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World market for Air Conditioning 2014 (Windows & Moveables) - Croatia

  • April 2014
  • 15 pages
  • BSRIA Worldwide Market Intelligence
Report ID: 2275018

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The review format provides a concise overview of market size and structure by individual country, allowing quick analysis and easy cross-referencing between countries. 20+ core countries are published every year, with a further seven researched on a rotational basis to provide greater geographical coverage over time. Product coverage: windows and moveables, rooftops and indoor, chillers, airside, VRF, mini and ducted split systems.

Economy and construction
- Croatia is a country located in the north-west of the Balkan Peninsula, with a moderately warm and rainy continental climate. Croatia’s capital and most populous city is Zagreb with around 790,000 inhabitants (2012). Croatia joined the European Union on the 1st of July 2013.
- The country’s population is 4.38 million (2013). A positive growth rate is not expected in the forecast period. Moreover, with 17.4% of Croatia’s population over the age of 64, the country is defined with ageing population.

Economy
- According to the International Monetary Fund Croatia is classified as a country with an emerging and developing economy. Its economic development is currently marred by a high export deficit and a high debt. The Croatian economy still continues to suffer stagnation after it was hit by the global economic downturn in 2008. In 2012 the real GDP contracted by 1.8%, but showed signs of recovery in 2013 with a growth rate of 0.3%. According to the EBRD, the real GDP growth will continue in 2014 with 1.9%. The slow recovery of the economy was influenced by the cut on public expenditures and lower private consumption due to massive unemployment.
- High unemployment rate combined with a high proportion of long-term unemployment has been a marked feature of the Croatian labour market since the start of the post-communist transition. The unemployment rate continued to worsen from 9.1% in 2009 to 13.7% in 2012 and 16.2% in 2013. Well above the EU average, a 16.6% unemployment rate is expected for 2014, with central and eastern Croatia having the highest share of unemployment and the highest risk of long-term unemployment among the unemployed.
- Historically, from 1999 until 2013, Croatia’s inflation rate averaged 3.07%, reaching an all-time high of 8.37% in July 2008 and a record low of 0.6% in April 2010. The Croatian currency (Kuna) is currently fixed to the Euro, helping the inflation rate subdue. In 2013 inflation has reached 3% and has been projected at 2.5% in 2014.
- From the 1st of March 2012 the standard VAT rate in Croatia was increased from 23% to 25%. To mitigate the impact of increasing VAT, the government reduced taxes on edible oils, fats, baby food and processes grain based food for infant and young children by 10%. As of 1st January 2013 tax on tourism related items was also reduced by 10%, specifically on food in restaurants, soft drinks, juices, wine and beer.
- Tourism is a significant source of income during the summer periods, with Croatia ranked the 20th most popular tourist destination in the world. Tourism generates income in excess of €7 billion annually, coming from 10 million foreign tourists visiting the country each year. The industrial sector with exports of over €1 billion annually is dominated by shipbuilding which accounts for over 10% of exported goods. Agriculture represents 6% of Croatia’s total economic output.
- Access to large EU structural funds after 2014 is expected to help the country to improve its infrastructure as a whole. Domestic businesses, attracting foreign investments, will improve competitiveness and bring Croatia closer to European markets. Exports of existing companies are predicted to increase which will bring serious positive economic impulses and high growth rates in the coming years.
- Croatia has established diplomatic relations with 174 countries. The countries from the European Union are the most important trading partners of Croatia. About 50% of Croatia’s trade is with the Euro area, primarily with Germany and Italy, and the Euro area is the source of about 70% of foreign-direct investment (FDI) flows into the country. Croatia also has a high concentration of banks whose ownership indirectly exposes them to the Euro-area crisis.

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