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Economy of Croatia vs Luxembourg compared: GDP & Debt

Updated on by Georank team

Croatia has a GDP of $93B compared to $93.3B for Luxembourg, ranking 75/197 and 74/197 by economy size, respectively.

Croatia has $53.5B in government debt (57.6% of GDP), compared to $24.5B (26.3% of GDP) in Luxembourg.

Croatia vs Luxembourg GDP by year

Croatia
Luxembourg
1x
Year GDP, current $
Croatia Luxembourg
2024 $92,983,810,329 $93,279,851,863
2023 $85,624,153,964 $88,788,881,539
2022 $71,196,498,671 $80,801,680,397
2021 $69,002,365,163 $86,386,759,695
2020 $57,959,843,541 $73,670,782,100
2019 $61,466,721,186 $69,872,035,114
2018 $61,667,925,219 $71,085,623,495
2017 $56,182,782,586 $65,712,180,343
2016 $52,650,714,172 $62,216,885,436
2015 $50,998,893,385 $60,071,584,216
2014 $59,606,934,501 $68,804,811,898
2013 $59,846,265,182 $65,203,276,467
2012 $57,548,115,904 $59,776,383,527
2011 $62,889,007,657 $61,696,281,326
2010 $58,975,205,417 $56,213,985,987
2009 $62,315,996,675 $54,467,289,898
2008 $68,472,854,617 $58,844,277,702
2007 $59,290,621,398 $51,587,401,416
2006 $49,583,544,860 $42,910,146,296
2005 $45,013,119,282 $37,672,280,120
2004 $41,836,292,157 $35,064,843,793
2003 $35,245,317,002 $29,667,268,248
2002 $26,757,722,429 $23,649,833,332
2001 $23,066,883,850 $21,387,533,703
2000 $22,134,411,297 $21,230,182,989
1999 $23,777,026,779 $21,899,317,599
1998 $25,890,228,430 $20,150,053,345
1997 $24,175,764,812 $19,563,836,265
1996 $24,150,978,347 $20,895,314,658
1995 $22,772,394,547 $20,853,093,870
1994 $15,062,911,617 $17,701,798,891
1993 $11,259,647,874 $15,925,521,222
1992 $10,621,169,291 $15,518,702,635
1991 $18,760,386,775 $13,834,219,728
1990 $25,650,213,280 $12,778,792,854
1989 - $10,037,674,038
1988 - $9,418,167,855
1987 - $8,320,902,215
1986 - $6,685,595,088
1985 - $4,577,211,767
1984 - $4,438,435,493
1983 - $4,524,217,751
1982 - $4,602,316,793
1981 - $5,053,665,797
1980 - $6,019,805,490
1979 - $5,516,982,664
1978 - $4,718,539,772
1977 - $3,789,321,328
1976 - $3,423,586,207
1975 - $3,123,333,333
1974 - $3,183,637,117
1973 - $2,609,875,802
1972 - $1,901,697,370
1971 - $1,518,773,421
1970 - $1,457,768,455
1969 - $1,245,432,991
1968 - $1,075,561,623
1967 - $983,052,315
1966 - $976,717,015
1965 - $929,477,285
1964 - $910,877,686
1963 - $797,902,154
1962 - $747,846,862
1961 - $710,163,719
1960 - $709,941,874

