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Economy of Croatia vs Kuwait compared: GDP & Debt

Updated on by Georank team

Croatia has a GDP of $92.5B compared to $160B for Kuwait, ranking 74/197 and 59/197 by economy size, respectively.

Croatia has $53.3B in government debt (55.9% of GDP), compared to $4.86B (7.35% of GDP) in Kuwait.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Croatia
GDP, current $

GDP, constant 2015 $
Kuwait
GDP, current $

GDP, constant 2015 $
Year GDP
Croatia Kuwait
Current $ Constant $ Current $ Constant $
1962 - - $1,828,107,503 -
1963 - - $1,900,895,857 -
1964 - - $2,071,668,533 -
1965 - - $2,097,199,161 -
1966 - - $2,391,199,044 -
1967 - - $2,441,599,023 -
1968 - - $2,662,798,935 -
1969 - - $2,769,198,892 -
1970 - - $2,873,638,851 $55,498,511,025
1971 - - $3,880,392,195 $59,407,649,076
1972 - - $4,450,537,925 $61,725,008,613
1973 - - $5,408,804,607 $57,669,629,423
1974 - - $13,006,948,296 $50,177,583,545
1975 - - $12,022,811,621 $44,018,581,867
1976 - - $13,132,252,802 $46,926,530,604
1977 - - $14,137,406,741 $45,121,015,041
1978 - - $15,503,557,496 $48,439,563,893
1979 - - $24,749,063,922 $55,172,280,797
1980 - - $28,638,868,356 $44,462,929,931
1981 - - $25,058,020,338 $36,048,439,965
1982 - - $21,577,153,356 $31,813,071,689
1983 - - $20,871,081,080 $34,338,543,611
1984 - - $21,700,082,753 $36,138,434,512
1985 - - $21,445,970,614 $34,597,277,928
1986 - - $17,903,989,745 $37,561,473,256
1987 - - $22,368,704,134 $40,621,287,790
1988 - - $20,690,322,153 $36,537,785,305
1989 - - $24,313,855,653 $45,998,461,858
1990 $25,650,213,280 $46,596,559,831 $18,427,777,778 $33,933,574,736
1991 $18,760,386,775 $36,769,964,789 $11,009,993,703 $20,018,165,442
1992 $10,621,169,291 $32,462,991,993 $19,858,555,215 $36,595,073,928
1993 $11,259,647,874 $29,857,647,989 $23,941,391,391 $49,033,910,658
1994 $15,062,911,617 $31,610,433,645 $24,848,483,838 $53,170,492,583
1995 $22,772,394,547 $33,746,817,538 $27,186,980,647 $55,753,669,973
1996 $24,150,978,347 $35,808,404,184 $31,492,373,309 $56,091,050,572
1997 $24,175,764,812 $38,017,063,245 $30,350,190,704 $57,478,364,694
1998 $25,890,228,430 $38,873,085,038 $25,943,705,784 $59,583,253,865
1999 $23,777,026,779 $38,543,171,373 $30,122,365,849 $58,517,304,017
2000 $22,134,411,297 $39,678,365,282 $37,718,743,480 $61,264,446,763
2001 $23,066,883,850 $40,912,852,422 $34,889,559,870 $61,395,143,785
2002 $26,757,722,429 $43,287,159,654 $38,135,788,414 $63,245,767,261
2003 $35,245,317,002 $45,697,550,022 $47,874,582,232 $74,203,741,809
2004 $41,836,292,157 $47,603,359,433 $59,439,090,601 $81,802,426,141
2005 $45,013,119,282 $49,663,193,223 $80,798,630,137 $90,480,882,329
2006 $49,590,197,657 $52,186,811,454 $101,557,330,723 $97,280,315,244
2007 $59,298,265,770 $54,821,664,180 $114,634,043,362 $103,108,938,789
2008 $68,478,776,206 $55,900,878,030 $147,379,737,230 $105,665,789,857
2009 $62,321,642,125 $52,091,816,698 $105,968,691,905 $98,188,818,939
2010 $58,981,738,869 $51,396,869,396 $115,416,245,238 $95,861,205,809
2011 $62,903,737,380 $51,346,628,209 $154,039,231,299 $105,091,330,589
2012 $57,551,963,753 $50,189,405,845 $174,047,662,555 $112,054,550,828
2013 $59,852,401,272 $50,126,443,322 $174,168,116,687 $113,342,579,056
2014 $59,612,144,078 $49,847,163,745 $162,650,450,785 $113,910,328,740
2015 $51,005,200,670 $51,005,200,670 $114,585,555,831 $114,585,555,831
2016 $52,654,855,638 $52,770,556,703 $109,406,674,088 $117,938,416,139
2017 $56,186,190,438 $54,501,936,569 $120,687,539,676 $112,380,895,320
2018 $61,668,130,123 $56,085,044,234 $138,646,316,322 $115,463,874,741
2019 $61,467,582,194 $57,823,926,883 $140,856,394,870 $118,077,765,457
2020 $57,963,370,885 $53,017,808,755 $111,045,470,461 $112,389,026,890
2021 $69,006,802,299 $59,714,859,478 $148,350,671,614 $114,268,887,222
2022 $71,198,635,102 $64,066,840,477 $183,502,046,669 $121,991,940,847
2023 $84,393,795,502 $66,182,676,637 $165,384,407,267 $119,958,084,015
2024 $92,526,176,109 $68,707,509,494 $160,227,273,001 $116,887,023,751

