Economy of Croatia

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Economy of Croatia

Rank 65th (nominal GDP) / 82nd (PPP)
Currency Croatian kuna (HRK)
Fiscal year Calendar year
Trade organisations EU, WTO
Statistics
GDP Decrease$79.69 billion (PPP, 2012 est.)[1]
GDP growth Decrease-1.8 (Real, 2012)[2]
GDP per capita Decrease$18,100 (PPP, 2012 est.)[1]
GDP by sector agriculture: 4.7%; industry: 33.1; services: 62.2% (2012 est.)
GDP by component Private consumption (52.3%)
Public consumption (18.7%)
Investments (32.8%)
Export (50.4%)
Import (54.2%) (2007)
Inflation (CPI) Increase4.7% (2012)
Population
below poverty line		 21.1% (2011)
Gini coefficient 32 (2010)
Labour force 1.745 million (2012 est.)
Labour force
by occupation		 agriculture: 2.1%; industry: 29.0%; services: 69.0% (2012)
Unemployment negative increase18,6% (June 2013)[3]
Average gross salary 8,065 HRK / 1,440 $, monthly (May 2013)[4]
Average net salary 5,581 HRK / 1,000 $, monthly (May 2013)[4]
Main industries chemicals and plastics, machine tools, fabricated metal, electronics, pig iron and rolled steel products, aluminium, paper, wood products, construction materials, textiles, shipbuilding, petroleum and petroleum refining, food and beverages, tourism
Ease of doing business rank 80th[5]
External
Exports Increase$12.56 billion (2012 est.)[6]
Export goods transport equipment, machinery, textiles, chemicals, foodstuffs, fuels
Main export partners  Italy 14.9%
 Bosnia and Herzegovina 13.2%
 Germany 10.6%
 Slovenia 8.8%
 Austria 6.8% (2012 est.)[7]
Imports Decrease$20.76 billion (2012 est.)[6]
Import goods machinery, transport and electrical equipment; chemicals, fuels and lubricants; foodstuffs
Main import partners  Italy 16.7%
 Germany 12.9%
 Russia 7.6%
 China 7.1%
 Slovenia 5.9%
 Austria 4.5% (2012 est.)[8]
FDI stock Increase$34.27 billion (December 2012)
Gross external debt negative increase$59.75 billion (December 2012)
Public finances
Public debt negative increase60.1% of GDP (December 2013)[9]
Revenues $20.12 billion (2014 Budget)[9]
Expenses $23.25 billion (2014 Budget)[9]
Economic aid EUR179.5 million (0.12% of GNI) (2007)
Credit rating BBB- (Domestic)
BBB- (Foreign)
BBB+ (T&C Assessment)
(Standard & Poor's)[10]
Foreign reserves DecreaseUS$13.29 billion (December 2013)[1]

Main data source: CIA World Fact Book

All values, unless otherwise stated, are in US dollars

Economy of Croatia is a service-based economy with the tertiary sector accounting for 70% of total gross domestic product (GDP). Croatian economy was badly affected by the Global Financial Crisis, and contracted by 6.9% in 2009, 1.4% in 2010, then showed signs of recovery in 2011 with 0.0% real GDP growth, but contracted again in 2012 by 1.8%. Croatian National Bank's forecast shows signs of recovery in 2013, and the real GDP growth of 0.3%.[11] According to the EBRD forecast, the real GDP growth should continue in 2014 with 1.9%.[12]

Croatia joined European Union on 1 July 2013, and in spite of 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, Romania, and Latvia.[13] In terms of average monthly wage, Croatia is ahead of 9 EU members (Czech Republic, Estonia, Slovakia, Latvia, Poland, Hungary, Lithuania, Romania, and Bulgaria).[14] With unemployment rate of 18.6% as of June 2013, Croatia has the third highest unemployment rate in the European Union, after Greece (27%), and Spain (26.8%).[15]

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%. Industrial sector is responsible for 25% of Croatia's GDP, with agriculture, forestry and fishing accounting for the remaining 5% of Croatian GDP.

Croatian development in the 20th century[1]

Croatian agricultural sector subsists from exports of blue water fish, which in recent years experienced a tremendous surge in demand, mainly from Japan and South Korea. Croatia is a notable producer of organic foods and much of it is exported to the European Union. Croatian wines, olive oil and lavender are particularly sought after.

