Information on economic trends - April 2022 - HNB
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Information on
economic trends
April 2022CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022 3
Summary
The GDP nowcasting model suggests current acceleration in real activity growth in the first quarter, although the
annual growth rate might fall from the previous quarter. At the same time, developments in the labour market
suggest employment growth and a somewhat faster growth in nominal wages. Consumer price inflation continued
to accelerate in February, amid a gradual widening of the breadth of price increase. Although the current and capital
account balance deteriorated in the last quarter of 2021 from the same period of the year before, mainly driven
by rising profits of banks and enterprises in non-resident ownership, it improved considerably on an annual level.
Banks’ free reserves continued to rise, reaching their highest level ever at the end of March, while the costs of
corporate and household financing further decreased in February. The annual growth rate of bank placements
accelerated from 3.6% in January to 4.0% in February, mirroring acceleration in the growth of placements to non-
financial corporations from 1.6% to 3.6%, while the growth rate of household placements remained at the previous
month level (4.4%). The growth in housing loans continued to slow down, while the growth in general-purpose cash
loans accelerated slightly. The strong recovery in economic activity in 2021 resulted in a considerable drop in the
public debt to GDP ratio, from 87.3% of GDP at the end of 2020 to 79.6% of GDP at the end of December last year.
According to recent Ministry of Finance data, the deficit narrowed slightly in the first two months of 2022 from the
same period of the year before.
The GDP nowcasting model suggests current acceleration deteriorated slightly (Figure 8).
in real activity growth, although the annual growth rate might Employment in February 2022 remained almost unchanged
shrink from the previous quarter (Figure 1). A strengthening of from the month before, its average value in January and Febru-
economic growth at the beginning of the year is suggested by ary 2022 rising 0.6% from the previous quarter average. The
data on industrial production, which rose by 1.9% from the av- slowdown in the demand for labour at the start of the year was
erage seen in the last three months of 2021 (Figure 3). Broken also visible in a fall in the job vacancy rate for two consecutive
down by MIGs, the production of intermediate goods, capital quarters, which led to an increase in the number of unemployed
goods and non-durable consumer goods rose. The production persons in February. The registered unemployment rate in Feb-
of energy held steady at the previous quarterly average and the ruary 2022 remained at the level of the previous month (6.8% of
production of durable consumer goods decreased (Figure 4). labour force). Employment rose by 2.4% from February 2021,
Observed on a monthly level, industrial production rose in Feb- while the number of unemployed persons fell by almost 20%
ruary by 2.7% from January when it fell by 0.6%. The volume of (Figure 15). The results of the Labour Force Survey for the
construction works in January increased by 1.1% from the previ- fourth quarter of 2021 confirmed favourable developments in
ous three-month average (Figure 5), with both works on build- the labour market towards the end of the year, with the season-
ings and other construction works recording growth (0.7% and ally adjusted ILO unemployment rate in the fourth quarter of
3.0%, respectively) (Figure 6). On a monthly level, the volume 2021 falling to 5.9% of the labour force, from 7.2% in the third
of construction works in January fell by 0.3% from December quarter (Figure 16).
2021, as a result of a fall in works on buildings (0.2%). At the The growth in the average nominal gross wage accelerated
same time, other construction works rose by 0.2%. In contrast considerably in February 2022, mainly driven by a faster growth
with favourable developments in industry and construction, the in wages outside the civil sector and government employees sec-
real retail trade turnover was down 2.4% in January and Febru- tor (Figure 17). The average nominal gross wage in January and
ary from the previous quarter average (Figure 7). The increase February was up 1.9% from the previous three months’ aver-
in the real retail trade turnover in February of 1.6% from Janu- age, while its purchasing power remained unchanged. The fast
ary was not sufficient to compensate for the sharp monthly fall growth in gross wages spurred acceleration in the annual growth
of 3.9% in January. rate of nominal wages in February to 5.7%, although its real val-
Consumer optimism was further dampened in March after ue fell by 0.6%.
plunging in February, thus continuing the trend present, with The monthly increase in consumer prices of 0.9% in Feb-
certain fluctuations, since mid-last year. The February survey ruary was broadly based and included higher prices of refined
was conducted in the first part of the month, before the Rus- petroleum products, clothing and footwear, bread and cereals,
sian invasion of Ukraine, so the escalation of geopolitical ten- catering services and some durable and non-durable consumer
sions does not appear to have had any considerable additional goods. The annual rate of consumer price inflation continued to
impact on domestic consumer optimism thus far. The expecta- accelerate for the eighth consecutive month and, after reaching
tions of the financial situation in the household and in the over- 5.7% in January, rose to 6.3% in February (Figure 19). Its an-
all economic situation in Croatia for the following period of one nual growth rate exceeded 6% for the first time since 2008. Al-
year deteriorated the most, while the assessment of the current though food and energy continue to be the biggest contributors
financial situation in households deteriorated only slightly. Busi- to inflation, the increase in consumer prices in February is al-
ness optimism was relatively stable in the first quarter, buoying most fully the result of higher prices of products included in the
expectations in construction and services, while those in indus- calculation of core inflation, i.e. industrial products excluding
try held steady at end-last year level and those in trade dete- food and energy, such as clothing and footwear, household ap-
riorated. In March, optimism in industry improved slightly from pliances, consumer goods for household maintenance, gardens
February. The expectations in trade held steady at the level of and pets. Such developments can largely be attributed to the in-
the previous month, while those in construction and services clusion of the increased costs arising from the earlier increase in4 CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022
the prices of energy and other intermediate goods on the global yuan renminbi and the US dollar, mirroring the strengthening
market as well as freight rates, in the domestic prices of indus- of these currencies against the euro on the international foreign
trial products. Although to a smaller extent, the increase in infla- exchange market.
