PREGLED HRVATSKOG GOSPODARSTVA

Ciljevi i politika ekonomskih reformi

Hrvatsko gospodarstvo je jedana od najjačih i najrazvijenijih u jugoistočnoj Europi. Hrvatska ima status kandidata za ulazak u EU (pregovori će početi početkom 2005), a to će stvoriti još bolje uvjete za daljnji gospodarski razvoj. Prioritet hrvatske gospodarske politike je nastavak izgradnje stabilnog i snažnog tržišnog gospodarstva,te konkurentna na globalnoj razini. Koraci se poduzimaju za jači poticaj poslovanja i smanjenje državnih rashoda, a jačanje uloge znanosti i novih tehnologija u gospodarstvu dovode do povećanja proizvodnje i rast izvoza i zaposlenosti.

Kako bi se postigli ovi ciljevi, uvjeti će biti stvoreni za održavanje visoke stope gospodarskog rasta, prvenstveno kroz povećanje konkurentnosti i fleksibilnosti tržišta. Uspostavljanje dinamičkog tržišta rada doprinijeti će smanjenje nezaposlenosti kao jedan od najbolnijih problema domaćeg gospodarstva.

Veliki vanjski dug i deficit u bilanci plaćanja će se baviti povećanjem proizvodnje i izvoza, olakšani novim mjerama porezne i gospodarske politike, kao što su stimuliranje izvoznih aktivnosti, restrukturiranje velikih državnih poduzeća, a poboljšanje konkurentnosti hrvatskih proizvoda na svjetskim tržištima. Nadalje, Vladini rashodi smanjit će se za reforme i sustav državne uprave će biti smanjen kako bi se smanjio zahtjev za stranim kreditima.

Opće značajke

Od 1993 do 2003, izravna strana ulaganja u Hrvatskoj iznosila u više od US 9,5 milijarde dolara. Najveći iznos je uloženo u telekomunikacije (21%) i novačane usluge (20%), proizvodnja farmaceutskih proizvoda, naftnih derivata i turističke objekte. Industrija, poljoprivreda, proizvodnja hrane i graditeljstvo još uvijek nije prepoznato kao atraktivna za potencijalne investitore, no nadamo se to će se promijeniti u narednom razdoblju.

Poljoprivreda

Poljoprivreda, šumarstvo i ribarstvo su oko 8% BDP-a. Raznolikost klime, krajolika i tla u Republici Hrvatskoj omogućuje raznovrsnu paletu proizvoda poljoprivrede, a niska razina onečišćenja pogoduje razvoju ekološke proizvodnje. U 2003, bilo je 3.14 milijuna hektara obradivog zemljišta, do čega su 46,5% oranice i vrtovi, vinogradi 1,8% i 1,7% voćnjaci i maslinici 0,5 posto, dok su preostali dio su livade i pašnjaci. Od 1,46 posto milijuna hektara oranice i vrtova, 1,08 (74%) su usjevi. Dvije trećine poljoprivrednog zemljišta pripada obiteljskim gospodarstvima (81,6% od oranice, vrtovi, voćnjaci, maslinici, vinogradi, livade i 40,5 pašnjaka).

Kao posljedica rata, te stranke zbog prelaska na tržišno gospodarstvo u 1990, industrija goveda još je uvijek 30% niža nego prije rata.

Ribolov

Šaran i pastrva su temelj za uzgoj slatkovodne ribe (ulov u otvorenim vodama je nemaran u komercijalnim uvjetima). Međutim, unatoč stoljetne tradicije, proizvodnja ribe u kontinentalnoj Hrvatskoj se smanjuje iz godine u godinu. Prema ugovoru, uzgoj morskih plodova na Jadranu se širi kroz nekoliko desetljeća. U posljednjih nekoliko godina, uzgoj tune se znatno razvio uglavnom da zadovolji potražnju na japanskom tržištu.

