Croatia, officially the Republic of Croatia. It’s a country between Central and Southeast Europe, on the Adriatic Sea. It's the capital city is Zagreb, which forms one of the country's primary subdivisions, along with its twenty counties. Croatia has a population of 4.28 million, most of whom are Roman Catholics. Croatia is a republic governed by a parliamentary system. International Tourism is a significant source of revenue during the summer, with Croatia ranked the 18th most popular tourist destination in the world. The state controls a part of the economy, with substantial government expenditure. Croatia provides a universal health care system and free primary and secondary education while supporting culture through numerous public institutions and corporate investments in media and publishing.
Economy of Croatia is a service-based economy with the tertiary sector accounting for 70% 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 a healthy 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 the 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%). Predictions are that real GDP growth will gradually rise to 2.1% in 2016.
The industrial sector with exports of over €1 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%. The industrial sector is responsible for 25% of Croatia's GDP, with agriculture, forestry, and fishing accounting for the remaining 5% of Croatian GDP.
|Agriculture||Sugar beets, corn, wheat, potatoes, barely, soybeans, tobacco, oat, rye & rice.|
|Manufacture||Metal, textile, energy, motor vehicle, chemical, oil, pharmaceutical, electric equipment & timber products.|
|Services (Including financial)||69.2% (2013 estimate)|
|INA||Oil & Gas|
|Pertol||Oil & Gas|
|Privredna Banka Zagreb||Banking|
|HEP - Production||Transmission & Distribution|
The Zagreb Stock Exchange or ZSE is a stock exchange located in Zagreb, Croatia. It is Croatia's only stock exchange. The exchange trades shares of Croatian companies, as well as bonds and commercial bills. The ZSE was established in 1991 as the successor of "Zagreb Stock Exchange for the goods and values" which was co-founded by Samuel David Alexander in 1907. In March 2007, it incorporated VSE, forming a single Croatian capital market, leading in the region by market capitalization and trading volume. The forerunner of the modern-day Zagreb Stock Exchange, the Zagreb Commodities and Valuables Division of the Zagreb Chamber of Commerce, was launched on June 15, 1907, and traded until its first shutdown in 1911. It reopened in 1918, shut down again under communism in 1945 and re-opened once more in 1991 by a group of 27 Croatian banks and insurance companies. Three years later, in 1994, the Zagreb Stock Exchange introduced electronic trading for its member brokers.
In November 2006, the ZSE signed an agreement with exchange-industry leader Nasdaq OMX Group to co-operate on technology and product development with a possible view to integrating ZSE with OMX-owned The Nordic Exchange group in Scandinavia and the Baltic. Just over two years later, in February 2009, ZSE announced that it had placed itself on the market and had drawn interest from Wiener Börse, then holding company of the Vienna Stock Exchange group, although no sale eventuated. In November of that year, ZSE's then- CEO Roberto Motusic re-emphasized the need for consolidation among the Balkan region's exchanges, either via takeovers or voluntary partnerships.
Total market capitalization: HRK 178.64 Million
Total listed companies: 378
Economic growth has been hurt by the global financial crisis. 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. Since the global crisis hit the country, the unemployment rate has been steadily increasing, resulting in the loss of more than 100,000 jobs. While unemployment was 9.6% in late 2007, in January 2014 it peaked at 22.4%. In 2010 Gini coefficient was 0,32. In September 2012, Fitch rating agency unexpectedly improved Croatia's economic outlook from negative to stable, reaffirming Croatia's current BBB rating. The slow pace of privatization of state-owned businesses and an overreliance on tourism have also been a drag on the economy.
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. Despite 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. In terms of average monthly wage, Croatia is ahead of 9 EU members (Czech Republic, Estonia, Slovakia, Latvia, Poland, Hungary, Lithuania, Romania, and Bulgaria).
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.%). Of concern in 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.
Croatia, officially the Republic of Croatia, is a sovereign state at the crossroads of Central Europe, Southeast Europe, and the Mediterranean. Its capital city is Zagreb, which forms one of the country's primary subdivisions, along with its twenty counties. Croatia declared independence in June 1991; however, the declaration only came into effect on 8 October 1991. A unitary state, Croatia is a republic governed under a parliamentary system. The International Monetary Fund classified Croatia as an emerging and developing economy, and the World Bank identified it as a high-income economy. Croatia is a member of the European Union (EU), United Nations (UN), the Council of Europe, NATO, the World Trade Organization (WTO) and a founding member of the Union for the Mediterranean. As an active participant in the UN peacekeeping forces, Croatia has contributed troops to the NATO-led mission in Afghanistan and took a non-permanent seat on the UN Security Council for the 2008–2009 term.
