Croatia

The economy’s heavy reliance on tourism means that Croatia will suffer one of the biggest contractions in CESEE in 2020, with real GDP projected to decline by 9.4%. Unemployment will rise, and inflation will average 0% for the year as a whole. To mitigate the economic downturn caused by COVID-19, the government initiated a support package worth about 9% of GDP. The tourism sector should stage at least a partial recovery next year, which will underpin growth of around 5%.

map Croatia
        FORECAST*
Main Economic Indicators201720182019202020212022
Population, 1000 persons413040914067...
GDP, real change in %3.42.82.9-9.45.04.0
GDP per capita (EUR at PPP)183801935020300...
Gross industrial production, real change in %1.4-1.00.6...
Unemployment rate - LFS, in %, average11.28.56.69.05.55.0
Average gross monthly wages, EUR107911391182...
Consumer prices, % p.a.1.31.60.80.01.01.4
Fiscal balance in % of GDP0.80.30.4...
Public debt in % of GDP77.574.372.8...
Current account in % of GDP3.41.82.7-3.9-0.6-1.2
FDI inflow, EUR mn44510741278...
Gross external debt in % of GDP88.782.275.4...


Basic data are continuously updated.

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

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CROATIA: In the eye of the storm

Bernd Christoph Ströhm
in: No Quick Recovery in Sight, with Coronavirus Risks Looming Large
wiiw Forecast Report No. Autumn 2020, November 2020 , pp. 52-55
Details and Buy

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Monthly Report No. 5/2020

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Bernd Christoph Ströhm and Hermine Vidovic
wiiw Monthly Report No. 5, May 2020
96 pages including 27 Tables and 39 Figures

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