Industrija

Otprilike jedna četvrtina ukupne radne snage u Hrvatskoj zaposleni su u industriji koja čini oko petine BDP-a. Od grana prerađivačke industrije (83% ukupne industrijske proizvodnje), najveći udio u BDP-u otpada na proizvodnju hrane, pića, proizvodnja kemikalija i kemijskih proizvoda, i naftnih derivata. Nakonnjih doaze proizvodnje ostalih nemetalnih mineralnih proizvoda, metalni proizvod (osim strojeva i opreme), izdavačka i tiskarska djelatnost, te brodogradnja.

Turizam

Hrvatska nudi različite oblike turizma, uključujući i odmor na jadranskoj obali i otocima, ronjenje, lov, ribolov, zdravstveni turizam sa 19 morskih i kontinentalnih toplica, jedrenje s više od 40 marina i više od 15.000 vezova, kao i drugo. Zahvaljujući svojoj dugoj tradiciji turizma u Hrvatskoj,turizam ćini veći dio BDP-a nego u većini drugih tranzicijskih zemalja. S 46,6 milijuna noćenja i očekivanih US $ 5,7 milijardi prihoda, u 2003 turizam čini oko 20 posto BDP-a. Razvojna politika hrvatske Vlade u velikoj mjeri oslanja na snažan razvoj ovog sektora i pokušava ubrzati privatizaciju hotela i drugih turističkih kapaciteta. Raste interes i dolazak uglednih svjetskih hotelskih operatora, kao i bolja kvaliteta ponude za bogate posjetitelje koja je već vidljiva.

Građevinartvo

Tijekom posljednjeg desetljeća prošlog stoljeća, građevinarstvo je prošao kroz vrlo teško razdoblje obilježeno, ne samo u ratu u zemlji i susjednoj regiji, ali i demontiranje velikih državnih građevinskih firmi i gubitak tradicionalnih tržišta na području bivšeg Sovjetskog Saveza, Afrike i Bliskog Istoka. Zbog privatizacije i prilagodbe novim tržišnim uvjetima i obnavljanje građevinskih radova u zemlji, posebno izgradnja autocesta, ta industrija je na čelu za brzi oporavak. Poslovi u graditeljstvu iznose za oko 6% BDP-a. U 2003, građevinska djelatnost porasla je za 22,8 posto u odnosu na prethodnu godinu, većim dijelom zahvaljujući izgradnji autocesta.

Promet i telekomunikacije

Promet i komunikacija čine oko 9% BDP-a. 1990-e su snažno obilježila negativan utjecaj rata i zatvorenih granica. Zbog političke nestabilnosti u istočnoj regiji i uspostavljanju alternativnih prometnih koridora, tranzitni promet još nije vraćen na predratnu razinu.

Hrvatska ima više od 28,500 km cesta sa solidnom bazom, uključujući oko 600 km autocesta. Razvoj cestovne infrastrukture je jedan od Vladinih prioriteta u cilju ostvarivanja hrvatske potencijala u obliku prometnog čvora. U 2003, više od 150 km novoizgrađenih autocesta otvorene su za promet.

Hrvatske željeznice povezuju sve glavne gradove u Hrvatskoj i veće hrvatske luke sa susjednim zemljama. Hrvatska trenutno ima 2726 km željeznica, 36% na električni pogon. Prioritet je modernizacija linija Zagreb-Rijeka i Zagreb-Split. Glavne morske luke su Rijeka, Split i Ploče, dok su glavne zračne luke su Zagreb, Split, Pula, Dubrovnik i Zadar. Nacionalni zračni prijevoznik Hrvatska Airlines ima veze s 14 europskih zemalja, a trenutno ima jednu od najnovijih flota u Europi. Telekomunikacijska mreža u Hrvatskoj održava Hrvatski telekom koji je 51 posto u vlasništvu Deutsche Telekoma. Postoje dva GSM operatera, T-mobile i VIPnet.

Osnovni makroekonomski pokazatelji

Bruto domaći proizvod

U 2003, BDP je bio US 28,3 milijarde dolara ili US $ 6378 po stanovniku, uz realni rast od 4,3 posto i povećanje bruto dodane vrijednosti od 4,9 posto. Rast BDP-a je uglavnom potaknut velikim ulaganjima u izgradnju prometnica. U usporedbi s prethodnim godinama, privatna potrošnja je pala.

