MARKET OUTLOOK - MARCH, 2022
What future for the country?
Croatia is globally among the first 50 countries in terms of Economic Freedom Index. After the losses experienced during the pandemic in 2020, it is expected to grow at an annual rate of 4.5 percent over the 2021-2023 period.
In the first year, the recovery mission has been successful: in fact, Croatia’s 2021 economic rebound from the pandemic has been “impressive” as the economy has significantly outperformed earlier expectations with growth at 10.4%.
However, the recent war in Ukraine has put into discussion the continuity of this growth. The energy prices and inflation have already started raising significantly, and there’s no doubt that these consequences will last for some time. The question is how the nation and the governmental bodies will be able to react and properly address the issue.
How was the situation of the country before the pandemic? Can it go back to these levels?
In 2019 Croatia was the number 78 economy the world in terms of GDP (current US$) with a $60.75B GDP. From 2019 to 2020, the nation suffered the biggest drop of the last 20 years and more with a -8.1% decrease in GDP. The country has then a total trade balance of $-11.5B, resulted from Exports ($17.6B) - Imports ($29.1B)
Focus on import and export
In 2019, the top exports of Croatia were: Refined Petroleum ($1.1B), Packaged Medicaments ($695M), Cars ($430M), Blood, antisera, vaccines, toxins and cultures ($430M), and Sawn Wood ($429M).
The country exported mostly to Italy ($2.35B), Germany ($2.24B), Slovenia ($1.82B), Bosnia and Herzegovina ($1.63B), and Austria ($1.01B).
The top imports of Croatia were instead Crude Petroleum in ($1.63B), Cars ($1.47B), Refined Petroleum ($1.4B), Packaged Medicaments ($869M), and Electricity ($784M), importing mostly from Italy ($4.13B), Germany ($4.12B), Slovenia ($3.25B), Hungary ($2.17B), and Austria ($1.65B).
These data are taken from the dedicated page of the Observatory of Economic Complexity (OEC)
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