Economy of Croatia

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Economy of Croatia

Post by kosovohp on Mon Nov 01, 2010 4:10 am

Privatization and the drive toward a market economy had barely begun under the new Croatian Government when war broke out in 1991. As a result of the war, the economic infrastructure sustained massive damage, particularly the revenue-rich tourism industry.[64] From 1989 to 1993, GDP fell 40.5%.[64] With the end of the war in 1995, tourism and Croatia's economy recovered moderately.[64] However, corruption, cronyism, and a general lack of transparency stymied meaningful economic reform, as well as much-needed foreign investment.[64]

In 1998 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.

Croatia's economy turned the corner in 2000 as tourism rebounded.[64] The economy expanded in 2002, stimulated by a credit boom led by newly privatized and foreign-capitalized banks, some capital investment, most importantly road construction, further growth in tourism, and gains by small and medium-sized private enterprises.[64]

Croatia has a high-income market economy.[65] International Monetary Fund data shows that Croatian nominal GDP stood at $69.357 billion, or $15,633 per capita,[3] at the same time in 2008 purchasing power parity GDP was $82.407 billion or $18,575 per capita.[3]
Jadrolinija (sea shipping company) headquarters building in Rijeka.
A Croatian made tram.

According to Eurostat data, Croatian PPS GDP per capita stood at 63.2 percent of the EU average in 2008.[66] Real GDP growth in 2007 was 6.0 per cent.[67] and at the same time average gross salary of a Croatian worker during the first nine months of 2008 was 7,161 kuna (US$ 1,530) per month[68] In 2007, the International Labour Organization-defined unemployment rate stood at 9.1 per cent, after falling steadily from 14.7 percent in 2002.[69] The registered unemployment rate is higher, though, standing at 13.7 percent in December 2008.[70]

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