Bilanca plaćanja

U 2003, deficit platne bilance bila je US $ 2 milijarde ili 7,2% BDP-a zahvaljujući deficitu u vanjskotrgovinskoj robnoj razmjeni (US $ 8000000000). Takav visok deficit u vanjsko-trgovinskoj bilanci je uglavnom zbog pada američkog dolara: omjer tečaja eura od 20 posto.

Inflacija

Hrvatska vrlo uspješno održava stabilnost cijena i vrijednost nacionalne valute, prvenstveno zbog svoje tvrtki i restriktivne monetarne politike. Od početka 2004, Državni zavod za statistiku počeo je objavljivati indeks potrošačkih cijena kao nova mjera inflacije koja odražava promjene u razini cijena dobara i usluga između dvaju razdoblja.

Devizne rezerve

Devizne rezerve Republike Hrvatske stalno rastu, gotovo 8,2 milijarde dolara do kraja 2003, što odgovara 5,7 mjeseci uvoza robe i usluga.

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Foreign debt

At the end of 2003, the foreign debt of Croatia was about US$ 23.7 billion, or approximately 83% of the GDP. A great part of the increase in debt, however, was caused by the weakening of the US dollar. The share of banks in the foreign debt has grown (31.5%), while the government share actually decreased (from 45.4% in 2001 to 35.6% in 2003).

Unemployment

At the end of 2003, there were 318.7 thousand unemployed in Croatia, and the unemployment rate was 18.1%. In spite of its decrease (it exceeded 23% at the end of 2001), unemployment remains one of the biggest problems of the economy. Note, however, that unemployment in Croatia includes all those without a registered permanent employment, and if the methodology of the International Labour Organisation were applied, unemployment rate would be significantly lower, about 15%.

Credit rating

The credit rating of Croatia with all the prominent credit agencies is approximately at the same level. For quite some time now, Croatia has had BBB- long-term credit rating (Standard&Poor's) or Baa3 (Moody's). Standard&Poor's has recently confirmed its BBB- rating and changed the future prospects of Croatia's creditworthiness from stable to positive. Commodity exchange with the world

According to the final data, the total value of the commodity exchange of Croatia with the world was slightly less than US$ 20.4 billion in 2003, which was 30.5% more than in the preceding year. More than 85% of the commodity exchange was realised with European countries. Last year, Croatia exported US$ 6.2 billion worth of goods or 26.2% more than the year before, while the value of import reached US$ 14.2 billion i.e. 32.5% more than in 2002.The deficit in the balance of the commodity exchange was US$ 8 billion, and the coverage of import by export was only 43.5%.

The biggest trade partners of Croatia by the destination of Croatia's exports are Italy (US$ 1650 million), Bosnia-Herzegovina (892), Germany (733), Slovenia (511), Austria (479); by the sources of Croatia's imports they are Italy (US$ 2581), Germany (2221), Slovenia (1052), Austria (941) and France (749).

As much as 89.8% of commodity exchange involves products of the processing industry. This branch accounts for 94.3% of the total export and 87.9% of the total import. Mining comes second with 6.2%, owing to the import of crude oil and natural gas. These two are followed by agriculture, hunting and forestry with a share in the total commodity exchange of 2.5% or 2% in Croatian import and 2.7% in Croatian export.

Investment in the Republic of Croatia

Investment surroundings

Legal framework for investment

Investment possibilities in Croatia



Investment surroundings

The establishment of a business incentive surrounding, in co-ordnance with the standards which prevail in the EU and countries with expanded market economies, is one of the primary aims of the economic policy of the Government of the Republic of Croatia.

Being aware of the importance of direct foreign investment for the future development of the country and it's strong contribution to the restructurisation and modernisation of the economy, the strengthening of international competition and the creation of new jobs, the Government is firmly committed to the further development of conditions for the growth of direct foreign investment. It's commitment to reform the national economy, with the aim of increasing the attractiveness of the Republic of Croatia to foreign investors, is something the Government wants to achieve both on the local and international fronts.

