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Home > Country Profiles > Croatia

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Financial Outlook

Croatia joined the European Union in July 2013 with its fiscal deficit still some 5% of GDP, or 2% above the European Union’s permitted ceiling of 3%, and with public debt at 60%. The Croatian government was hoping to reduce the deficit to 3.5% during 2013, but that looked unlikely to be achieved. Moreover, the forecast for the deficit for 2014 rose to 5.5%, largely due to the additional costs associated with EU membership, plus interest on earlier government borrowings. To remedy this and to avoid disciplinary action from the European Union, Croatia’s finance minister Slavko Linić warned in late October 2013 that the government may have to raise a range of taxes to close the growing gap in its fiscal performance. Croatia’s public debt already stands at 60% and is projected to rise to 65% through the period from 2014 to 2016. The country’s salaries and pensions are among the lowest in the European Union, and unemployment stands at 18.4%.

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Statistics

GDP growth: −0.9% (IMF, Q1 2011)

GDP per capita: US$17,400 (2010 est.)

CPI: 1.1% (2010 est.)

Key interest rate: 9% (end 2010 est.)

Exchange rate versus US dollar: kn5.6356 (2010)*

Unemployment: 17.6% (2010 est.)

FDI: US$32.82 billion (end 2010 est.)

Current account deficit/surplus: −US$1.118 billion (2010 est.)

Population: 4,483,804 (July 2011 est.)

* Croatian kuna

Source: CIA World Factbook except where stated

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Further reading on Croatia

Websites:

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