Economic indicators

Croatia Kuwait
Gross domestic product
$92.5B
2024
$160B
2024
GDP rank
74/197
2024
59/197
2024
GDP growth
9.64%
2023-2024
-3.12%
2023-2024
GDP per capita
$23,931
2024
$32,214
2024
GDP per capita rank
50/197
2024
38/197
2024
GDP per capita, PPP
$48,575
2024
$51,636
2024
Government debt
$53.3B
2024
$4.86B
2024
Debt-to-GDP ratio
55.9%
2025
7.35%
2025
Government debt per person
$13,796
2024
$978
2024
Government debt per person rank
42/185
2024
143/185
2024
Average annual personal income after taxes
$20,265
2025
$28,320
2025
Market capitalization of domestic companies
$27.8B
2024
$141B
2024
Number of billionaires
1
2025
n/a
Income share by richest 10%
23.3%
2023
n/a
Income share by poorest 10%
2.9%
2023
n/a
Government expenditure, % of GDP
48.9%
2025
52.3%
2025
Consumer prices inflation
2.97%
2023-2024
2.9%
2023-2024
Central bank interest rate n/a
3.75%
2025
Unemployment rate
5.03%
2024
2.16%
2016
Population
3839202
5128257

GDP per capita in Croatia vs Kuwait

Croatia's GDP per capita is $23,931, ranking 50/197, compared to $32,214 in Kuwait, ranking 38/197. Adjusted for purchasing power (GDP per capita PPP), Croatia ranks 47th at $48,575, while Kuwait ranks 41st at $51,636.