At home, with the security of political stability, the Government is carrying out the policy of macro-economic stability and control of public finances, the improvement of fiscal balance and control of budget expenditure, encouraging the expansion of small and medium enterprises, the regulation and liberalisation of energy markets, privatisation of large enterprises in the public sector and the strengthening of regulations and control mechanisms in the financial sector. The restrictive monetary policy of the Croatian National Bank is securing stability and the internal convertibility of the local currency.

The Division for Encouraging Export and Investment at the Ministry of Economy, Labour and Entrepreneurship is responsible for the implementation of the Law on Encouraging Investment, that is, for providing incentives and tax and tariff preferences to both domestic and foreign investors. Furthermore, the said Division is also responsible for providing all the necessary information on starting businesses and investing in Croatia. In 2002, Agency for the Promotion of Export and Investment was set up within the Ministry of Economy, Labour and Entrepreneurship and is responsible for the promotion of Croatia's export and investment potential abroad.

On the international front, Croatia is actively co-ordinating it's legislature with WTO standards and is also taking part in a new round of negotiations, is a signatory of the Stabilisation and Association Agreement with the European Union as well as a temporary Agreement regulating the economic relations between Croatia and the EU since the beginning of 2002, closely co-operates with the International Monetary Fund with whom the execution of a Stand-by arrangement was successfully completed in the first half of the year, and is executing the Programme for the removal of Administrative barriers as a part of the Loan for Structural Adaptation from the World Bank.

Special attention is given to the liberalisation of trade based primarily on reciprocal bilateral Agreements on Free Trade co-ordinated with the standards of the European Union and the World Trade Organisation. Including the temporary Agreement with the EU, Croatia has signed Agreements on Free Trade with 30 European countries. About 80% of Croatia's total foreign trade exchange takes place under the conditions of free trade, without the burden of customs. Full membership in CEFTA is expected during 2002 and under the shelter of the Pact for Stability, together with the other member states, the Agreement of Understanding on the liberalisation and facilitation of trade has been signed and is being implemented.

Legal framework for investment

Foreign investment in Croatia is protected by the decrees of the Constitution of the Republic of Croatia and is regulated by the Law on trading companies and other legal regulations.

Basic principles:

Domestic treatment of foreign investors, equality of foreign investors with local companies, whilst fulfilling any reciprocal conditions. Constitutional guarantees that investment rights can not subsequently be annulled or reduced. Free repatriation of profits after the fulfilment of all obligations and payment of taxes. The free repatriation of capital when withdrawing investments is also guaranteed by the Constitution of the Republic of Croatia.

Types of Foreign investment:

A foreign investor can establish any type of legal entity foreseen by the Law on trade companies. Foreigners, like locals, can establish branches, companies with limited liability, share companies, command companies and public trade companies.

Foreigners can make investments independently or as a group investment together with a local legal entity or person, with the share of foreign ownership being unlimited.

Incentive measures and privileges:

Depending on the size of the investment and the number of newly opened jobs, the Law on incentives for investments allows investors notable incentive measures, tax relief and customs privileges.

Incentive measures: the granting of permits for construction, the issuing of property or other infrastructural objects for use, owned by the Republic of Croatia or units of local self-government, under favourable commercial conditions, assistance in opening new jobs in the form of a single award of 15,000 kn per employee, assistance in professional education or retraining by allowing up to 50% of the cost of the education or retraining.

Tax relief is approved according to the size of the investment and the securing of the employment of a specific number of employees as per following criteria:

Size of Investment Tax rate on profit Duration of privilege Minimum number of employees 10 mil.kn 7% 10 yrs 30 20 mil.kn 3% 10 yrs 50 60 mil.kn 0% 10 yrs 75

Special privileges are granted to investors who are situated in the areas of Special State Care where tax on profits are charged at 5, 10 or 15%, depending on the area in which they operate.

