• Analysis and Studies
• Croatia: a look at the market

Croatia's Economic Overview (2023)

A Growing and Diversified Economy

In 2023, Croatia ranked 74th globally in GDP (current US dollars), reflecting its steady economic growth. The country held the 75th position in total exports and 61st in total imports, highlighting its strong participation in international trade. With a GDP per capita ranking of 60th, Croatia maintains a relatively high standard of living compared to many economies. Additionally, it ranked 34th in economic complexity according to the Economic Complexity Index (ECI), demonstrating a well-diversified and sophisticated industrial base.

Key Export Sectors

Croatia's export economy is driven by energy, pharmaceuticals, and manufacturing.

The top export products include:

• Electricity ($879M) – A crucial export due to Croatia’s energy production capacity.
• Packaged Medicaments ($820M) – A growing pharmaceutical sector supplying international markets.
• Electrical Transformers ($689M) – Reflecting Croatia’s role in the electrical equipment industry.
• Refined Petroleum ($633M) – Essential for regional energy trade.
• Special Purpose Ships ($567M) – Highlighting the country’s shipbuilding expertise.

The primary export destinations are Italy ($3.05B), Germany ($2.58B), Slovenia ($2.45B), Bosnia and Herzegovina ($1.3B), and Austria ($1.24B), reflecting strong trade relationships within Europe.

Major Imports and Trade Partners

Croatia relies on imports to fuel its industrial and transportation sectors. The top imported goods include:

• Refined Petroleum ($2.46B) – Essential for energy and transportation.
• Cars ($2.08B) – Reflecting high vehicle demand.
• Petroleum Gas ($1.7B) & Crude Petroleum ($1.15B) – Indicating reliance on imported fossil fuels.
• Packaged Medicaments ($1.14B) – Supporting the healthcare industry.

The largest import partners are Italy ($6.16B), Germany ($6B), Slovenia ($4.85B), Hungary ($2.72B), and Austria ($2.35B), underscoring Croatia’s strong economic ties within the European Union.

Strategic Location in Europe

Situated in Southeastern Europe, Croatia has a strategic geographic position, sharing land borders with Bosnia and Herzegovina, Hungary, Montenegro, Serbia, and Slovenia, while its coastline along the Adriatic Sea connects it to Italy. This location makes Croatia a vital hub for trade, energy distribution, and tourism.

Conclusion

Croatia’s economy is marked by a well-balanced mix of exports and imports, a strong presence in energy, pharmaceuticals, and shipbuilding, and deep trade connections within Europe.

Its high economic complexity ranking showcases a growing industrial and technological base, positioning Croatia as a competitive player in the global economy.

Source: https://oec.world/