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Economy and Banking Sector of Croatia

National Currency

Croatian Kuna (HRK)

Exchange Rate

1 EUR = 7.5385 HRK (2020-07-08)

During the last 11 years EURHRK exchange rate was within the range 7.1980 - 7.6975, reaching its maximum in Jan 2015 and falling to its minimum in Jun 2010.

Euro to Croatian kuna (EURHRK).

Chart 1. Euro to Croatian kuna (EURHRK). Source: ECB.

GDP

Nominal GDP (2019)
53.9 bln EUR  (+0.04%)
Nominal GDP per Capita (2019)
13,330 EUR  (+0.05%)
Real GDP Growth (2019)
2.9 %  (2018: 2.6 %)

According to Eurostat, nominal GDP of Croatia in 2019 was 53.9 bln EUR.

Croatia outperforms the European Union in terms of real GDP growth with the average annual differential coming to 0.3% over the past 10 years (2009 - 2019). In 2019 real GDP growth was 2.9% which was above the Euro Area average (1.2%) and above the European Union average (1.5%). Real GDP growth in 2020 - 2024 are IMF's estimates.

Real GDP Growth in Croatia.

Chart 2. Real GDP Growth in Croatia. Source: Eurostat, International Monetary Fund.

In 2019, nominal GDP per capita in Croatia was 13,330 EUR.

Croatia has a below-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, fell behind that of the European Union by -33.5% over the past 10 years (2008 - 2018). GDP per capita at PPP in 2019 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  Croatia; European Union = 100.

Chart 3. GDP Per Capita at Purchasing Power Parity in Croatia; European Union = 100.

Inflation Rate

CPI, MoM (Apr 2020)
0.0 % (unchanged)
CPI, YoY (Apr 2020)
-0.1 %  (Mar 2020: 0.5 %)
CPI, Year Average (2019)
0.8 %  (2018: 1.6 %)

According to Eurostat, inflation rate in Croatia in 2019 expressed as annual percentages of average consumer prices was 0.8% which was below the Euro Area average (1.2%) and below the European Union average (1.5%). Inflation rates in 2020 - 2024 are IMF's estimates.

Inflation Rate in Croatia.

Chart 4. Inflation Rate in Croatia. Source: Eurostat, International Monetary Fund.

Unemployment Rate

Unemployment Rate (2019)
6.6 %  (2018: 8.5 %)

According to Eurostat, unemployment rate in Croatia in 2019 was 6.6% which was below the Euro Area average (7.6%) and above the European Union average (6.3%). Unemployment rates in 2020 - 2024 are IMF's estimates.

Unemployment Rate in Croatia.

Chart 5. Unemployment Rate in Croatia. Source: Eurostat, International Monetary Fund.

Government Bond Yield

Government Bond Yield (Apr 2020)
1.24 %  (Mar 2020: 0.96 %)

According to Eurostat, government bond yield in Croatia in April 2020 was 1.24%, compared to 0.96% in March 2020.

Government bond yield of Croatia.

Chart 6. Government bond yield of Croatia. Source: Eurostat.

Credit Ratings (as of Jun 2020)

Fitch
BBB- (good credit quality), outlook stable
Moody's
Ba2 (non-investment grade speculative), outlook positive
Scope
BBB- (lower medium grade), outlook stable

Croatia has sovereign credit ratings assigned by American credit rating agencies Fitch and Moody's: the rating set by Fitch is BBB- (good credit quality), outlook stable; the rating set by Moody's is Ba2 (non-investment grade speculative), outlook positive. Scope Ratings, European rating agency, rated Croatia as BBB- (lower medium grade), outlook stable.