The second most developed economy in the Balkans (behind Slovenia), Croatia is one of the world’s top tourist destinations, with more and more visits each year. Due to the spectacular and largely unspoilt Adriatic coast, there is no indication of that trend changing anytime soon. In recent years continental tourism has also seen an increase, in no small part due to the Croatian capital of Zagreb.
All of this has made great effect on country’s real estate market, which suffered after 2008, but has seen steady continuous growth in recent years. While a lot of the real estate sector is focused on tourism, there are a lot of great opportunities for urban development as well, with Croatia’s several big cities seeing an increase in demand for housing due to expansion.
Though the country has few mineral resources, around a third of its territory is covered in forest, and lumber has traditionally played an important role in the economy.
With tourism playing such a big role in countries economy, it is not surprising that services account for around 70% of Croatia’s GDP, employing around 70% of the population.
The country returned to growth in 2015 and is currently undergoing economic reforms, with one of those reforms being the big Tax reform, which led to Croatia having one of the lowest CPT rates in EU, with it being as low as 12%.
Trade is important to Croatia’s economy, and investors can expect to benefit from low-weighted tariffs.
With offices across Croatia, HLB firms provide the full range of audit and consulting services.
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