Croatia
GDP per capita

GDP per capita, PPP
Kuwait
GDP per capita

GDP per capita, PPP
Year Current $
Croatia Kuwait
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1962 - - $4,748 -
1963 - - $4,445 -
1964 - - $4,379 -
1965 - - $4,024 -
1966 - - $4,176 -
1967 - - $3,887 -
1968 - - $3,872 -
1969 - - $3,695 -
1970 - - $3,552 -
1971 - - $4,486 -
1972 - - $4,836 -
1973 - - $5,532 -
1974 - - $12,527 -
1975 - - $10,882 -
1976 - - $11,141 -
1977 - - $11,238 -
1978 - - $11,567 -
1979 - - $17,386 -
1980 - - $19,032 -
1981 - - $15,825 -
1982 - - $12,979 -
1983 - - $11,965 -
1984 - - $11,919 -
1985 - - $11,322 -
1986 - - $9,077 -
1987 - - $10,896 -
1988 - - $9,692 -
1989 - - $10,965 -
1990 $5,369 $9,519 $10,938 $30,763
1991 $4,001 $7,912 $8,147 $23,390
1992 $2,321 $7,321 $12,146 $36,149
1993 $2,448 $6,856 $14,318 $48,482
1994 $3,238 $7,332 $14,930 $53,946
1995 $4,929 $8,046 $16,168 $57,163
1996 $5,300 $8,802 $18,201 $56,913
1997 $5,331 $9,534 $16,977 $57,420
1998 $5,713 $9,889 $14,067 $58,344
1999 $5,269 $9,943 $15,854 $56,406
2000 $4,954 $10,672 $19,296 $58,703
2001 $5,365 $11,654 $17,374 $58,553
2002 $6,220 $12,775 $18,513 $59,713
2003 $8,190 $13,693 $22,691 $69,752
2004 $9,719 $14,688 $27,552 $77,227
2005 $10,444 $15,451 $36,123 $84,968
2006 $11,503 $17,635 $42,947 $89,075
2007 $13,758 $19,571 $45,709 $91,435
2008 $15,889 $21,020 $55,585 $90,337
2009 $14,476 $20,350 $37,907 $80,110
2010 $13,731 $20,144 $39,212 $75,184
2011 $14,695 $21,196 $49,170 $79,037
2012 $13,509 $21,620 $52,155 $82,090
2013 $14,136 $22,432 $49,651 $76,813
2014 $14,188 $22,708 $44,369 $68,337
2015 $12,285 $23,759 $29,882 $45,267
2016 $12,821 $25,804 $27,324 $41,862
2017 $13,903 $27,889 $29,048 $46,566
2018 $15,460 $29,789 $32,068 $51,371
2019 $15,564 $33,064 $31,708 $50,703
2020 $14,808 $31,596 $25,236 $41,462
2021 $17,790 $36,933 $34,019 $50,652
2022 $18,466 $41,960 $39,982 $55,043
2023 $21,865 $45,603 $34,076 $53,025
2024 $23,931 $48,575 $32,214 $51,636

Spending and national debt comparison

In 2024, Croatia's government spending was $44.8B, accounting for 48.9% of its GDP, while Kuwait's spent $81.4B, or 52.3% of GDP.

Debt-to-GDP ratio is 55.9% in Croatia and 7.35% in Kuwait, ranking 94/185 and 182/185, respectively.

Croatia
Government spending

Government debt
Kuwait
Government spending

Government debt
Year % of GDP
Croatia Kuwait
Government spending Government debt Government spending Government debt
1990 - - 121.5% -
1991 - - 206.5% 45.3%
1992 37.1% - 76.8% 27.9%
1993 36% - 57.6% 28.8%
1994 45.4% - 57% 37.7%
1995 50.3% - 51% 34.9%
1996 52.1% - 41.9% 26.5%
1997 51.7% 22.5% 43% 24.3%
1998 56.8% 23.3% 50.9% 25.6%
1999 58.9% 30% 43.8% 25.5%
2000 54.6% 35.4% 29.3% 21.4%
2001 50.6% 36.6% 40.7% 23%
2002 49.2% 36.5% 42.1% 21.3%
2003 49.6% 37.8% 37.7% 17.2%
2004 49% 40% 34.9% 13.9%
2005 46.5% 40.9% 28.5% 10.2%
2006 44.6% 38.4% 32.1% 7.79%
2007 46.3% 37.1% 30.2% 7.05%
2008 46.3% 38.9% 40.7% 5.38%
2009 49.2% 47.9% 42.6% 6.65%
2010 48.1% 56.8% 45.3% 6.16%
2011 48.6% 63.1% 39.5% 4.64%
2012 47.3% 68.9% 38% 3.6%
2013 47.9% 79.5% 38.3% 3.09%
2014 48.7% 83.2% 44.9% 3.43%
2015 47.5% 82.8% 55.2% 4.6%
2016 45.9% 79.3% 54% 9.88%
2017 44.1% 76.2% 51.5% 19.6%
2018 44.9% 72.8% 50.6% 14.3%
2019 44.3% 70.9% 49.8% 10.5%
2020 53.7% 86.5% 62.5% 10.2%
2021 48.1% 78.2% 48.1% 7.19%
2022 44.9% 68.5% 39.4% 2.94%
2023 46.6% 61.8% 48.7% 3.17%
2024 48.4% 57.6% 50.8% 3.04%
2025 48.9% 55.9% 52.3% 7.35%

