map Croatia
Thanks to robust household consumption and a solid summer tourist season, the economy grew by an estimated 5.8% in 2022. Despite COVID-19 related macroeconomic headwinds and surging inflation, the government managed to introduce the euro in Croatia in January 2023, alongside joining the Schengen area. Nevertheless, the positive effects of these events – such as improved access to EU markets – will be limited. Carry-over effects from last year’s record inflation (10.7%) will continue to put real incomes, external demand and investment sentiment under pressure. In addition, the role of the vital tourism sector will be subdued, owing to the marked deceleration of growth in such countries as Germany, Italy and Austria. All in all, we expect the economy to grow by 2.5% in 2023 and inflation to hover at around 6%. On a positive note, Croatia is successfully developing into an energy powerhouse in the Western Balkan region. The government is planning to expand capacities at the liquefied natural gas terminal on the Adriatic island of Krk and to turn it into a hub for the region’s gas supplies.
Main Economic Indicators202020212022202320242025
Population, 1000 persons404739493885...
GDP, real change in %-8.613.
GDP per capita (EUR at PPP)194502256025810...
Gross industrial production, real change in %-
Unemployment rate - LFS, in %, average7.
Average gross monthly wages, EUR122312751380...
Consumer prices, % p.a.0.02.710.
Fiscal balance in % of GDP-7.3-2.6-1.9-2.5-2.0-1.9
Public debt in % of GDP87.078.469.5...
Current account in % of GDP-0.53.1-0.9-
FDI inflow, EUR m110839292300...
Gross external debt in % of GDP81.981.073.2...

Basic data are continuously updated.

* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.


Monthly Report No. 1/2023

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 1, January 2023
44 pages including 4 Tables and 16 Figures



Executive summary

Branimir Jovanović
in: Bracing for the Winter
wiiw Forecast Report No. Autumn 2022, October 2022 , pp. I-VIII