Tourism is traditionally a notable source of income, particularly during the summer months, but also more recently during the winter months as well, due to an increase in popularity of snow sports such as skiing. With over 10 million foreign tourists annually, tourism generates revenue in excess of €7 billion. Croatia is ranked among the top 20 most popular tourist destinations in the world, and was voted world's top tourism destination in 2005 by Lonely Planet.[16]

One of the sales promotion actions to increase purchase of domestic products

Trade plays a major role in Croatian economic output. In 2007 Croatia's exports were valued at USD 12.84 billion (24.7 billion including service exports). According to Healy Consultants, trade in Croatia is bolstered by its low trade-weighted average tariff of just 1.2%.[17] Croatia has a stable market economy accompanied by a strong and stable currency, the Kuna.

Croatia and Slovenia, the two westernmost republics in what was formerly SFR Yugoslavia, accounted for nearly half of the total Yugoslav GDP, and this was reflected in the overall standard of living which in Croatia's case was more than 50% above Yugoslav average, and close to 90% in Slovenia. Nevertheless, since the late 1980s and the beginning of economic transition, Croatian economy experienced difficulties due to deindustrialization, war destruction and the loss of Yugoslav and Comecon markets.

Persistent economic problems still remain and include a rather high unemployment rate (9.6% in 2007),[18] and the slow progress of necessary economic reforms. Of particular concern is 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%. Unemployment has been constantly declining by 5% over the last 7 years.[19]

Gross Domestic Product

See also: List of Croatian counties by GDP
Slavonia, breadbasket region of Croatia.

Fiscal year: calendar year

GDP per county: (source Croatian statistical institute for year 2005)

Rank County Number of citizens GDP (millions of euros) GDP/euros per capita
1 Zagreb779,145 10,07012,908
2 Istria County205,8251,8849,126
3 Primorje-Gorski Kotar County306,1592,5478,337
4 Lika-Senj County53,0063787,136
5 Varaždin County185,7561,2616,787
6 Koprivnica-Krizevci County125,3528456,744
7 Dubrovnik-Neretva County123,0477856,382
8Zadar County160,5069455,887
9Medjimurje County120,7906845,662
10Sisak-Moslavina County182,6151,0015,478
11Karlovac County142,3137775,460
12Split-Dalmatia County459,8182,4725,374
13Zagreb County309,3691,6405,294
14Bjelovar-Bilogora County133,1987045,285
15Osijek-Baranja County329,4651,7365,260
16Krapina-Zagorje County143,4657325,101
17Pozega-Slavonia County 84,8974114,835
18Virovitica-Podravina County 93,9524514,803
19Sibenik-Knin County114,3444984,368
20Vukovar-Srijem County195,7717884,028
21Brod-Posavina County177,5586543,785
Total Croatia4,442,00031,2637,038

GDP per county: (source Croatian statistical institute for year 2006)

Rank County Number of citizens GDP (millions of euros) GDP/euros per capita
1 Zagreb779,145 10,92414,005
2 Istria County205,8252,07010,048
3 Primorje-Gorski Kotar County306,1592,7879,107
4 Lika-Senj County53,0064107,735
5 Varaždin County185,7561,4017,540
6 Koprivnica-Križevci County125,3529457,535
7 Dubrovnik-Neretva County123,0478807,154
8Zadar County160,5061,0526,554
9Medjimurje County120,7907586,275
10Sisak-Moslavina County182,6151,0845,927
11Karlovac County142,3138405,903
12Bjelovar-Bilogora County133,1987805,855
13Split-Dalmatia County459,8182,6495,758
14Zagreb County309,3691,8005,806
15Osijek-Baranja County329,4651,9005,757
16Krapina-Zagorje County143,4658025,588
17Pozega-Slavonia County 84,8974625,435
18Virovitica-Podravina County 93,9525065,382
19Sibenik-Knin County114,3445705,000
20Vukovar-Srijem County195,7718724,455
21Brod-Posavina County177,5587284,097
Total Croatia4,440,00034,2207,707

GDP per county: (GDP for year 2007 - source Croatian National Bank)[citation needed]