tion in February was also due to an acceleration in the annual The euro short-term interest rate, €STR, remained al-
growth rate in the prices of processed food products (primarily most unchanged in March and stood at –0.59% at the end of
bread and cereals and non-alcoholic beverages), mirroring the the month, while the six-month EURIBOR continued to grow,
persistently high prices of food raw materials, fertilisers and en- reaching –0.37% at the end of March (Figure 26). Investors’
ergy on the global market that are used in their production. The expectations regarding further inflation growth, the uncertain-
contribution of services to overall inflation, particularly those re- ty associated with the Russian aggression against Ukraine and
lated to catering, also rose slightly in February. By contrast, the further monetary policy tightening by the Fed and other central
contribution of energy and unprocessed food products to overall banks fuelled a faster growth in the yields on U.S. and Germany
annual inflation has not changed much from January, since their government bonds in March (Figure 25), with similar develop-
price increase in February 2022 was of similar intensity to that ments being recorded in most peer countries. The risk premi-
in the same month of the year before. As a result, core inflation ums for European emerging market economies continued to
rose by one percentage point, from 4.9% in January to 5.9% in grow, particularly in the first half of March (Figure 27), with
February (Table 1). The inflation rate measured by the harmo- Romania and Hungary witnessing the fastest growth. The risk
nised index of consumer prices (HICP) accelerated in February premium for Croatia rose by 9 basis points and stood at 103 ba-
to 6.3% from 5.5% in January, exceeding the rate of inflation sis points at the end of March, thus continuing to record slightly
in the euro area by 0.5 percentage points. The rate of inflation higher values than peer CEE countries, except Romania.
measured by the HICP excluding energy, food, alcoholic bev- Banks’ free reserves reached record highs. Thus the aver-
erages and tobacco accelerated in February somewhat faster in age daily surplus kuna liquidity of the domestic banking system
Croatia than in the euro area and stood at 3.5%, exceeding that in March stood at HRK 78.7bn (Figure 61), having risen from
in the euro area by 0.8 percentage points. In addition to the fac- HRK 77.2bn in the preceding month. For the first time since
tors mentioned above, the developments in inflation in the up- April 2020, the domestic interbank overnight market recorded a
coming period will be affected by the war in Ukraine and sanc- modest turnover at the interest rate of 0.05% (Figure 29). Other
tions against Russia that prompted a steep rise in raw materials segments of the overnight money market witnessed a fall in in-
and energy prices. terest rates. The implicit interest rate derived from banks’ swap
The current and capital account recorded a deficit of EUR trading fell to –0.15% in March, the interest rate on bank de-
31m in the fourth quarter of 2021, having widened by EUR mand deposit trading to –0.03% and the interest rate on repo
144m from the same period of the year before (Figure 64). This transactions of banks to –0.05% amid a small turnover. The av-
is mostly the result of a growth in the profits of banks and en- erage daily balance of regular weekly operations in March stood
terprises owned by non-residents (particularly in the real estate at HRK 167m, with the average fixed interest rate standing at
activity). The foreign trade deficit also rose (EUR 0.3bn) amid 0.05%, and the banks exhibiting no interest in CNB funding at
a fast growth in goods exports and imports (42.3% and 31.1%, the end of March. As regards the costs of government finan
respectively). The very high growth rates of goods exports and cing, the interest rate on one-year kuna T-bills of the Ministry
imports reflect increased foreign and domestic demand as well of Finance rose to 0.05% in March (Figure 30), after standing
as the increased prices of goods, particularly energy and other at 0.01% in the first two months of 2022. Even though yields
raw materials on the global market. At the same time, the sur- on Croatian government bonds fell slightly in the second half
plus in the secondary income and capital transaction accounts of March, the yield curve held steady at a higher level than that
fell only slightly, while the unfavourable developments in the prior to the Russian invasion of Ukraine (Figure 31).
current and capital account were mitigated by a sharp rise in net The interest rate on pure new corporate loans fell in Febru-
services exports (EUR 0.6bn), particularly travel services and to ary by 22 basis points to 1.59% (Figure 34). The fall in the costs
a lesser extent net exports of other services, most notably con- of corporate financing was mostly driven by a fall in the inter-
struction services. Taking 2021 as a whole, the surplus on the est rate on loans to medium-sized enterprises (–15 basis points)
current and capital account stood at 5.8% of GDP, having in- and a fall in the share of financing of micro enterprises (–14 ba-
creased 3.7 percentage points from 2020. sis points) that borrow at higher interest rates (Figure 37). The
March saw stronger pressures on the exchange rate of the cost of corporate financing on an annual level fell by 41 basis
kuna against the euro amid rising geopolitical uncertainties, de- points (Figure 35), mostly fuelled by a fall in the interest rate on
spite the approaching entry of Croatia into the euro area. To al- investment and syndicated loans (–18 basis points) and loans
leviate the weakening of the domestic currency in the context of for working capital (–15 basis points). As regards households,
the policy of maintaining the stability of the exchange rate, the the interest rate on pure new loans to that sector fell in February
CNB intervened in the foreign exchange market on three occa- by 4 basis points to 4.08% (Figure 38), mainly as a result of a
sions in March, selling a total of EUR 385 mil worth of foreign fall in the interest rate on general-purpose cash loans. The costs
exchange to the banks, with one intervention taking place out- of household financing fell by 40 basis points on an annual level
side of auction. At the end of March, the exchange rate stood at (Figure 39), mostly driven by a fall in interest rates on general-
EUR/HRK 7.58, having risen 0.4% from the end of February purpose cash loans (–20 basis points) and housing loans (–10
or 0.1% from the same period of the previous year (Figure 22). basis points). As regards deposits, the interest rates on house-
The nominal effective exchange rate of the kuna at the end of hold and corporate time deposits remained almost unchanged
March was up 0.4% from the end of February1. The deprecia- in February (Figures 41 and 42). In line with the monthly fall
tion was mostly the result of the weakening of the kuna against in the costs of financing, the spread between interest rates on
the euro and to a lesser extent of kuna weakening against the total pure new loans and deposits fell to 4.0 percentage points
in February (Figure 44), while the spread between interest rates
1 The exchange rate of the Russian rouble has been fixed until further notice on total loans and deposits remained unchanged at 3.6 percen
at the level of the last published ECB reference rate on 1 March, thus coun-
teracting the effect of a pronounced volatility of this currency in the interna- tage points.
tional foreign exchange market on effective exchange rates of the kuna. Monetary developments in February were marked by aCNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022 5
further gradual slowdown in the growth of monetary aggre- EUR 3.0bn or 14.0% from the same month of the year before.
