Croatia - Economy

Economy

The largest Croatian companies by turnover in 2010
Rank Name Headquarters Revenue
(Mil. €)
Profit
(Mil. €)
1 Agrokor Zagreb 3,568 22.0
2 INA Zagreb 3,547 137.3
3 Hrvatska elektroprivreda (HEP) Zagreb 1,677 200.3
4 Konzum Zagreb 1,574 56.6
5 T-Hrvatski Telekom Zagreb 1,149 251.0
Main article: Economy of Croatia See also: List of companies of Croatia

Croatia has a high-income market economy. International Monetary Fund data shows that Croatian nominal GDP stood at $63.842 billion, or $14,457 per capita, at the same time in 2011 while purchasing power parity GDP was $80.334 billion or $18,191 per capita. According to Eurostat data, Croatian PPS GDP per capita stood at 61% of the EU average in 2010. Real GDP growth in 2007 was 6.0 per cent. The average net salary of a Croatian worker in June 2012 was 5,492 kuna (US$ 912) per month. In 2007, the International Labour Organization-defined unemployment rate stood at 9.1%, after falling steadily from 14.7% in 2002. The registered unemployment rate was higher, though, standing at 13.7% in December 2008.

In 2009, economic output was dominated by the service sector which accounted for 73.6% of GDP, followed by the industrial sector with 20.5% and agriculture accounting for 5.9% of GDP. According to 2004 data, 2.7% of the workforce were employed in agriculture, 32.8% by industry and 64.5% in services. The industrial sector is dominated by shipbuilding, food processing, pharmaceuticals, information technology, biochemical and timber industry. In 2010, Croatian exports were valued at 64.9 billion kuna (€8.65 billion) with 110.3 billion kuna (€14.7 billion) worth of imports. The largest trading partner is the European Union.

Privatization and the drive toward a market economy had barely begun under the new Croatian Government when war broke out in 1991. As a result of the war, the economic infrastructure sustained massive damage, particularly the revenue-rich tourism industry. From 1989 to 1993, the GDP fell 40.5%. The Croatian state still controls a significant part of the economy, with government expenditures accounting for as much as 40% of GDP. A backlogged judiciary system, combined with inefficient public administration, especially on issues of land ownership and corruption, are particular concerns. In 2011 the country has been ranked 66th by Transparency International with a Corruption Perceptions Index of 4.0. Another problem is a large and growing national debt, which has reached over €34 billion or 89.1% of the nation's GDP.

Read more about this topic:  Croatia

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