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The Economic Activity of Croatia

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The economy is mainly service-based contributing 67% of the total GDP. According to the country’s 2008 preliminary data, its total GDP stands at 370.5 billion in Croatian Kuna or 15,000 per capita in U.S. dollars which makes the its economy higher than some E.U. member states like Bulgaria, Latvia, Lithuania or Poland.

In the industrial sector, ship building is the main industry and accounts for over 10% of all annual exports with a total value of over one billion euro. Aside from ship building, there is also food processing and the chemical industry which also comprises a significant amount in both industrial output and exports. In the total economic output, the industrial sector contributes at least 27% while agriculture is only 6%. However, the exports of blue water fish have increase tremendously because of the surge in demand from countries like Korea and Japan. The country is only a producer of organic food, lavender, olive oils and wines, most of which are exported to E.U. member states.

Another significant source of income is the tourism industry with tourists coming in during the summer season but lately tourists are coming in even during winter taking advantage of the popularity of winter sports like skiing. Over ten million tourists visit each year bringing in over 7 billion Euros. Lonely planet, one of the largest travel guide book has selected Croatia as the world’s top destination for 2005 and is currently among the world’s top 20 tourist destination. The country has both strong and stable market economy and currency.