gates. Total liquid assets (M4) fell by a slight HRK 0.4bn or In the fourth quarter of 2021, the financial account of the
0.1% (transaction-based), reflecting the fall in net foreign as- balance of payments witnessed, if the change in the gross in-
sets (NFA) of the monetary system and a simultaneous growth ternational reserves and liabilities of the CNB is excluded, a
in net domestic assets (NDA) (Figure 45). Money (M1) rose by net capital inflow of EUR 0.7bn (Figure 66). The net inflow of
HRK 1.2bn or 0.6% on a monthly level, with household demand capital seen during that period mostly mirrors the growth in net
deposits growing the most. Quasi-money fell by HRK 1.6bn equity liabilities of domestic sectors arising from the growth in
(0.7%) as a result of a fall in kuna deposits of the domestic sec- liabilities from reinvested earnings of banks and enterprises in
tors, particularly other financial institutions. Although still grow- foreign ownership, and to a lesser extent, the growth in direct
ing at high growth rates: M4 by 9.6% and M1 by 14.9%, the equity investments in Croatia, particularly in the real estate ac-
annual growth in M4 and M1 continued to slow down gradually tivity. In addition to net equity liabilities, net debt liabilities al-
(Figures 55 and 56). so rose slightly, primarily as a result of a seasonal deterioration
Total placements of monetary institutions to domestic sec- in the net foreign position of credit institutions (Figure 67). By
tors (except the central government) rose by HRK 1.4bn (0.6%) contrast, the assets of banks in TARGET22 managed by the cen-
in February, with their annual growth rate accelerating to 4.0% tral bank grew. Government debt liabilities also rose noticeably
in February from 3.6% in January (Figure 47). The monthly on account of the amount of funds allocated to end users ex-
growth in placements can fully be accounted for by loans as the ceeding the amount of funds received from the EU budget and
prevailing item of placements, with loans to non-financial cor- the pre-payment made for the acquisition of fighter aircrafts,
porations growing the fastest (HRK 1.8bn). Household loans while other domestic sectors also reduced their net debt liabili-
rose slightly (HRK 0.3bn) while loans to other financial institu- ties, including liabilities towards their affiliated creditors. At the
tions fell (HRK 0.7bn). If loans to households are broken down same time, the international reserves of the central bank grew as
by instruments, housing loans continued to grow slightly (HRK a result of a purchase of foreign exchange from the government
0.2bn), followed by general-purpose cash loans (HRK 0.1bn). so the total net inflow of capital, including the CNB reserves was
Thus, the growth in housing loans continued to slow down on thus noticeably smaller, at EUR 0.3bn.
an annual level, having fallen from 8.4% in January to 8.0% in According to the Ministry of Finance data3, the budget deficit
February) while the growth in general-purpose cash loans ac- in February was HRK 3.1bn, a slight deterioration from the defi-
celerated slightly from 3.3% to 3.4%. The annual growth in total cit generated in the same month of 2021 (HRK 3.0bn). These
household placements thus held steady at the level of the previ- developments reflect a small fall in revenues (–0.9%) and a stag-
ous month (4.4%, Figure 49). By contrast, the annual growth in nation in expenditures (0.0%) on an annual level. In the first
placements to non-financial corporations accelerated, reaching two months of 2022, the deficit stood at HRK 3.4bn, having
3.6% in February (Figure 48). improved by some HRK 0.3bn from the deficit generated in the
Gross international reserves fell in March by EUR 2.2bn or same period of the previous year (HRK 3.7bn).
8.4% from February, reaching EUR 24.1bn at the end of the At the end of December 2021, the consolidated general gov-
month (Figure 63). The fall in gross reserves was the result of ernment debt came to HRK 343.6bn, having risen by HRK
a lower level of agreed repo operations and the sale of foreign 13.2bn from the end of 2020. As for the relative indicator of
exchange to the banks to preserve the stability of the exchange public debt, the strong recovery in economic activity resulted in
rate of the kuna against the euro. At the same time, net usable a drop in the public debt to GDP ratio from 87.3% of GDP at
reserves fell by EUR 0.5bn or 2.3% and stood at EUR 20.4bn at the end of 2020 to 79.6% at the end of December last year.
the end of the month. Gross international reserves thus rose by
2 Bank funds within the TARGET2 system constitute central bank foreign as-
sets but are not part of the international reserves.
3 The budget balance and total revenues and expenditures refer to monthly
data for the central government, state government and social security sub-
sectors, the publication of which by the Ministry of Finance before the end of
the following calendar month is required under Council Directive 2011/85/
EU. The published data refer to general government units according to the
scope of the ESA 2010 statistical methodology, except for data for the local
government, which are published on a quarterly basis.6 CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022
Figure 1 Quarterly gross domestic product Figure 4 Industrial production by main industrial groupings
seasonally adjusted real values seasonally adjusted indices
20 140 130
2015 = 100
%
2015 = 100
16 132
120
12 124
110
8 116
4 108 100
0 100 90
–4 92
80
–8 84
70
–12 76
–16 68 60
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022
Year-on-year rate of change of GDP Intermediate goods Non-durable consumer goods Energy
Level of GDP (seasonally adjusted values) – right
Capital goods Durable consumer goods
Note: Data for the first quarter of 2022 refers to the CNB’s monthly indicator of real
economic activity, estimated on the basis of data published until 31 March 2022.
Sources: CBS data seasonally adjusted by the CNB and CNB calculations. Source: CBS data seasonally adjusted by the CNB.
Figure 2 GDP rate of change Figure 5 Total volume of construction works
contributions by components
25 25 % % 10 150
2015 = 100
percentage points
20 20 8 140
15 15 6
130
10 10 4
120
5 5 2
110
0 0 0
100
–5 –5 –2
–4 90
–10 –10
–15 –15 –6 80
–20 –20 –6 70
2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021
Imports of goods and services Gross fixed capital formation
Exports of goods and services Government consumption Quarterly rate of change of seasonally adjusted index
Changes in inventories Household consumption Trend-cycle – right
Gross domestic product – right
Note: Data for the first quarter of 2022 refers to January.
Source: CBS. Source: CBS data seasonally adjusted by the CNB.
Figure 3 Industrial production Figure 6 Buildings and civil engineering works
% 12 116 180 16 %
2015 = 100
2015 = 100
9 112 160 12
6 108 140 8
3 104 120 4
0 100 100 0
–3 96 80 –4
–6 92 60 –8
–9 88 40 –12
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022
Civil engineering works (trend-cycle)
Quarterly rate of change of seasonally adjusted index Buildings (trend-cycle)
Trend-cycle – right Buildings (quarterly rate of change) – right
Civil engineering works (quarterly rate of change) – right
Note: Data for the first quarter of 2022 refers to January and February.
Source: CBS data seasonally adjusted by the CNB. Source: CBS data seasonally adjusted by the CNB.CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022 7
Figure 7 Real retail trade turnover Figure 10 Goods exports (f.o.b.)
