![]() ![]() Economic outlook for 2023 for Croatian economy are mixed, depends largely on how the big Eurozone economies perform, Croatia's largest trading partners Italy, Germany, Austria, Slovenia and France are expected to slow down, but avoid recession according to latest economic projections and estimates, so Croatian economy as a result could see better then expected results in 2023, early projections of between 1 and 2.6% economic growth in 2023 with inflation at 7% is a significant slow down for the country,however country is experiencing major internal and inward investment cycle unparalleled in recent history. Croatian Purchasing Power Parity in 2022 for the first time should exceed $40 000, however considering Croatian economy experienced 6 years of deep recession, catching up will take several more years of high growth. In 2022, Croatian economy is expected to grow between 5.9 and 7.8% in real terms and it is expected to reach between $72 and $73.6 billion according to preliminary estimates by Croatian Government surpassing early estimates of 491 billion kuna or $68.5 billion. ICT sector alone is generating €7 billion of service exports and it is expected to expand further in 20 at an average of 15%. Croatian Economy also saw continuation of rapid economic growth based on good tourism receipts and export numbers, as well as rapidly expanding ICT sector which saw rapid growth and revenue that rival Croatian Tourism. Croatian exports in 20 saw rapid growth of nearly 25% and 26% respectively, with exports in 2021 reaching 143.7 billion kuna and exports in 2022 expanding further by 26% to reach projected 182 billion kuna. Ĭroatia's post-pandemic recovery was supported by strong private consumption, better-than-expected performance in the tourism industry, and a boom in merchandise exports. Growth rebounded in 2021 and Croatia recorded its largest year-over-year GDP growth since 1991. The Croatian economy reached pre crisis levels in 2019, but due to the Coronavirus pandemic GDP decreased by 8.4% in 2020. Croatia formally emerged from the recession in the fourth quarter of 2014, and had continuous GDP growth until 2020. With its entry into the Eurozone, Croatia is now classified as a developed country or an advanced economy, a designation given by the IMF to highly developed industrial nations, with GDP (nominal) per capita above $20,000, which includes all members of the Eurozone.Ĭroatia was hit by 2008 global financial crisis really hard which affected Croatian economy with a significant downturn in economic growth as well as progress in economic reform which resulted in six years of recession and a cumulative decline in GDP of 12.5%. Further integration into the EU structures will continue in the coming years, including participation in ESA, CERN as well as EEA membership in the next 24 months. Croatia is also negotiating membership of OECD organization, which it hopes to join by 2025. Croatia joined the World Trade Organization in 2000, NATO in 2009, has been a member of the European Union since 1 July 2013, and it finally joined the Eurozone and the Schengen Area on 1 January 2023. ![]() Croatia's road to globalization started as soon as the country gained independence, with tourism as one of the country's core industries dependent on the global market. The economy of Croatia is a high-income, service-based social market economy with the tertiary sector accounting for 70% of total gross domestic product (GDP).Ĭroatia has a fully integrated and globalized economy. All values, unless otherwise stated, are in US dollars. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |