GOOD & BADGood: excellent transport and other infrastructure;
developed, stable and safe financial system; availability of
highly-qualified work force; stable currency; alignment with EU
legislation is in progress; EU membership expected by 2012.
Bad: bureaucracy; relatively expensive labor; legislation is extensive and is still being changed; perception of corruption.
SOVEREIGN CREDIT RATING / OUTLOOK
Standard & Poor's: BBB / Negative (foreign and local currency long term debt)
Moody's: Baa3 / Stable (foreign and local currency long term debt)
Fitch: BBB- / Negative (foreign currency long term debt); BBB / Negative (local currency long term debt)
|
2006 |
2007 |
2008 |
2009 |
2010F |
|
|
|
|
|
|
| Croatian kuna exch. rate (HRK) |
EUR (average) |
7.32 |
7.34 |
7.22 |
7.34 |
7.30 |
|
EUR (31 December) |
7.35 |
7.33 |
7.32 |
7.31 |
|
|
|
|
|
|
|
|
USD (average) |
5.84 |
5.37 |
4.93 |
5.28 |
- |
|
USD (31 December) |
5.88 |
4.99 |
5.16 |
5.09 |
|
|
|
|
|
|
|
| Consumer prices |
growth % |
3.2% |
2.9% |
6.1% |
2.4% |
- |
DEMOGRAPHY, SALARIES, UNEMPLOYMENT...
|
2006 |
2007 |
2008 |
2009 |
2010F |
|
|
|
|
|
|
| GDP per capita |
HRK |
64 492 |
70 837 |
77 167 |
75 116 |
- |
|
EUR |
8 807 |
9 656 |
10 683 |
10 234 |
|
USD |
11 045 |
13 201 |
15 639 |
14 226 |
|
|
|
|
|
|
|
| Unemployment rate |
% (ILO) |
11.2% |
9.6% |
8.4% |
9.1% |
+ |
| Employment rate |
% (ILO) |
43.6% |
44.2% |
44.5% |
43.3 |
+ |
|
|
|
|
|
|
|
| Average monthly salary |
gross(HRK) |
6 634 |
7 047 |
7 544 |
7.711 |
- |
|
net (HRK) |
4 603 |
4 841 |
5 178 |
5 311 |
|
|
|
|
|
|
|
|
|
gross (EUR) |
906 |
961 |
1 044 |
1 051 |
- |
|
net (EUR) |
629 |
660 |
717 |
724 |
|
|
|
|
|
|
|
|
| Population |
thousand |
4 440 |
4 436 |
4 434 |
4 434 |
... |
GROSS DOMESTIC CALCULATION (GDP)
|
2006 |
2007 |
2008 |
2009 |
2010F |
|
|
|
|
|
|
| GDP |
real growth % |
4.7% |
5.5% |
2.4% |
-5.8% |
- |
|
current prices, mln. HRK |
286 341 |
314 223 |
342 159 |
333 063 |
|
|
|
|
|
|
|
| Final consumption (households) |
real growth % |
3.5% |
6.2% |
0.8% |
-8,5% |
- |
|
current prices, mln. HRK |
172 744 |
188 952 |
202 194 |
189 638 |
|
|
|
|
|
|
|
| Final consumption (government) |
real growth % |
2.2% |
3.4% |
1.9% |
0,2% |
- |
|
current prices, mln. HRK |
53 091 |
58 250 |
63 519 |
65 664 |
|
|
|
|
|
|
|
| Gross fixed capital formation |
real growth % |
10.9% |
6.5% |
8.2% |
-11,8% |
- |
|
current prices, mln. HRK |
74 792 |
82 386 |
94 281 |
82 259 |
|
|
|
|
|
|
|
| Inventories |
real growth % |
n/a |
n/a |
n/a |
n/a |
- |
|
current prices, mln. HRK |
5 792 |
8 397 |
10 811 |
6 573 |
|
|
|
|
|
|
|
| Exports |
real growth % |
6.5% |
4.3% |
1.7% |
-16,2% |
- |
|
current prices, mln. HRK |
124 270 |
134 451 |
143 396 |
120 197 |
|
|
|
|
|
|
|
| Imports |
real growth % |
7.4% |
6.5% |
3.6% |
-20,7% |
- |
|
current prices, mln. HRK |
144 348 |
158 213 |
172 041 |
131 268 |
