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Croatia: Economy

As a result of the impact of the economic crisis, the outlook for 2010 remains uncertain, with eventual recovery being threatened by a substantial worsening of labor market conditions.In 2009, GDP continued to deteriorate, where on annual level real GDP decreased by 5.8% from the previous year, primarily due to the fall in both domestic and foreign demand. Furthermore, having decreased for six years, in 2009, unemployment increased by 21% at end-of-year period while employment fell on average by 3.2% after eight years of growth. In 2009 the current account deficit recorded a decrease from 9.2% of GDP in 2008 to 5.2% of GDP in 2009 – fall by 46% – which is the first decrease of deficit since 2004.This was mainly due to a steep fall of imports (by 23.8%) accompanied by a slower fall in total exports (by 20.4%), caused by a deceleration of production as the effects of global economic crisis began to be felt. Despite the recovery in international environment, exports and imports will continue to be influenced by domestic economic activity, and the current account deficit is projected to remain around 5% of GDP in 2010 along with the slowdown in the growth rate of external debt. The labor market will continue to be faced with serious challenges and in 2010 further reduction in employment is expected, with an average registered unemployment rate of 17.8%. Significant slowdown in the unemployment rate is expected for the year 2011, along with the recovery in private consumption and investments.

Croatia, Economic Development, Economic Performance and Outlook

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