Rank County Number of citizens GDP (millions of euros) GDP/euros per capita
1 Zagreb779,145 11,81215,140
2 Istria County205,8252,25410,942
3 Primorje-Gorski Kotar County306,1593,12410,210
4 Lika-Senj County53,0064668,790
5 Varaždin County185,7561,5778,480
6 Koprivnica-Krizevci County125,3521,0458,310
7 Dubrovnik-Neretva County123,0479747,920
8Zadar County160,5061,1847,375
9Medjimurje County120,7908487,020
10Zagreb County309,3692,0186,520
11Karlovac County142,3139156,447
12Sisak-Moslavina County182,6151,1706,397
13Bjelovar-Bilogora County133,1988436,338
14Split-Dalmatia County459,8182,9156,336
15Osijek-Baranja County329,4652,0666,275
16Krapina-Zagorje County143,4658846,155
17Virovitica-Podravina County93,9525625,978
18Pozega-Slavonia County84,8975025,906
19Sibenik-Knin County114,3446425,600
20Vukovar-Srijem County195,7719244,720
21Brod-Posavina County177,5587724,340
Total Croatia4 440 00037,4978,450

GDP per county: (Preliminary GDP Data for year 2008 - source Croatian National Bank, first time grey market included)[citation needed]

Rank County Number of citizens GDP (millions of euros) GDP/euros per capita
1 Zagreb779,145 15,03519,270
2 Istria County205,8252,88214,050
3 Primorje-Gorski Kotar County306,1593,97012,975
4 Lika-Senj County53,00664412,145
5 Varaždin County185,7562,05211,095
6 Koprivnica-Krizevci County125,3521,36510,915
7 Dubrovnik-Neretva County123,0471,28710,475
8Zadar County160,5061,5529,700
9Medjimurje County120,7901,1189,315
10Karlovac County142,3131,2018,465
11Sisak-Moslavina County182,6151,5358,435
12Bjelovar-Bilogora County133,1981,1218,430
13Krapina-Zagorje County143,4651,1948,355
14Zagreb County309,3692,5458,230
15Split-Dalmatia County459,8183,7458,145
16Osijek-Baranja County329,4652,6708,110
17Virovitica-Podravina County93,9527578,060
18Pozega-Slavonia County84,8976838,040
19Sibenik-Knin County114,3448677,605
20Brod-Posavina County177,5581,1076,250
21Vukovar-Srijem County195,7711,1726,010
Total Croatia4,440,00048,50210,890

History

Pre-1990

In an economy traditionally based on agriculture and raising of livestock, peasants accounted for more than half of Croatia's population until after World War II. Pre-1945 industrialization was slow and centered on textile mills, sawmills, brick yards and food-processing plants.

One of the fertile agricultural regions, near the Neretva river

Rapid industrialization and diversification occurred after World War II. Decentralization came in 1965 and spurred growth of several sectors including the prosperous tourist industry. Profits gained through Croatia's industry were used to develop poor regions in other parts of former Yugoslavia, leading to Croatia contributing much more to the federal Yugoslav economy than it gained in return. This, coupled with austerity programs and hyperinflation in the 1980s, led to discontent in both Croatia and Slovenia which eventually fuelled political movements calling for independence. Foreign remittances contributed $2 billion annually to the economy by 1990.[20]

Before the dissolution of Yugoslavia in 1991, SR Croatia was the second most prosperous and industrialized area (after SR Slovenia), with a per capita output more than one-third above Yugoslav average. Privatization under the new Croatian government had barely begun when war broke out in 1991. Economic infrastructure was directly affected by the Croatian War of Independence and sustained massive damage, particularly in 1991 and 1992.

The Tuđman years

By the end of the 1990s, Croatia faced considerable economic problems stemming from:

  • damage during the internecine fighting to bridges, factories, power lines, buildings, and houses;
  • the large refugee and displaced population, both Croatian and Bosnian
  • the disruption of economic ties; and
  • mishandled privatization

Croatia, along with the remainder of the former Yugoslavia, experienced a serious depression. President Franjo Tuđman initiated the process of privatization and de-nationalization in Croatia; however, it was far from transparent. The new government's inefficient and slow legal system, combined with the wider context of the Yugoslav wars, led to numerous cases of mishandled privatization efforts, collectively known as the Croatian privatization controversy. Nepotism was endemic, with the president devising a concept of "200 families" which would control all property in Croatia,[21] and during this period many influential individuals with the backing of the authorities acquired state-owned property and companies at extremely low prices, afterwards selling them off piecemeal to the highest bidder for much larger sums. This, along with the sudden loss of access to former Yugoslav markets, led to mass bankruptcies, and swelled the ranks of the unemployed by thousands, a problem Croatia still struggles with to this day. Miroslav Kutle was one of the leading businessmen in these endeavours, and he was subsequently incarcerated on multiple counts of embezzlement.