% 16 140 1.7 20
2015 = 100
billion EUR
in %, seasonally adjusted
12 130
8 120 1.5 10
4 110
0 100 1.2 0
–4 90
1.0 –10
–8 80
–12 70
0.7 –20
–16 60 2014 2015 2016 2017 2018 2019 2020 2021
2015 2016 2017 2018 2019 2020 2021 2022
Total exports (trend-cycle)
Exports excl. energy (trend-cycle)
Quarterly rate of change of seasonally adjusted index
Total exports (quarterly rate of change) – right
Trend-cycle – right
Exports excl. energy (quarterly rate of change) – right
Note: Data for the first quarter of 2022 refer to January and February.
Source: CBS data seasonally adjusted by the CNB. Source: CBS data seasonally adjusted by the CNB.
Figure 8 Consumer and business confidence indicators Figure 11 Goods imports (c.i.f.)
standardised and seasonally adjusted values
130 2.6 30
billion EUR
in %, seasonally adjusted
120
2.4 20
110
2.1 10
100
90 1.9 0
80 1.6 –10
70
1.4 –20
60
1.1 –30
50 2014 2015 2016 2017 2018 2019 2020 2021
2015 2016 2017 2018 2019 2020 2021 2022
Total imports (trend-cycle)
Construction business confidence indicator Industry business confidence indicator Imports excl. energy (trend-cycle)
Retail trade business confidence indicator Long-run average = 100 Total imports (quarterly rate of change) – right
Services business confidence indicator CCI consumer confidence index Imports excl. energy (quarterly rate of change) – right
Sources: Ipsos and CNB data seasonally adjusted by the CNB. Source: CBS data seasonally adjusted by the CNB.
Figure 9 EU confidence indices Figure 12 Imports of capital equipment and road
seasonally adjusted series vehicles (c.i.f.)
20 120 0.45 25
in %, balance of responses
long-run average = 100
billion EUR
in %, seasonally adjusted
66
0.40 20
10 110
0.35 15
0 100 0.30 10
0.25 5
–10 90 0.20 0
0.15 –5
–20 88
0.10 –10
–30 70 0.05 –15
–50
0.00 –20
–40 60 2014 2015 2016 2017 2018 2019 2020 2021
2015 2016 2017 2018 2019 2020 2021 2022
Imports of road vehicles (trend-cycle)
Industrial confidence index Imports of capital equipment (trend-cycle)
Consumer confidence index Imports of road vehicles (quarterly rate of change) – right
Economic Sentiment Index (ESI) – right Imports of capital equipment (quarterly rate of change) – right
Note: Data are up to February 2022. Notes: Imports of capital equipment (SITC divisions 71 – 77).
Source: Eurostat. Source: CBS data seasonally adjusted by the CNB.8 CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022
Figure 13 Trade of goods balance Figure 16 Unemployment and job vacancy rates
seasonally adjusted data
–0.1 40 % 22 1.8 %
billion EUR
in %, seasonally adjusted
20 1.6
–0.2 30 18 1.4
–0.3 20 16 1.2
14 1.0
–0.4 10 12 0.8
10 0.6
–0.5 0
8 0.4
–0.6 –10 6 0.2
4 0.0
–0.7 –20 2015 2016 2017 2018 2019 2020 2021 2022
–0.8 –30 Registered unemployment rate Adjusted unemployment rate
ILO unemployment rate Job vacancy rate – right
–0.9 –40
2014 2015 2016 2017 2018 2019 2020 2021 Notes: Since January 2015, the calculation of the registered unemployment rate has
used the data on employed persons from the JOPPD form. Data on the number of
Total balance (trend-cycle) employed persons have been revised backwards for the period from January 2016 to
Balance excl. energy products (trend-cycle) December 2019. The adjusted unemployment rate is the CNB estimate and is
Total balance (quarterly rate of change) – right calculated as the share of the number of registered unemployed persons in the working
Balance excl. energy products (quarterly rate of change) – right age population (unemployed persons and persons insured with the CPII).
The job vacancy rate is calculated as the share of total posts that are vacant in the total
demand for labour (the sum of the number of persons insured with the CPII and vacant
posts). Data for the first quarter of 2022 refer to January and February.
Source: CBS data seasonally adjusted by the CNB. Sources: CBS, CES and CNB calculations (seasonally adjusted by the CNB).
Figure 14 Trade in goods balance by product groups Figure 17 Average nominal gross wage by NCA activities
original data
0.2
billion EUR
13,000
in HRK
0.0
12,000
–0.2
11,000
–0.4
10,000
–0.6
9,000
–0.8
8,000
–1.0
7,000
–1.2
2014 2015 2016 2017 2018 2019 2020 2021
6,000
Energy sources Capital goods Ships 2016 2017 2018 2019 2020 2021 2022
Road vehicles Food Other
O P Q Rest of the economy Total
Raw materials excl. food and energy Total
Notes: O – Public administration and compulsory social security, P – Education,
Notes: Series are shown as three-member moving averages of monthly data. Q – Human health. Data for the first quarter of 2022 refer to January and February.
Source: CBS. Sources: CBS and CNB calculations.
Figure 15 Employment Figure 18 Consumer price index and core inflation
original data annualised month-on-month rate of changea
1,650 % 12
in thousand
10
1,600
8
6
1,550
4
2
1,500
0
1,450 –2
–4
1,400 –6
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 2015 2016 2017 2018 2019 2020 2021 2022
2017 2018 2019 2020 2021 2022 Consumer price index Core inflation
a
The month-on-month rate of change is calculated based on the quarterly moving
average of seasonally adjusted consumer price indices.
Source: CPII. Sources: CBS and CNB calculations.CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022 9
Figure 19 Year-on-year inflation rate and contributions of Table 1 Price indicators
components to consumer price inflation year-on-year and month-on-month rates of change
Year-on-year Month-on-
rates month rates
7.5 1/22 2/22 2/21 2/22
percentage points
6.0 Consumer price index and its components
Total index 5.7 6.3 0.3 0.9
4.5
Energy 10.2 10.4 1.3 1.5
3.0 Unprocessed food 10.3 10.0 0.6 0.4
1.5 Processed food 8.4 9.1 –0.3 0.4
Non-food industrial goods without
0.0 3.1 4.6 0.1 1.5
energy
–1.5 Services 1.4 1.7 0.1 0.5
Other price indicators
–3.0
2019 2020 2021 2022
Core inflation 4.9 5.9 0.0 0.9
Index of industrial producer prices on
Energy Unprocessed food Processed food 20.7 21.3 1.4 1.9
the domestic market
Non-food industrial goods without energy Services
Core inflation (%)a Consumer price index (%) Brent crude oil price (USD) 56.6 53.8 14.0 12.0
HWWI index (excl. energy, USD) 21.0 25.2 2.8 6.3
a
Core inflation does not include agricultural product prices, energy prices and
administered prices. Note: Processed food includes alcoholic beverages and tobacco.
