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Economy
The Croatian economy has a stable functioning market economy which is one of the most advanced of South-Eastern Europe. International Monetary Fund data shows that Croatian nominal GDP stood at US$50.053 billion, or US$11,271 per capita, in 2007.[2] The IMF forecast for 2008 is US$54.950 billion, or US$12,374 per capita.[2] In purchasing power parity terms, total GDP was US$69.866 billion in 2007, equivalent to US$15,733 per capita.[2] For 2008, it is forecast to be US$74.419 billion, or US$16,758 per capita.[2]
According to Eurostat data, Croatian PPS GDP per capita stood at 53.4 per cent of the EU average in 2007, and is forecast to reach 54.1 per cent in 2008.[4] Real GDP growth in 2007 was 6.0 per cent.[5] The average gross salary in 2007 was 6,634 kuna per month.[6] In 2007, the International Labour Organization-defined unemployment rate stood at 9.1 per cent, after falling steadily from 14.7 per cent in 2002.[7] The registered unemployment rate is higher, though, standing at 14.7 per cent in December 2007.[8]
In 2007, 7.2 per cent of economic output was accounted for by agriculture, 32.8 per cent by industry and 60.7 per cent by the service sector.[9] According to 2004 data, 2.7 per cent of the workforce were employed in agriculture, 32.8 per cent by industry and 64.5 in services.[9]
The industrial sector is dominated by shipbuilding, food processing and the chemical industry. Tourism is a notable source of income during the summer, with over 10 million foreign tourists in 2006 generating a revenue of €8 billion[10]. Croatia is ranked as the 18th most popular tourist destination in the world.[11] In 2006 Croatia exported goods to the value of USD$10.4 billion (FOB) (US$19.7 billion including service exports).[12]
Of particular concern is the backlogged judiciary system, combined with inefficient public administration, especially issues of land ownership and corruption. Another main problem includes the large and growing national debt which has reached over 30 billion dollars.[citation needed]
The country has been preparing for membership in the European Union, its most important trading partner. In February 2005, the Stabilisation and Association Agreement with the EU officially came into force.
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