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/croatia/luxembourg | CC BY

GDP per capita in Croatia vs Luxembourg by year

Croatia
GDP per capita

GDP per capita, PPP
Luxembourg
GDP per capita

GDP per capita, PPP
1x
Year Current $
Croatia Luxembourg
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $24,050 $49,551 $137,782 $155,941
2023 $22,184 $47,760 $133,231 $150,508
2022 $18,466 $42,125 $123,720 $146,919
2021 $17,789 $36,930 $134,966 $136,772
2020 $14,808 $31,594 $116,860 $122,067
2019 $15,564 $33,064 $112,697 $121,372
2018 $15,460 $29,789 $116,927 $116,638
2017 $13,902 $27,888 $110,193 $114,986
2016 $12,820 $25,803 $106,899 $113,365
2015 $12,284 $23,750 $105,462 $107,860
2014 $14,187 $22,706 $123,679 $105,296
2013 $14,135 $22,430 $120,000 $100,925
2012 $13,508 $21,619 $112,585 $96,636
2011 $14,692 $21,191 $119,025 $94,475
2010 $13,730 $20,139 $110,886 $90,336
2009 $14,475 $20,358 $109,420 $86,919
2008 $15,888 $21,018 $120,422 $90,971
2007 $13,756 $19,568 $107,475 $85,126
2006 $11,501 $17,629 $90,789 $78,861
2005 $10,444 $15,451 $80,988 $68,788
2004 $9,719 $14,686 $76,545 $64,686
2003 $8,190 $13,692 $65,689 $60,192
2002 $6,220 $12,775 $53,006 $58,576
2001 $5,365 $11,653 $48,440 $56,136
2000 $4,954 $10,675 $48,660 $55,136
1999 $5,269 $9,943 $50,872 $49,845
1998 $5,713 $9,890 $47,445 $44,270
1997 $5,331 $9,536 $46,642 $42,488
1996 $5,300 $8,806 $50,444 $39,722
1995 $4,929 $8,052 $51,032 $38,345
1994 $3,238 $7,337 $43,933 $37,551
1993 $2,448 $6,861 $40,067 $35,899
1992 $2,321 $7,326 $39,571 $34,108
1991 $4,001 $7,918 $35,747 $33,191
1990 $5,369 $9,526 $33,465 $29,949
1989 - - $26,618 -
1988 - - $25,219 -
1987 - - $22,443 -
1986 - - $18,150 -
1985 - - $12,482 -
1984 - - $12,127 -
1983 - - $12,374 -
1982 - - $12,591 -
1981 - - $13,837 -
1980 - - $16,531 -
1979 - - $15,204 -
1978 - - $13,034 -
1977 - - $10,486 -
1976 - - $9,491 -
1975 - - $8,701 -
1974 - - $8,967 -
1973 - - $7,447 -
1972 - - $5,487 -
1971 - - $4,435 -
1970 - - $4,298 -
1969 - - $3,690 -
1968 - - $3,203 -
1967 - - $2,935 -
1966 - - $2,925 -
1965 - - $2,804 -
1964 - - $2,779 -
1963 - - $2,462 -
1962 - - $2,332 -
1961 - - $2,241 -
1960 - - $2,261 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/croatia/luxembourg | CC BY

Croatia's GDP per capita is $24,050, ranking 50/197, compared to $137,782 in Luxembourg, ranking 3/197. Adjusted for purchasing power (GDP per capita PPP), Croatia ranks 46th at $49,551, while Luxembourg ranks 1st at $155,941.

Economic indicators

Croatia Luxembourg
Gross domestic product
$93B
2024
$93.3B
2024
GDP rank
75/197
2024
74/197
2024
GDP growth
3.83%
2023-2024
0.36%
2023-2024
GDP per capita
$24,050
2024
$137,782
2024
GDP per capita rank
50/197
2024
3/197
2024
GDP per capita, PPP
$49,551
2024
$155,941
2024
GDP per capita PPP rank
46/197
2024
1/197
2024
Government debt
$53.5B
2024
$24.5B
2024
Debt-to-GDP ratio
57.6%
2024
26.3%
2024
Government debt per person
$13,844
2024
$36,221
2024
Government debt per person rank
42/185
2024
19/185
2024
Average annual personal income after taxes
$20,856
2026
$69,593
2026
Market capitalization of domestic companies
$27.8B
2024
$41.9B
2024
Number of billionaires
1
2025
1
2025
Income share by richest 10%
23.3%
2023
25%
2023
Income share by poorest 10%
2.9%
2023
2.8%
2023
Government expenditure, % of GDP
48%
2024
46.9%
2024
Consumer prices inflation
2.97%
2023-2024
2.05%
2023-2024
Unemployment rate
5.03%
2024
6.42%
2024
Population
3812193
693885