This was all helped by the inadequacy of legal restrictions in place and by the apparently active support of Croatia's authorities,[citation needed] which were ultimately controlled by President Tuđman. In the end this shed an increasingly negative light, and cast a shadow on his notable successes as a strategist and wartime statesman. Excluding the mostly rural rebel-occupied areas in the self-proclaimed Republic of Serbian Krajina, in the last two years of Tuđman's first presidential term the detrimental effects of uncontrolled capitalism had become strikingly visible, with more than 400,000 unemployed and a significant drop in GDP per capita,[citation needed] problems that Croatia struggles with to this day.

Inflation and unemployment rose sharply and the kuna fell,[citation needed] prompting the national bank to tighten its fiscal policy. A new banking law passed in December 1998 gave the central bank more control over Croatia's 53 commercial banks and Croatia became dependent on international debt to finance its deficit.

Despite the successful value-added tax program, planned privatization of state controlled businesses, and a revised budget with a 7% cut in spending across that board, the government still projected a $200 million deficit for 1999.

Western aid and investment, especially in the tourist and oil industries, is a significant factor in the further development of the economy. The government has been successful in some reform efforts — partially macroeconomic stabilization policies — and it has normalized relations with its creditors.

In 1998 the government founded The Business Innovation Center of Croatia – BICRO, in order to implement technology development and innovation support programs, as an important paradigm of future development.

The recession that began at the end of 1998 continued through most of 1999, and GDP in 1999 was flat.[citation needed] Inflation remained in check and the kuna was stable. However, consumer demand was weak and industrial production decreased. Structural reform lagged and problems of payment arrears and a lack of banking supervision continued.

Due to the upcoming elections, the ruling HDZ government promised two salary increases to public-sector employees before the end of the year which further increased the fiscal deficit.

After Tuđman

The death of President Tuđman in December 1999 and the defeat of his Croatian Democratic Union (HDZ) in the January 2000 elections ushered in a new government committed to economic reform and halting the economic decline.

The new government led by Ivica Račan carried out a large number of structural reforms. With tourism as the main contributing factor the country emerged from recession in 2000. Due to overall increase in stability, the economic rating of the country improved and interest rates dropped. As a result of coalition politics and resistance from the unions and the public, many reforms are still overdue, especially in the legal system.

Unemployment reached a peak of around 22% in late 2002 due to many overdue bankruptcies. It has since been steadily declining, powered by growing industrial production and rising GDP, rather than only seasonal changes from tourism. During this time, Croatia turned away from domestic ownership of manufacturing and focused more on empowering the economy by taking loans from foreign resources.[22] In 2003, the nation's economy would officially recover to the amount of GDP it had in 1990.[22] Between the years 2003 and 2007, Croatia’s private-sector share of GDP increased from 60% to 70%[23]

Most economic indicators remained positive in this period, except for the external debt.[22] The Croatian National Bank had to take steps to curb further growth of indebtedness of local banks with foreign banks. The dollar debt figure is quite adversely affected by the EUR/USD ratio — over a third of the increase in debt since 2002 is due to currency value changes.

Tourism is a notable source of income during the summer. With over 10 million foreign tourists a year (as of 2006), Croatia is ranked as the 18th major tourist destination in the world.[24]

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 as they are its biggest trade partners. The country is a candidate for membership in the European Union. During the accession, it is expected that agricultural policy will be the biggest stumbling block, as with other recent applicant countries.