The service sector dominates Croatia's economy, followed by the industrial sector and agriculture. Tourism is a significant source of revenue during the summer, with Croatia ranked the 18th most popular tourist destination in the world. The state controls a part of the economy, with substantial government expenditure. The European Union is Croatia's most important trading partner. Since 2000, the Croatian government has invested in infrastructure; especially transport routes and facilities along the Pan-European corridors. Internal sources produce a significant portion of energy in Croatia; the rest is imported. Croatia provides a universal health care system and free primary and secondary education, while supporting culture through numerous public institutions and corporate investments in media and publishing.
The Kuna is the currency of Croatia since 1994 (ISO 4217 code: HRK). It is subdivided into 100 lipa. The Croatian National Bank issues the Kuna and the Croatian Monetary Institute mints the coins. The word "Kuna" means "marten" in Croatian since it is based on the use of marten pelts as units of value in medieval trading. The word lipa means "linden (lime) tree". During Roman times, in the provinces of upper and lower Pannonia (today Hungary and Slavonia), taxes were collected in the then highly valued marten skins. Hence, the Croatian word "Maturin" or tax, derived from the Latin word "martus" (Croatian: "Kuna"). The Kuna was a currency unit in several Slavic states, most notably Kievan Rus and its successors until the early 15th century. It was equal to 1/25 (later 1/50) gryvna of silver.
It has no relation to the various Slavic currencies named "koruna" (translated as kruna in Croatian) which means "crown". In the Middle Ages, many foreign monies were used in Croatia, but since at least 1018 a local currency was in use. Between 1260 and 1380, Croatian Viceroys issued a marten-adorned silver coin called the banovac. However, the diminishing autonomy of Croatia within the Croatian-Hungarian Kingdom led to the gradual disappearance of that currency in the 14th century. The idea of a Kuna currency reappeared in 1939 when Banovina of Croatia, an autonomous province established within the Kingdom of Yugoslavia, planned to issue its own money. In 1941, when the Ustaše regime formed the Independent State of Croatia, they introduced the Independent State of Croatia Kuna. This currency remained in circulation until 1945, when it – along with competing issues by the communist Partisans – disappeared with the establishment of FPR Yugoslavia and was replaced by the Yugoslav dinar.
In 1994, coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 lipa (Croatian word for linden or tilia tree), 1, 2, 5 and 25 Kuna. The coins are issued in two versions: one with the name of the plant or animal in Croatian (issued in odd years), the other with the name in Latin (issued in even years). Overall more coins have been minted with Croatian names than with names in Latin. Due to their low value, 1 and 2 lipa coins are rarely used. The Croatian National Bank stated in 2001 that it had no plans for withdrawing the 1, 2 and 5 lipa coins.
These notes were designed by Miroslav Šutej and Vilko Žiljak, and all feature prominent Croatians on front and architectural motifs on back. The geometric figures at lower left on the front (except the 5-Kuna note) are intaglio printed for recognition by the sight-impaired. To the right of the coat of arms on the front is a micro-printed version of the Croatian national anthem, Lijepa naša domovino(Our Beautiful Homeland). The overall design is reminiscent of Deutsche Mark banknotes of the fourth series. The 5 Kuna note is no longer in circulation but remains a legal tender.
|National Song||"Lijepa naša domovino"|
|Currency||Croatian kuna (HRK)|
|GDP / GDP Rank||$95.1 Billion USD|
|GDP Growth Rate||1.6 percent|
|GDP Per Captial||$22795.3 (PPP)|
UTC+2 (CEST) (Summer)
1.1% Sikhism, Hinduism, Buddhism, Judaism
President- Kolinda Grabar-Kitarović
Prime Minister- Andrej Plenković
|Website||Go to the web|
|Public Debt||84.4 percent of GDP|
|Unemployment Rate||13.5 percent|
|Labor Force (Occupation)||-|