Spending and national debt comparison by year

Croatia
Spending

Debt
Luxembourg
Spending

Debt
1x
Year % of GDP
Croatia Luxembourg
Government spending Government debt Government spending Government debt
2024 48% 57.6% 46.9% 26.3%
2023 46.8% 61.8% 46.4% 24.7%
2022 45% 68.5% 44.3% 24.9%
2021 48.1% 78.2% 42.4% 24.2%
2020 53.7% 86.5% 47% 24.5%
2019 44.3% 70.9% 43.1% 22.3%
2018 44.9% 72.8% 42.3% 20.9%
2017 44.1% 76.2% 41.3% 21.8%
2016 45.9% 79.3% 40% 19.6%
2015 47.5% 82.8% 40.4% 21.1%
2014 48.7% 83.2% 40.6% 21.9%
2013 47.9% 79.5% 41.2% 22.4%
2012 47.3% 68.9% 41.8% 20.8%
2011 48.6% 63.1% 41.5% 18.5%
2010 48.1% 56.8% 42% 19.1%
2009 49.2% 47.9% 42.7% 15.3%
2008 46.3% 38.9% 37.9% 14.6%
2007 46.3% 37.1% 37.4% 8.09%
2006 44.6% 38.4% 39.4% 8.21%
2005 46.5% 40.9% 43.4% 7.95%
2004 49% 40% 43.7% 7.83%
2003 49.6% 37.8% 43.3% 7.43%
2002 49.2% 36.5% 41.8% 7.45%
2001 50.6% 36.6% 38.1% 7.62%
2000 54.6% 35.4% 38% 7.49%
1999 58.9% 30% 41.7% 8.39%
1998 56.8% 23.3% 43.9% 9.51%
1997 51.7% 22.5% 44.2% 10.1%
1996 52.1% - 42.5% 10.2%
1995 50.3% - 42% 10.3%
1994 45.4% - - -
1993 36% - - -
1992 37.1% - - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1997, retrieved 2026-02-20).

GeoRank.org/economy/croatia/luxembourg | CC BY

In 2024, Croatia's government spending was $44.6B, accounting for 48% of its GDP, while Luxembourg spent $43.7B, or 46.9% of GDP.

Debt-to-GDP ratio is 57.6% in Croatia and 26.3% in Luxembourg, ranking 86/185 and 162/185, respectively.

Government deficit by year

Deficit/surplus
Croatia

Luxembourg
1x
Year Deficit/surplus, % of GDP
Croatia Luxembourg
2024 -1.95% 1.03%
2023 -0.79% -0.78%
2022 0.12% 0.18%
2021 -2.58% 1%
2020 -7.23% -3.09%
2019 2.31% 2.68%
2018 0.23% 3.17%
2017 0.8% 1.37%
2016 -1.04% 1.89%
2015 -3.53% 1.3%
2014 -5.19% 1.33%
2013 -5.52% 0.84%
2012 -5.46% 0.5%
2011 -7.53% 0.65%
2010 -6.46% -0.26%
2009 -7.15% -0.21%
2008 -2.34% 3.37%
2007 -2.28% 4.35%
2006 -2.01% 1.9%
2005 -3.24% -0.21%
2004 -6.09% -1.39%
2003 -5.03% 0.28%
2002 -4.9% 2.03%
2001 -4.79% 5.62%
2000 -9.2% 5.55%
1999 -11.1% 3.24%
1998 -6.36% 2.98%
1997 -4.93% 2.65%
1996 -4.41% 2.37%
1995 -4.23% 2.71%
1994 -0.82% -
1993 -2.67% -
1992 -5.69% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20).

GeoRank.org/economy/croatia/luxembourg | CC BY

In 2024, Croatia's government deficit, the difference between spending and revenue, was $1.82B, equivalent to 1.95% of GDP. This compares to Luxembourg's surplus of $961M, or 1.03% of GDP.

Over the past 30 years, Croatia recorded a fiscal deficit in 26 of those years, while Luxembourg ran a deficit in 6 years. On average, Croatia posted an annual deficit equal to 4.06% of GDP, compared to surplus of 1.57% of GDP for Luxembourg.

Inflation comparison by year

Inflation
Croatia

Luxembourg
1x
Year Consumer prices inflation
Croatia Luxembourg
2024 2.97% 2.05%
2023 7.94% 3.74%
2022 10.8% 6.34%
2021 2.55% 2.53%
2020 0.15% 0.82%
2019 0.77% 1.74%
2018 1.5% 1.53%
2017 1.13% 1.73%
2016 -1.12% 0.29%
2015 -0.46% 0.47%
2014 -0.22% 0.63%
2013 2.22% 1.73%
2012 3.41% 2.66%
2011 2.27% 3.41%
2010 1.03% 2.27%
2009 2.38% 0.37%
2008 6.08% 3.4%
2007 2.9% 2.31%
2006 3.19% 2.67%
2005 3.32% 2.49%
2004 2.06% 2.23%
2003 1.77% 2.05%
2002 1.67% 2.07%
2001 3.78% 2.66%
2000 4.61% 3.15%
1999 4.02% 1.03%
1998 6.4% 0.96%
1997 4.17% 1.37%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/croatia/luxembourg | CC BY

Over the past 28 years, Croatia has recorded an average annual inflation rate of 2.9%, compared with 2.1% in Luxembourg. In 2024, inflation was 2.97% in Croatia and 2.05% in Luxembourg.