Government deficit by year

In 2024, Croatia's government deficit, the difference between spending and revenue, was -$1.98B, equivalent to -2.14% of GDP. This compares to Kuwait's surplus of $34.6B, or 21.6% of GDP.

Over the past 33 years, Croatia recorded a fiscal deficit in 29 of those years, while Kuwait ran a deficit in 3 years. On average, Croatia posted an annual deficit equal to -3.98% of GDP, compared to surplus of +23.8% of GDP for Kuwait.

Deficit/surplus
Croatia

Kuwait
Year Deficit/surplus, % of GDP
Croatia Kuwait
1990 - -47.5%
1991 - -141.7%
1992 -5.69% -26.5%
1993 -2.67% -1.68%
1994 -0.82% 3.43%
1995 -4.23% 13.6%
1996 -4.41% 26.1%
1997 -4.93% 31.4%
1998 -6.36% 21.3%
1999 -11.1% 29.9%
2000 -9.2% 54.3%
2001 -4.79% 47.1%
2002 -4.9% 32.7%
2003 -5.03% 28.7%
2004 -6.09% 33.9%
2005 -3.24% 39.9%
2006 -2.01% 28.6%
2007 -2.28% 37.5%
2008 -2.34% 21.6%
2009 -7.15% 31.5%
2010 -6.46% 31.9%
2011 -7.53% 38.6%
2012 -5.46% 40.3%
2013 -5.52% 40%
2014 -5.19% 29.2%
2015 -3.53% 15.2%
2016 -1.04% 11.5%
2017 0.8% 13.9%
2018 0.23% 16.3%
2019 2.31% 11.6%
2020 -7.23% -1.88%
2021 -2.55% 8.31%
2022 0.14% 28.2%
2023 -0.86% 26.3%
2024 -2.14% 21.6%
2025 -2.36% 23.6%

Inflation comparison by year

Over the past 29 years, Croatia has recorded an average annual inflation rate of 2.95%, compared with 2.96% in Kuwait. In 2024, inflation was 2.97% in Croatia and 2.9% in Kuwait.

Inflation
Croatia

Kuwait
Year Inflation
Croatia Kuwait Croatia Kuwait
1996 4.3% 3.55%
1997 4.17% 0.68%
1998 6.4% 0.13%
1999 4.02% 2.99%
2000 4.61% 1.81%
2001 3.78% 1.3%
2002 1.67% 0.89%
2003 1.77% 0.96%
2004 2.06% 1.25%
2005 3.32% 4.14%
2006 3.19% 3.06%
2007 2.9% 5.48%
2008 6.08% 10.6%
2009 2.38% 4.61%
2010 1.03% 4.5%
2011 2.27% 4.84%
2012 3.41% 3.26%
2013 2.22% 2.68%
2014 -0.22% 2.91%
2015 -0.46% 3.27%
2016 -1.12% 3.2%
2017 1.13% 2.17%
2018 1.5% 0.54%
2019 0.77% 1.09%
2020 0.15% 2.1%
2021 2.55% 3.42%
2022 10.8% 3.98%
2023 7.94% 3.64%
2024 2.97% 2.9%