By early 2005, the foreign debt of the Government declined in growth, and was surpassed in size by the foreign debt of the banking sector, prompting further interventions by the central bank. As of late 2007, the unemployment rate is 9.6%.[18]

Unemployment on the other hand is steadily rising, and as of August 2012 peaked at more than 300,000. Croatia has lost more than 100,000 work places since the global crisis hit the country in 2009.[25] Gini coefficient is 0,32.[26] As of September 2012, Fitch ratings agency unexpectedly improved Croatia's economic outlook from negative to stable, reafirming Croatia's current BBB rating.[27]

Stock exchanges

Banking

Croatian National Bank Building in Zagreb

List of banks in Croatia

Central bank:

Major commercial banks:

Central Budget

Overall Budget:[28]
revenues:

  • $21.75 billion (114.2 billion Kuna)2007 (official figure)
  • projected for 2008 - 124.2 billion Kuna (24.85 billion USD)


expenditures:

  • $22.8 billion, (119.2 billion Kuna) 2007(official figure)
  • projected for 2008 - 128.7 billion Kuna (25.74 billion USD)

Expenditure for 2007:

  • Education - 10.5 billion Kuna
  • Health Care - 21.4 billion Kuna
  • Welfare & labour - 38.4 billion Kuna
  • Interior and Justice - 6.6 billion Kuna
  • Defense - 4.7 billion Kuna
  • Finance - 11.1 billion Kuna
  • Agriculture - 3.3 billion Kuna
  • Culture and Sport - 1.2 billion Kuna
  • Other - 17.0 billion kuna

Expenditure for 2008 = projected:

  • Education - 12.4 billion Kuna
  • Health Care - 22.4 billion Kuna
  • Welfare and labour - 41.3 billion Kuna
  • Interior and Justice - 6.6 billion Kuna
  • Defense - 5.45 billion Kuna
  • Finance - 12.0 billion Kuna
  • Agriculture - 3.6 billion Kuna
  • Culture and Sport - 1.2 billion Kuna
  • Other - 23.8 billion Kuna

Economic indicators

Graphical depiction of Croatia's product exports in 28 color-coded categories.

From the CIA World Factbook 2012.

GDP: purchasing power parity - $79.14 billion (2012 est.)

GDP - real growth rate: -1.8% (2012 est.)

GDP - per capita: purchasing power parity - $18,100 (2012 est.)

GDP - composition by sector: agriculture: 4.7% industry: 33.1% services: 62.2% (2012 est.)

Labor force: 1.745 million (2012 est.)

Labor force - by occupation: agriculture 2.1%, industry 29%, services 69% (2012)

Unemployment rate: 20.4% (2012 est.)[18]

Population below poverty line:
national absolute: 11% (2003)
18% (2009)
21.1% (2012)

Household income or consumption by percentage share:
lowest 10%: 3.3%
highest 10%: 27.5% (2008 est.)

Distribution of family income - Gini index: 29 (2001) 32 (2010)

Inflation rate (consumer prices): 4.7% (2012)

Investment (gross fixed): 18,4% of GDP (2012 est.)

Budget:
revenues: $19.3 billion (2012 est.)
expenditures: $20.99 billion, (2012 est.)

Public debt: 52.1% of GDP (2012 est.)

Agriculture - products: wheat, corn, sugar beets, sunflower seed, barley, alfalfa, clover, olives, citrus, grapes, soybeans, potatoes; livestock, dairy products

Industries: chemicals and plastics, machine tools, fabricated metal, electronics, pig iron and rolled steel products, aluminium, paper, wood products, construction materials, textiles, shipbuilding, petroleum and petroleum refining, food and beverages; tourism

Industrial production growth rate: 5.2% (2007 est.) -5.3% (2012 est.)

Electricity - production: 11.99 billion kWh (2005)

Electricity - production by source:
fossil fuel: 33.6%
hydro: 66%
nuclear: 0%
other: 0.4% (2001)

Electricity - consumption: 14.97 billion kW·h (2005)

Electricity - exports: 3.634 billion kW·h (2005)

Electricity - imports: 8.746 billion kW·h (2005)

Oil - production: 27,190 barrels per day (4,323 m3/d) (2005 est.)

Oil - consumption: 99,000 barrels per day (15,700 m3/d) (2004 est.)

Oil - proved reserves: 69.14 million barrels (10.992×10^6 m3) (1 January 2006)

Natural gas - production: 1.477 billion cubic metres (2005 est.)

Natural gas - consumption: 2.58 billion cubic metres (2005 est.)

Natural gas - exports: 0 cubic metres (2005 est.)

Natural gas - imports: 1.103 billion cubic metres (2005 est.)