Top exports between countries

Croatia
Export category Export value
Machinery & equipment $124M
Business & finance services $30.6M
Transport & tourism services $13.9M
IT & IP services $8.65M
Manufacturing & construction services $6.46M
Raw agricultural goods $4.38M
Metals $3.12M
Textiles & consumer goods $2.93M
Raw materials & minerals $738K
Animal & marine products $591K
Luxembourg
Export category Export value
Business & finance services $17.3M
Machinery & equipment $5.48M
Chemicals & pharma $2.68M
Transport & tourism services $2.3M
Raw materials & minerals $2.3M
Animal & marine products $1.9M
Metals $1.16M
Textiles & consumer goods $664K
Wood & paper products $603K
Raw agricultural goods $223K

Balance of trade

Croatia Luxembourg
Current account balance
-$1.05B
2024
$4.1B
2024
Current account balance ranking
125/190
2024
35/190
2024
Current account balance, % of GDP
-1.13%
2024
+4.4%
2024
Goods imports
$41.5B
2024
$29.4B
2024
Goods exports
$21.9B
2024
$31.3B
2024
Service imports
$8.35B
2024
$117B
2024
Service exports
$24.7B
2024
$150B
2024
Imports of goods and services, % of GDP
54.8%
2024
159.7%
2024
Exports of goods and services, % of GDP
50.1%
2024
191.5%
2024

Economic freedom indices

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

Croatia Luxembourg
Economic freedom 67.5 79.7
Economic freedom ranking 56/197 7/197
Property rights 81.1 96.6
Government integrity 52.6 88.7
Judicial effectiveness 71.7 99.1
Tax burden 70 62.3
Government spending 34.9 36.9
Fiscal health 92.2 98.6
Business freedom 79.6 89.5
Labor freedom 58.9 56.7
Monetary freedom 69.9 74.1
Trade freedom 79.4 79.4
Investment freedom 60 95
Financial freedom 60 80

Economic freedom comparison by year

Croatia
Luxembourg
1x
Year Economic freedom index
Croatia Luxembourg
2026 67.5 79.7
2025 68.7 79.5
2024 67.2 79.2
2023 66.4 78.4
2022 67.6 80.6
2021 63.6 76
2020 62.2 75.8
2019 61.4 75.9
2018 61 76.4
2017 59.4 75.9
2016 59.1 73.9
2015 61.5 73.2
2014 60.4 74.2
2013 61.3 74.2
2012 60.9 74.5
2011 61.1 76.2
2010 59.2 75.4
2009 55.1 75.2
2008 54.1 74.7
2007 53.4 74.6
2006 53.6 75.3
2005 51.9 76.3
2004 53.1 78.9
2003 53.3 79.9
2002 51.1 79.4
2001 50.7 80.1
2000 53.6 76.4
1999 53.1 72.4
1998 51.7 72.7
1997 46.7 72.8
1996 48 72.5

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

GeoRank.org/economy/croatia/luxembourg | CC BY

The Economic Freedom Index for Croatia is 67.5, ranking 56/197, compared to 79.7 for Luxembourg, ranking 7/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Croatia Luxembourg
Services, % of GDP
60.8%
2024
81.2%
2024
Industry, % of GDP
19.2%
2024
9.66%
2024
Agriculture, forestry, and fishing, % of GDP
2.9%
2024
0.21%
2024
GNI, Atlas method
$86B
2024
$57.3B
2024
GNI per capita, PPP
$49,740
2024
$110,650
2024
Total reserves including gold
$3.34B
2024
$2.79B
2024
Total reserves ranking
116/177
2024
119/177
2024
Net foreign direct investment
-$1.88B
2024
$21.4B
2024
Net inflows of foreign direct investment
$4.54B
2024
$106B
2024
Net outflows of foreign direct investment
$2.79B
2024
$109B
2024
Poverty at national poverty lines
20.3%
2023
17.3%
2021
Gross capital formation, % of GDP
24.4%
2024
15.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/croatia/luxembourg | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2021–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. International Monetary Fund (IMF) | Public Finances in Modern History (1997, retrieved 2026-02-20)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

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.