Top exports between countries

Croatia
Export category Export value
Wood & paper products $7.1M
Machinery & equipment $934K
Processed food, beverages & tobacco $229K
Textiles & consumer goods $165K
Chemicals & pharma $112K
Raw agricultural goods $92K
Metals $64K
Precious metals & jewellery $8K
Weapons & explosives $7K
Miscellaneous $2K
Kuwait
Export category Export value
Raw agricultural goods $127K
Chemicals & pharma $76K
Machinery & equipment $69K
Miscellaneous $12K
Metals $1K
Textiles & consumer goods $1K

Balance of trade

Croatia Kuwait
Current account balance
-$1.05B
2024
$46.7B
2024
Current account balance ranking
124/189
2024
13/189
2024
Current account balance, % of GDP
-1.13%
2024
+29.1%
2024
Goods imports
$41.5B
2024
$33.4B
2024
Goods exports
$21.9B
2024
$77.5B
2024
Service imports
$8.35B
2024
$28.1B
2024
Service exports
$24.7B
2024
$12.2B
2024
Imports of goods and services, % of GDP
52.9%
2024
30.5%
2022
Exports of goods and services, % of GDP
49.8%
2024
60.4%
2022

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Croatia Kuwait
Economic freedom 68.7 59.9
Economic freedom ranking 45/197 98/197
Property rights 81.3 42.7
Government integrity 53.4 46.9
Judicial effectiveness 71.4 42.9
Tax burden 77.3 97.7
Government spending 35.1 38.2
Fiscal health 90.3 100
Business freedom 80.4 57.4
Labor freedom 69.1 49
Monetary freedom 66.6 67.8
Trade freedom 79.6 75.6
Investment freedom 60 50
Financial freedom 60 50

Economic freedom by year comparison

The Economic Freedom Index for Croatia is 68.7, ranking 45/197, compared to 59.9 for Kuwait, ranking 98/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Croatia
Kuwait
Year Economic freedom index
Croatia Kuwait
1996 48 66.1
1997 46.7 64.8
1998 51.7 66.3
1999 53.1 69.5
2000 53.6 69.7
2001 50.7 68.2
2002 51.1 65.4
2003 53.3 66.7
2004 53.1 63.6
2005 51.9 64.6
2006 53.6 66.5
2007 53.4 66.4
2008 54.1 68.1
2009 55.1 65.6
2010 59.2 67.7
2011 61.1 64.9
2012 60.9 62.5
2013 61.3 63.1
2014 60.4 62.3
2015 61.5 62.5
2016 59.1 62.7
2017 59.4 65.1
2018 61 62.2
2019 61.4 60.8
2020 62.2 63.2
2021 63.6 64.1
2022 67.6 58.3
2023 66.4 56.7
2024 67.2 58.5
2025 68.7 59.9

More economic indicators

Croatia Kuwait
Services, % of GDP
59.7%
2024
55.9%
2024
Industry, % of GDP
19.8%
2024
57.1%
2024
Agriculture, forestry, and fishing, % of GDP
3.41%
2024
0.49%
2024
GNI, Atlas method
$85.4B
2024
$200B
2024
GNI per capita, PPP
$48,760
2024
$62,460
2024
Total reserves including gold
$3.34B
2024
$50.7B
2024
Total reserves ranking
116/177
2024
41/177
2024
Net foreign direct investment
-$1.88B
2024
$9.71B
2024
Net inflows of foreign direct investment
$4.67B
2024
$615M
2024
Net outflows of foreign direct investment
$2.79B
2024
$10.3B
2024
Poverty at national poverty lines
20.3%
2023
n/a
Gross capital formation, % of GDP
23.5%
2024
16.9%
2022

GDP per capita map

GDP per capita

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.