Natural gas - proved reserves: 27.16 billion cubic metres (1 January 2006)

Current account balance: −$4.385 billion (2007 est.)

Exports: $12.02 billion f.o.b. (2007 est.)

Exports - commodities: transport equipment, textiles, chemicals, foodstuffs, fuels

Exports - partners: Italy 23.1%, Bosnia and Herzegovina 12.7%, Germany 10.4%, Slovenia 8.3%, Austria 6.1%, (2006)

Imports: $26.54 billion f.o.b. (2007 est.)

Imports - commodities: machinery, transport and electrical equipment, chemicals, fuels and lubricants, foodstuffs

Imports - partners: Italy 16.7%, Germany 14.5%, Russia 9.7%, Slovenia 6.8%, Austria 5.4%, China 5.3%, (2006)

Reserves of foreign exchange and gold: $13.67 billion (31 December 2007 est.)

Debt - external: $45.29 billion (30 June 2007 est.)

Economic aid - recipient: ODA $125.4 million (2005)

Currency: kuna (HRK)

Exchange rates: kuna per US$1 – 5.7089 (2013), 5.3735 (2007), 5.8625 (2006), 5.9473 (2005), 6.0358 (2004), 6.7035 (2003), 7.8687 (2002), 8.34 (2001), 8.2766 (2000), 7.112 (1999), 6.362 (1998), 6.157 (1997), 5.434 (1996), 5.230 (1995)

See also

References

  1. ↑ 1.0 1.1 1.2
  2. ↑
  3. ↑ http://www.dzs.hr
  4. ↑ 4.0 4.1 Average Net Earnings from Croatian Bureau of Statistics
  5. ↑ "Doing Business in Croatia 2012". World Bank. Retrieved 2011-11-21. 
  6. ↑ 6.0 6.1 http://www.poslovni.hr/hrvatska/dzs-u-2012-hrvatski-izvoz-blago-povecan-229077#
  7. ↑ "Exports Partners of Croatia". CIA World Factbook. 2012. Retrieved 2013-07-24. 
  8. ↑ "Import Partners of Croatia". CIA World Factbook. 2012. Retrieved 2013-07-24. 
  9. ↑ 9.0 9.1 9.2
  10. ↑ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011. 
  11. ↑ http://www.hnb.hr/publikac/bilten/informacija/savjet/hinformacija_savjet_12_2012.pdf
  12. ↑ http://daily.tportal.hr/260960/EBRD-doesn-t-expect-economic-growth-for-Croatia-before-2014.html
  13. ↑ Per capita GDP
  14. ↑ List of countries in Europe by monthly average wage
  15. ↑ http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/3-31052013-BP/EN/3-31052013-BP-EN.PDF
  16. ↑ Top Destinations for 2005
  17. ↑ "Croatia Company Formation". Healy Consultants. Retrieved 3 September 2013. 
  18. ↑ 18.0 18.1 18.2 Ekonomski Indikatori
  19. ↑ stat inf 78 do 117.cdr
  20. ↑ Europa Publications Limited. Eastern Europe and the Commonwealth of Independent States 1999: 1999. Routledge, 1999. (pg. 279)
  21. ↑ Berislav Jelinić (3 August 2009). "Ivić Pašalić tajni ortak Hypo banke" [Ivić Pašalić is a silent partner of Hypo Banka] (in Croatian). Nacional. Archived from the original on 23 July 2012. Retrieved 23 July 2012. "Polovinom 90-ih Tuđman je odobrio projekt Ivića Pašalića baziran na Tuđmanovoj ideji o 200 obitelji koje bi vladale hrvatskom imovinom" 
  22. ↑ 22.0 22.1 22.2 http://euce.org/eusa/2011/papers/2f_adams.pdf
  23. ↑ http://www.qfinance.com/country-profiles/croatia
  24. ↑ untitled
  25. ↑ http://www.balkaninsight.com/en/article/croatia-loses-battle-with-crisis
  26. ↑ http://www.dzs.hr/Hrv_Eng/publication/2011/14-01-02_01_2011.htm
  27. ↑ http://www.balkaninsight.com/en/article/fitch-unexpectedly-improves-croatian-economic-outlook
  28. ↑ Ministarstvo financija Republike Hrvatske - Državni proračun

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