Sources: CBS and CNB calculations. Sources: CBS, Bloomberg and HWWI.
Figure 20 Crude oil prices (Brent) Figure 22 Daily nominal exchange rate – HRK vs. EUR, USD
and CHF
CNB midpoint exchange rate
110 650 9.5 8.0
USD/barrel
HRK/barrel
100
9.0 7.5
90 550
80 8.5 7.0
70 450
8.0 6.5
60
7.5 6.0
50 350
40 7.0 5.5
30 250
6.5 5.0
20
10 150 6.0 4.5
2015 2016 2017 2018 2019 2020 2021 2022 2014 2015 2016 2017 2018 2019 2020 2021 2022
Brent (USD/barrel) Brent (HRK/barrel) – right EUR/HRK USD/HRK – right CHF/HRK – right
Sources: Bloomberg and CNB calculations. Source: CNB.
Figure 21 HWWI index (excl. energy) Figure 23 Nominal and real effective exchange rates
of the kuna
170 170
index, 2010 = 100
2020 = 100
160 160
150 150
140
140
130
130
120
120
110
110
100
100
90
2014
2015
2016
2017
2018
2019
2020
2021
2022
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
90
80
Nominal Real (PPI) Real (ULC total economy)
70
2015 2016 2017 2018 2019 2020 2021 2022 Real (CPI) Real (ULC manufacturing)
Notes: The real effective exchange rate of the kuna deflated by producer prices
HWWI index (USD) HWWI index (HRK) includes the Croatian index of industrial producer prices on the total market. The unit
labour cost is calculated as the ratio between compensation per employee and labour
productivity (defined as GDP per person employed), while the real effective exchange
rate of the kuna deflated by unit labour costs is the result of the interpolation of
quarterly values. A fall in the index indicates an effective appreciation of the kuna.
Sources: HWWI and CNB calculations. Source: CNB.10 CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022
Figure 24 Contributionsa of individual currencies to the Figure 27 CDS spreads for 5-year government bonds of
monthly rate of change of the average index of the nominal selected countries
effective kuna exchange rate (INEER)
1.5 350
basis points
percentage points
1.0 300
0.5 250
0.0 200
–0.5 150
–1.0 100
–1.5 50
–2.0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022
Bulgaria Czech R. Croatia Hungary
Poland Romania Slovenia Slovak R.
EUR USD CHF Other currencies INEERmom Germany Italy
Note: Credit default swaps (CDS) spread is an annual premium that a CDS buyer pays
a
Negative values indicate contributions to the appreciation of the INEER. for protection against credit risk associated with the issuer of an instrument.
Source: CNB. Source: S&P Capital IQ.
Figure 25 Yields to maturity on US government and German Figure 28 CDS spreads for selected parent banks of
government bonds domestic banks
% 3.0 500
basis points
2.5
400
2.0
1.5
300
1.0
0.5 200
0.0
100
–0.5
–1.0
0
1m
3m
6m
9m
1 yr
2 yrs
3 yrs
4 yrs
5 yrs
6 yrs
7 yrs
8 yrs
9 yrs
10 yrs
2015 2016 2017 2018 2019 2020 2021 2022
31/1/2022 28/2/2022 31/3/2022
31/1/2022 28/2/2022 31/3/2022 Unicredit S.p.A. Erste Group Bank AG
Raiffeisen Bank International AG Intesa Sanpaolo S.p.A.
Note: Blue denotes yields on US bonds and red yields on German bonds. The first
four labels on the individual dates refer to monthly yields and the remaining ones refer
to annual yields.
Source: Bloomberg. Source: S&P Capital IQ.
Figure 26 Interest rates on the euro and the average yield Figure 29 Overnight interest rates and turnovers
spread on bonds of European emerging market countries
1.5 400 % 0.4 70
turnover, in billion HRK
%
basis points
300 0.2 60
1.0
200 0.0 50
0.5
100 –0.2 40
0.0
0 –0.4 30
–0.5 –100 –0.6 20
–1.0 –200 –0.8 10
2015 2016 2017 2018 2019 2020 2021 2022
–1.0 0
2019 2020 2021 2022
ECB benchmark rate EONIA/€STR 6M EURIBOR
Bank repo operations – right Interbank trading – right
EMBI spreads for European emerging market countries – right Bank deposit trading – right
Interest rate on bank demand deposit trading
Interbank interest rate Bank fx swap trading – right
Note: EMBI, or the Emerging Market Bond Index, shows the spread between yields Interest rate on bank repo operations
on government securities of emerging market economies, Croatia included, and Implied interest rate on bank fx swap trading
risk-free securities issued by developed countries. Since the start of 2022, the EONIA
has been replaced by €STR.
Sources: ECB, Bloomberg and J.P. Morgan. Source: CNB.CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022 11
Figure 30 Yields on T-bills and bonds of the Republic of Figure 33 Long-term financing costs
Croatia
% 5 % 9
8
4 7
6
3 5
4
2 3
2
1 1
2015 2016 2017 2018 2019 2020 2021 2022
Long-term pure new corporate loans in kuna
0 Long-term pure new corporate loans in foreign exchange
2015 2016 2017 2018 2019 2020 2021 2022
Long-term pure new non-housing loans to households in kuna
Long-term government kuna bond Long-term pure new non-housing loans to households in foreign exchange
Long-term government euro bond Long-term pure new housing loans to households in kuna
T-bills (364 days, in HRK) Long-term pure new housing loans to households in foreign exchange
Note: Yields on long-term bonds refer to bonds with a remaining maturity of ten Note: Quarterly weighted moving averages. Loans in foreign exchange also include
years, i.e. to bonds of the most similar maturity. loans in kuna with a currency clause.
Source: CNB. Source: CNB.
Figure 31 Yields to maturity on RC bonds Figure 34 Interest rates and amount of corporate loans
% 3.0 % 9 16
in billion HRK
2.5 8 14
7 12
2.0
6 10
1.5 5 8
1.0 4 6
3 4
0.5
2 2
0.0 1 0
2015 2016 2017 2018 2019 2020 2021 2022
–0.5
1 yr
2 yrs
3 yrs
4 yrs
5 yrs
6 yrs
7 yrs
8 yrs
9 yrs
10 yrs
11 yrs
12 yrs
13 yrs
14 yrs
15 yrs
16 yrs
17 yrs
18 yrs
19 yrs
Renegotiated corporate loans Corporate credit lines
Euro yields – March 2022 Kuna yields – December 2021 Pure new corporate loans
Kuna yields – March 2022 Euro yields – December 2021 Amount of renegotiated corporate loans – right
Amount of pure new corporate loans – right
Note: The dots show the achieved yields, while other values have been interpolated.