Customs privileges relate to the waiving of the payment of custom duty on the import of equipment which forms a part of the investment (except for personal automobiles with a motor capacity of more than 1500 ccm).

Investment in Free Zones

Apart from the usual exemption from paying taxes and customs for all goods produced in the free zone and intended for export, users of the zone who invest over 130,000 EUR in infrastructure are exempt from profit tax for a period of five years. Other users of the zone pay 50% of the standard rate of profit tax.

Property ownership rights:

Respecting the principle of reciprocity and by the approval of the Ministry of Foreign Affairs, a foreigner can obtain ownership rights for property in the Republic of Croatia.

When a foreigner opens company in Croatia, that company is treated as local and is permitted to obtain ownership rights without limitation.

Concession rights:

Concession rights can be issued to foreigners depending on the results of a public tender for a maximum of 99 years or 40 years in the case of agricultural land.

Taxes and tax rates:

Profit tax - 20% Income tax - 15, 25 and 35%, depending on the amount of income Value added tax - 22%, apart from exemptions which are 0% Transfer of property tax - 5% Inheritance of gifts tax - 5% Luxury goods tax - 30% and so on

Investment possibilities in Croatia

The economy of the Republic of Croatia is relatively modern. In the structure of the Gross Domestic Product, two thirds of the newly made assets come from the services sector, a little under 10% from agriculture, about 5% from construction, with the remainder coming from industry, including mining, the extraction and supply of electrical energy, gas and water.

The Croatian economy is not heavily reliant on any particular activity. However, some sectors and some activities are more prospective, propulsive and have more potential than others. With its dominance in the formation of the GNP, the services sector stands out as having the leading role, a position it will surely keep in the future, especially as far as tourism, the financial section and trade are concerned. According to experts, other areas attractive for investment are industry, agriculture and food production, construction, transport, communications, etc.

Direct foreign investment

According to the figures by the Croatian National Bank, from 1993 until the end of 2003, direct foreign investments in Croatia totalled USD 9,5 bil. It is important to note that until 1996, only ownership investments were registered, while from 1997 total investment included reinvested profits and other non-ownership arrangements.

Graph 1: Direct foreign investment in Croatia per year

Source: Croatian National Bank

The first notable foreign investments in Croatia took place after 1995 and the completion of the successful military liberation operations in the country, while the notable privatisation of the large State systems and Banks in 1999.

Graph 2: Direct foreign investment in Croatia, 1993-first quarter of 2004 (by sectors)

Source: Croatian National Bank

In the 1993-2003 period, direct foreign investment in Croatia was realised in a number of sectors. Due to the privatisation of Croatian Telecommunications, large Croatian banks and the sale of Pliva shares on European markets, 52% of all foreign investment was concentrated in telecommunications, banking and pharmaceutical industry sectors. These were followed by investments in oil industry, cement production, hotels, restaurants, etc. In the first quarter of 2004,. most investment went to the trade sector (cca 70%), crude oil and natural gas extraction (7,8%), beer industry (7,3%) and construction (6,3%).

Graph 3: Direct foreign investment in Croatia, 1993-first quarter of 2004 (by countries of origin)

Source: Croatian National Banka

According to investments by country of origin, the largest single investor in Croatia during this period was Austria, making up for more than 25% of all foreign investment. The second largest investor is Germany with over 20%, while the USA was third with 16%. They were followed by Luxembourg, the Netherlands, Great Britain with Northern Ireland, Slovenia, Italy, Liechtenstein, Sweden and so on.

The total of direct foreign investments for the 1993-first quarter of 2004 period reached USD 1,16 bil. The largest part went to the pharmaceutical industry (58,5%), followed by maritime and coastal transport, telecommunications, financial mediation, etc. During that period, Croatian companies mostly invested in Switzerland (33,5%), Bosnia and Herzegovina (16,5%), and Poland (13,5%).

This document originates from Ministry of Foreign Affairs of the Republic of Croatia website www.mfa.hr

BROKER, real estate agency team.