GROSS VALUE ADDED (GVA)
|
|
|
|
|
|
|
| Activity |
(mln. HRK) |
(%) |
|
|
 |
| Agriculture |
19 512 |
| Industry |
55 549 |
| Construction |
23 189 |
| Wholesale and retail trade |
31 691 |
| Hotels and restaurants |
12 849 |
| Transport and communication |
24 216 |
| Financial intermediation |
70 847 |
| Public administration and defence |
52 241 |
REAL SECTOR
|
2006 |
2007 |
2008 |
2009 |
2010F |
|
|
|
|
|
|
| Industrial production, no season. adj. |
growth % |
4.5% |
5.6% |
1.6% |
-8.9% |
+ |
| Retail trade |
growth % |
2.1% |
5.3% |
-0.5% |
-15.3% |
+ |
| Tourism (nights) |
growth % |
3.1% |
5.6% |
2.0% |
-1.4% |
+ |
| Construction works |
growth % |
9.3% |
2.4% |
11.8% |
-6.5% |
- |
EXTERNAL SECTOR
|
2006 |
2007 |
2008 |
2009 |
2010F |
|
|
|
|
|
|
| Foreign debt |
% of GDP |
75% |
77% |
87% |
98% |
103% |
| Foreign debt |
bln. EUR |
29.3 |
33.3 |
40.2 |
44.6 |
+ |
|
|
|
|
|
|
|
| International reserves |
months of imports of g&s |
5.3 |
5.2 |
4.6 |
7.0 |
... |
| International reserves |
bln. EUR |
8.7 |
9.3 |
9.1 |
10.4 |
... |
|
|
|
|
|
|
|
| Foreign direct investments (FDI) |
% of GDP |
7.1% |
9.4% |
8.8% |
4.1% |
+ |
| Foreign direct investments (FDI) |
per capita, EUR |
2 765 |
3 670 |
4 192 |
1 875 |
+ |
|
|
|
|
|
|
|
| Balance of payments |
% of GDP |
-6.9% |
-7.6% |
-9.3% |
-5.2% |
- |
FISCAL SECTOR
|
2006 |
2007 |
2008 |
2009 |
2010F |
|
|
|
|
|
|
| General government balance |
% of GDP |
-2.6% |
-2.0% |
-1.8% |
-4.1% |
n/a |
FINANCIAL SECTOR
|
2006 |
2007 |
2008 |
2009 |
2010F |
|
|
|
|
|
|
| Total bank assets / Gross domestic product |
% |
105% |
107% |
106% |
112% |
- |
| Financial leverage (equity / assets) |
% |
9.7% |
11.5% |
13.0% |
13.7% |
... |
| Capital adequacy |
% |
14.0% |
16.4% |
15.2% |
15.8% |
+ |
| Loans/ Deposits |
% |
114% |
109% |
120% |
122% |
... |
5 LARGEST COMPANIES IN CROATIA
| (data for the year 2008) |
|
|
|
|
Sales (mln. EUR) |
| Agrokor |
3 830 |
| INA Grupa |
3 758 |
| Konzum |
1 609 |
| HEP Grupa |
1 465 |
| Hrvatski Telekom |
1 217 |
5 LARGEST BANKS IN CROATIA
| (as of 31 December 2009) |
|
|
|
|
Assets (bln. EUR) |
Market share (%) |
| Zagrebačka banka |
12.7 |
25% |
| Privredna banka Zagreb |
8.9 |
17% |
| Erste & Steiermärkische Bank |
6.7 |
13% |
| Raiffeisenbank Austria |
5.4 |
10% |
| Hypo Alpe-Adria-Bank |
5.3 |
10% |
| All other banks combined |
12.7 |
25% |
| Total Assets |
51.8 |
100% |
CAPITALM MARKET (ZAGREB STOCK EXCHANGE)
|
2006 |
2007 |
2008 |
2009 |
2010F |
|
|
|
|
|
|
| Total turnover (regular trading; shares) |
bln. HRK |
14.0 |
22.0 |
16.8 |
7.4 |
+ |
| Market capitalisation (shares) |
bln. HRK |
197.7 |
352.2 |
142.1 |
135.4 |
+ |
Legend:'+' positive growth; '-' negative growth; '...' no change; 'n/a' data not available; 'E' expectation (italicised); 'F' forecast.
Sources:Hrvatska narodna banka, Državni zavod za statistiku, Zagrebačka burza