Data for a one-year yield refer to the achieved interest rate on one-year T-bills without
a currency clause and with a currency clause in the euro. The yield on one-year T-bills Note: Data on pure new loans are not available for credit card loans, overdrafts,
without a currency clause at end-2021 refers to November. The yield on one-year revolving loans and receivables on charge cards since their new business volume (for
T-bills with a currency clause in the euro refers to October 2021 and February 2022, other instruments, this includes both pure new loans and renegotiated loans) is equal
respectively. to balances and thus included in the credit line category).
Source: CNB. Source: CNB.
Figure 32 Short-term financing costs Figure 35 Contributions to the annual change in the interest
rate on pure new corporate loans
% 6 80
basis points
5 40
4 0
3 –40
–80
2
–120
1
–160
0 2016 2017 2018 2019 2020 2021 2022
2015 2016 2017 2018 2019 2020 2021 2022
Total weight contributions Contribution of interest rate on factoring
Short-term pure new corporate loans in kuna Contribution of interest rate on other financing
Short-term pure new corporate loans in foreign exchange Contribution of interest rate on investment and syndicated loans
Contribution of interest rate on working capital loans
Note: Quarterly weighted moving averages. Foreign currency loans also include kuna Change in interest rate on pure new corporate loans
loans with a currency clause. Interest rates on short-term pure new household loans
are not shown because they account for a very small share of total pure new Note: Calculated by applying the Bennet index, according to which total contribution
household loans. is divided into interest rate effect and weight effect.
Source: CNB. Source: CNB.12 CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022
Figure 36 Interest rates on pure new corporate loans by Figure 39 Contributions to the annual change in the interest
purpose rate on pure new household loans
% 7 80
basis points
6 40
0
5
–40
4
–80
3
–120
2 –160
2016 2017 2018 2019 2020 2021 2022
1 Total weight contribution
2015 2016 2017 2018 2019 2020 2021 2022 Contribution of interest rate on other financing
Contribution of interest rate on general-purpose cash loans
Investment and syndicated loans Factoring Contribution of interest rate on housing loans
Other financing Working capital loans Change in interest rae on pure new loans to households
Note: Calculated by applying the Bennet index, according to which total contribution
Note: Quarterly weighted moving averages. is divided into interest rate effect and weight effect.
Source: CNB. Source: CNB.
Figure 37 Interest rates on pure new loans by corporate size Figure 40 Interest rates on pure new household loans by
purpose
% 7 % 9
6 8
5 7
4 6
3 5
2 4
1 3
0 2
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022
General-purpose cash loans Other financing
Micro Small Medium-sized Large Housing loans
Note: Quarterly weighted moving averages.
Source: CNB. Source: CNB.
Figure 38 Interest rates and amount of household loans Figure 41 Interest rates on household time deposits
% 10 8 % 3.5
billion HRK
9 7
6 3.0
8
5
7 2.5
4
6
3 2.0
5 2
4 1 1.5
3 0
1.0
2015 2016 2017 2018 2019 2020 2021 2022
0.5
Renegotiated household loans Credit lines to households
Pure new household loans 0.0
Amount of renegotiated household loans – right 2015 2016 2017 2018 2019 2020 2021 2022
Amount of pure new household loans – right
Short-term household time deposits in kuna Short-term household time deposits in f/c
Long-term household time deposits in kuna Long-term household time deposits in f/c
Note: Data on pure new loans are not available for credit card loans, overdrafts,
Total household time deposits
revolving loans and receivables on charge cards since their new business volume (for
other instruments, this includes both pure new loans and renegotiated loans) is equal
to balances and thus included in the credit line category).
Source: CNB. Source: CNB.CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022 13
Figure 42 Interest rates on corporate time deposits Figure 45 Net foreign assets, net domestic assets and total
liquid assets (M4)
absolute change in the last 12 months
% 4 45
billion HRK
40
35
3 30
25
20
15
2
10
5
0
1 –5
–10
–15
0 –20
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022
Short-term corporate time deposits in kuna Short-term corporate time deposits in f/c
Long-term corporate time deposits in kuna Long-term corporate time deposits in f/c Net foreign assets Net domestic assets M4
Total corporate time deposits
Source: CNB. Source: CNB.
Figure 43 Average interest rates on loans (excl. revolving Figure 46 Net domestic assets, structure
loans) and deposits absolute change in the last 12 months
% 10 40
billion HRK
35
30
8
25
20
6 15
10
4 5
0
–5
2
–10
–15
0 –20
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022
Loans – balances Loans – new
Net placements to the government Placements
Deposits – balances Deposits – newa
Other net assets Net domestic assets
a
For time deposits, interest rates on newly received deposits are weighted by their
balances.
Source: CNB. Source: CNB.
Figure 44 Spread between interest rates on loans (excl. Figure 47 Placements
revolving loans) and interest rates on deposits
% 8 5 25 %
billion HRK
7 4 20
3 15
6
2 10
5
1 5
4
0 0
3
–1 –5
2
2015 2016 2017 2018 2019 2020 2021 2022 –2 –10
2015 2016 2017 2018 2019 2020 2021 2022
Kuna loans without a currency clause – kuna deposits without a currency clause
Kuna loans with a currency clause – deposits in f/c Transactions in total placements
Total – new Total – balances Year-on-year rate of change (balance-based) – right
Note: Spread between average interest rates on loans and average interest rates on Year-on-year rate of change (transaction-based) – right
deposits should be differentiated from net interest margin (the ratio of the difference
between interest income and interest expenses to total assets of credit institutions).
Source: CNB. Source: CNB.14 CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022
Figure 48 Placements to corporates Figure 51 Annual rate of change in corporate placements
transaction-based
3 18 % % 15
billion HRK
2 12 10
1 6 5
0 0 0
–1 –6 –5
–2 –12 –10
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022
Transactions in corporate placements
Year-on-year rate of change (balance-based) – right Kuna corporate placements F/c corporate placements
Year-on-year rate of change (transaction-based) – right Total corporate placements
Source: CNB. Source: CNB.
