 issue of Investitor, its market capitalization at the beginning of 2007 amounted to 9.8 billion euro. The VSE was merged into the Zagreb Stock Exchange in March 2007.

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