Figure 49 Placements to households Figure 52 Structure of placements of monetary financial
institutions
1.6 10 % 400
billion HRK
billion HRK
350
0.8 5 300
250
0.0 0 200
150
–0.8 –5 100
50
–1.6 –10 0
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021
Transactions in household placements
Placements to other sectors Placements to the central government
Year-on-year rate of change (balance-based) – right
Placements to households Placements to corporates
Year-on-year rate of change (transaction-based) – right
Source: CNB. Source: CNB.
Figure 50 Annual rate of change in household placements Figure 53 Placements of monetary financial institutions to
transaction-based the central government
% 30 120 40 %
billion HRK
25
110 30
20
15 100 20
10
90 10
5
0 80 0
–5
70 –10
–10
–15 60 –20
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022
Kuna household placements F/c household placements Placements to the central government (balance)
Total household placements Year-on-year rate of change – right
Source: CNB. Source: CNB.CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022 15
Figure 54 Share of kuna placements in total sector Figure 57 Structure of M4 monetary aggregate
placements
% 60 440
billion HRK
400
55
360
50 320
280
45 240
200
40
160
35 120
80
30
40
25 0
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021
Placements to non-financial corporations Placements to households M1 Kuna deposits Foreign currency deposits
Placements to other sectors (incl. the government sector) Bonds, money market instruments and MMFs shares/units
Source: CNB. Source: CNB.
Figure 55 Money (M1) Figure 58 Kuna savings and time deposits
206 27 % 37 12 %
billion HRK
billion HRK
190 24 36 8
174 21 35 4
158
18
142 34 0
15
126 33 –4
12
110 32 –8
9
94
31 –12
78 6
62 3 30 –16
46 0 29 –20
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022
M1 (balance) Year-on-year rate of change (balance-based) – right Kuna deposits (balance)
Year-on-year rate of change (transaction-based) – right Year-on-year rate of change – right
Note: From March 2019, the growth rate (transaction-based) excludes the effect of
the reclassification of money market funds.
Source: CNB. Source: CNB.
Figure 56 Total liquid assets (M4) Figure 59 Foreign currency deposits
410 12 % 185 10 %
billion HRK
billion HRK
380 10 180 8
175 6
350 8
170 4
320 6
165 2
290 4
160 0
260 2 155 –2
230 0 150 –4
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022
M4 (balance) Foreign currency deposits (balance)
Year-on-year rate of change (balance-based) – right Year-on-year rate of change (balance-based) – right
Year-on-year rate of change (transaction-based) – right Year-on-year rate of change (transaction-based) – right
Source: CNB. Source: CNB.16 CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022
Figure 60 Share of kuna sources Figure 62 Spot transactions in the foreign exchange market
(net turnover)
% 50 3
billion EUR
45 2
40 1
35 0
30 –1
25 –2
20 –3
15 –4
10 –5
2015 2016 2017 2018 2019 2020 2021 2022
2013
2014
2015
2016
2017
2018
2019
2012
2020
2021
2022
Bank transactions with legal persons Bank transactions with natural persons
Share of kuna sources in total sources of other monetary financial institutions Bank transactions with foreign banks Bank transactions with the CNB
Share of kuna sources in total sources of other monetary financial institutions Total bank transactions CNB transactions with government and the EC
(excl. demand deposits)
Notes: Positive values indicate net purchases and negative values indicate net sales.
Legal persons include the government.
Source: CNB. Source: CNB.
Figure 61 Bank liquidity and overnight interest rate on bank Figure 63 International reserves of the CNB
demand deposit trading at current rate of exchange
% 1.5 80 27
billion HRK
billion EUR
1.3 70 25
1.1 60 23
0.9 50 21
0.7 40 19
0.5 30 17
0.3 20 15
0.1 10 13
–0.1 0 11
2015 2016 2017 2018 2019 2020 2021
9
Overnight interbank interest rate 2015 2016 2017 2018 2019 2020 2021 2022
Liquidity surplus (incl. overnight deposits with the CNB) – right
Notes: Liquidity surplus is the difference between the balance in bank settlement International reserves Net usable international reservesa
accounts with the CNB and the amount that banks are required to hold in their
accounts after the calculation of reserve requirements.The overnight interest rate until
the end of 2015 refers to the overnight interbank interest rate and as of the beginning a
NUIR = international reserves – foreign liabilities – reserve requirements in f/c
of 2016 to the overnight interest rate on bank demand deposit trading. – foreign currency government deposits.
Source: CNB. Source: CNB.
Table 2 Balance of payments Figure 64 Current and capital account flows
preliminary data, in million EUR
Indices
2020 2021 8 8
as % of GDP
2020/ 2021/
billion EUR
2019 2020
6 6
Current account –56.4 1,944.7 – –
4 4
Capital account 1,074.4 1,367.4 120.8 127.3
2 2
Financial account
19.9 –3,480.8 1.4 – 0 0
(excl. reserves)
–2 –2
International reserves 603.2 6,030.7 60.9 999.7
–4 –4
Net errors and 2014 2015 2016 2017 2018 2019 2020 2021
–394.8 –762.2 294.2 193.0
omissions Primary income Secondary income Services
Goods Capital transactions Current and capital account
Source: CNB. Current and capital account – right
a
Current and capital account excl. one-off effectsa – right
a
Sum of the last four quarters.
Note: One-off effects include conversion of CHF-linked loans in 2015 and bank
provisions for loans to the Agrokor Group in 2017 and 2018.
Source: CNB.CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022 17
Figure 65 Financial account flows by type of investment Figure 68 Gross external debt transactions
6 12 4
as % of GDP
billion EUR
billion EUR
3
4 8
2
2 4 1
0
0 0
–1
–2 –4 –2
–3
–4 –8
2014 2015 2016 2017 2018 2019 2020 2021 –4
2015 2016 2017 2018 2019 2020 2021 2022
Direct investment Portfolio investment
Other investment Change in gross international reserves General government Croatian National Bank Other MFIs
Financial derivatives Total net flowsa – right Other sectors Direct investment Total
a
Sum of the last four quarters.
Note: A positive value indicates net outflow of equity abroad (including on the basis Notes: Transactions refer to the change in debt excl. cross-currency changes and
of the growth in international reserves). other adjustments. Data for the first quarter of 2022 refer to January.
Source: CNB. Source: CNB.
Figure 66 Financial account flows by equity to debt ratio Figure 69 Gross external debt
end of period
6 12 60
as % of GDP
billion EUR
billion EUR
4 8 50
2 4
40
0 0
30
–2 –4
20
–4 –8
2014 2015 2016 2017 2018 2019 2020 2021 10
Equity liabilities, net Change in international reserves a
Debt liabilities, net, excl. reserves Financial derivatives 0
Total net capital flows excl. reservesa Total net capital flowsb – right 2015 2016 2017 2018 2019 2020 2021
Total net capital flows excl. reservesa,b – right
a
The change in gross international reserves is reported net of foreign liabilities of the General government Croatian National Bank Other MFIs
CNB. Other sectors Direct investment
b
Sum of the last four quarters.
Notes: A positive value indicates net outflow of equity abroad. Net flows represent the
difference between the change in assets and the change in liabilities. Note: Data are up to January 2022.
Source: CNB. Source: CNB.
Figure 67 Net external debt transactions Figure 70 General government debt
4 100 100
share in general government debt, in %
as % of GDP
billion EUR
90 83.9 83.3 87.3 90
79.8 79.6
76.7
2 80 73.3 71.1 80
70 70
0 60 60
50 50
–2 40 40
30 30
–4 20 20
10 10
–6 0 0
2015 2016 2017 2018 2019 2020 2021 2022 2014 2015 2016 2017 2018 2019 2020 12/2021
General government Croatian National Bank Other MFIs Domestic general government debt External general government debt
Other sectors Direct investment Total SGP reference value (60%) – right General government debt – right
Notes: Transactions refer to the change in debt excl. cross-currency changes and other
adjustments. Net external debt is calculated as the gross external debt stock net of Note: Nominal GDP for the last four available quarters was used for the calculation of
foreign debt claims. Data for the first quarter of 2022 refer to January. the relative indicator.
Source: CNB. Source: CNB.18 CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022
Table 3 Consolidated general government balance Table 5 General government debt
ESA 2010, in million HRK in million HRK
Jan. – Sep. 2020 Jan. – Sep. 2021 Dec. 2020 Dec. 2021
Total revenue 128,753 148,581 Change in total debt stock 37,216 13,170
Direct taxes 17,752 16,426 Change in domestic debt stock 26,259 2,492
Indirect taxes 51,498 62,969 – Cash and deposits 52 9
Social contributions 33,348 36,918 – Securities other than shares, short-term 5,268 –2,262
Other 26,155 32,268 – Securities other than shares, long-term 10,578 4,936
Total expenditure 148,317 154,757 – Short-term loans 2,446 63
Social benefits 47,549 49,897 – Long-term loans 10,119 215
Subsidies 11,254 8,690 Change in external debt stock 10,956 10,679
Interest 5,614 5,171 – Cash and deposits 0 0
Compensation of employees 37,149 39,652
– Securities other than shares, short-term 210 1,525
Intermediate consumption 23,112 24,285
– Securities other than shares, long-term 8,776 4,826
Investment 12,785 14,324
– Short-term loans 626 –208
Other 10,854 12,738
– Long-term loans 1,345 4,536
Net lending (+)/borrowing (–) –19,563 –6,176
Memo item:
Sources: Eurostat and CBS.
Change in total guarantees issued 2,004 1,963
Note: Change in the domestic debt of general government = (change in individual
Table 4 State budget categories – consolidation elements).
according to the national budgetary chart of accounts methodology, in Source: CNB.
million HRK
Jan. – Nov. Jan. – Nov.
2020 2021
1 Revenue 119.155 138.600
2 Disposal of non-financial assets 464 355
3 Expenditure 134.238 144.464
4 Acquisition of non-financial assets 3.714 6.318
5 Net lending (+)/borrowing (–)(1+ 2 – 3 – 4) –18.333 –11.827
Sources: MoF and CNB calculations.CNB • INFORMATION ON ECONOMIC TRENDS • APRIL 2022 19
Abbreviations and symbols
Abbreviations n.e.c. – not elsewhere classified
OECD – Organisation for Economic Co-Operation and
BIS – Bank for International Settlements Development
bn – billion OG – Official Gazette
b.p. – basis points R – Republic
BOP – balance of payments o/w – of which
c.i.f. – cost, insurance and freight PPI – producer price index
CBRD – Croatian Bank for Reconstruction and Development RTGS – Real-Time Gross Settlement
CBS – Croatian Bureau of Statistics Q – quarterly
CCI – consumer confidence index RR – reserve requirement
CDCC – Central Depository and Clearing Company Inc. SDR – special drawing rights
CDS – credit default swap SITC – Standard International Trade Classification
CEE – Central and Eastern European SGP – Stability and Growth Pact
CEFTA – Central European Free Trade Agreement VAT – value added tax
CEI – consumer expectations index WTO – World Trade Organization
CES – Croatian Employment Service ZMM – Zagreb Money Market
CHIF – Croatian Health Insurance Fund ZSE – Zagreb Stock Exchange
CLVPS – Croatian Large Value Payment System
CM – Croatian Motorways Three-letter currency codes
CNB – Croatian National Bank
CPF – Croatian Privatisation Fund ATS – Austrian schilling
CPI – consumer price index CHF – Swiss franc
CPII – Croatian Pension Insurance Institute CNY – Yuan Renminbi
CR – Croatian Roads DEM – German mark
CSI – consumer sentiment index EUR – euro
DAB – State Agency for Deposit Insurance and Bank FRF – French franc
Resolution GBP – pound sterling
dep. – deposit HRK – Croatian kuna
DVP – delivery versus payment ITL – Italian lira
EC – European Commission JPY – Japanese yen
ECB – European Central Bank TRY – Turkish lira
EFTA – European Free Trade Association USD – US dollar
EMU – Economic and Monetary Union
ESI – economic sentiment index Two-letter country codes
EU – European Union
excl. – excluding BG – Bulgaria
f/c – foreign currency CZ – Czech R.
FDI – foreign direct investment EE – Estonia
Fed – Federal Reserve System HR – Croatia
FINA – Financial Agency HU – Hungary
FISIM – financial intermediation services indirectly measured LV – Latvia
f.o.b. – free on board LT – Lithuania
GDP – gross domestic product PL – Poland
GVA – gross value added RO – Romania
HANFA – Croatian Financial Services Supervisory Agency SK – Slovak R.
HICP – harmonised index of consumer prices SI – Slovenia
ILO – International Labour Organization
IMF – International Monetary Fund Symbols
incl. – including
IPO – initial public offering – – no entry
m – million .... – data not available
MIGs – main industrial groupings 0 – value is less than 0.5 of the unit of measure being
MM – monthly maturity used
MoF – Ministry of Finance ∅ – average
NCA – National Classification of Activities a, b, c,... – indicates a note beneath the table and figure
NCB – national central bank * – corrected data
NCS – National Clearing System () – incomplete or insufficiently verified dataYou can also read
