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Economy of Croatia vs Trinidad and Tobago compared: GDP & Debt

Updated on by Georank team

Croatia has a GDP of $92.5B compared to $26.4B for Trinidad and Tobago, ranking 74/197 and 114/197 by economy size, respectively.

Croatia has $53.3B in government debt (55.9% of GDP), compared to $17B (67.2% of GDP) in Trinidad and Tobago.

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 $
Trinidad and Tobago
GDP, current $

GDP, constant 2015 $
Year GDP
Croatia Trinidad
Current $ Constant $ Current $ Constant $
1960 - - $535,673,252 $3,630,222,802
1961 - - $584,964,621 $4,139,799,750
1962 - - $619,322,810 $4,253,332,232
1963 - - $678,239,329 $4,491,714,373
1964 - - $711,897,520 $4,834,454,628
1965 - - $736,573,159 $4,867,998,505
1966 - - $723,739,857 $5,065,484,518
1967 - - $761,981,912 $5,168,947,937
1968 - - $758,899,950 $5,438,515,892
1969 - - $779,200,000 $5,587,024,608
1970 - - $821,850,000 $5,784,449,703
1971 - - $896,765,215 $5,844,627,406
1972 - - $1,083,391,758 $6,182,467,140
1973 - - $1,308,785,431 $6,284,874,810
1974 - - $2,042,001,071 $6,524,177,955
1975 - - $2,442,669,825 $6,620,603,046
1976 - - $2,500,424,955 $7,044,662,296
1977 - - $3,138,666,667 $7,687,261,624
1978 - - $3,562,333,458 $8,457,254,686
1979 - - $4,602,416,625 $8,761,662,363
1980 - - $6,235,833,333 $9,672,070,064
1981 - - $6,992,083,333 $10,114,780,883
1982 - - $8,140,416,667 $10,499,073,581
1983 - - $7,763,750,000 $9,417,634,514
1984 - - $7,757,083,333 $8,876,035,190
1985 - - $7,375,918,367 $8,510,394,061
1986 - - $4,794,444,444 $8,231,324,363
1987 - - $4,797,777,778 $7,855,829,575
1988 - - $4,496,910,569 $7,547,902,734
1989 - - $4,323,058,824 $7,485,261,616
1990 $25,650,213,280 $46,596,559,831 $5,068,000,000 $7,598,226,778
1991 $18,760,386,775 $36,769,964,789 $5,307,905,882 $7,834,714,586
1992 $10,621,169,291 $32,462,991,993 $5,439,552,941 $8,625,470,724
1993 $11,259,647,874 $29,857,647,989 $4,669,491,134 $8,567,756,425
1994 $15,062,911,617 $31,610,433,645 $4,947,181,646 $8,873,383,771
1995 $22,772,394,547 $33,746,817,538 $5,329,217,747 $9,211,451,985
1996 $24,150,978,347 $35,808,404,184 $5,759,570,336 $9,868,640,951
1997 $24,175,764,812 $38,017,063,245 $5,737,771,523 $10,611,044,464
1998 $25,890,228,430 $38,873,085,038 $6,043,686,654 $11,473,145,562
1999 $23,777,026,779 $38,543,171,373 $6,808,982,521 $12,393,844,571
2000 $22,134,411,297 $39,678,365,282 $8,154,342,116 $13,249,188,352
2001 $23,066,883,850 $40,912,852,422 $8,824,849,191 $13,801,483,946
2002 $26,757,722,429 $43,287,159,654 $9,008,298,229 $14,896,867,659
2003 $35,245,317,002 $45,697,550,022 $11,305,459,802 $17,048,122,760
2004 $41,836,292,157 $47,603,359,433 $13,280,291,990 $18,403,457,301
2005 $45,013,119,282 $49,663,193,223 $15,982,389,018 $19,546,116,532
2006 $49,590,197,657 $52,186,811,454 $18,369,361,094 $22,127,779,059
2007 $59,298,265,770 $54,821,664,180 $21,641,620,050 $23,179,780,078
2008 $68,478,776,206 $55,900,878,030 $27,871,587,350 $23,965,977,273
2009 $62,321,642,125 $52,091,816,698 $19,172,165,226 $22,913,456,440
2010 $58,981,738,869 $51,396,869,396 $22,157,920,592 $23,674,922,086
2011 $62,903,737,380 $51,346,628,209 $25,433,007,437 $23,605,233,909
2012 $57,551,963,753 $50,189,405,845 $27,147,349,937 $25,189,164,853
2013 $59,852,401,272 $50,126,443,322 $28,560,536,917 $26,031,643,292
2014 $59,612,144,078 $49,847,163,745 $29,474,180,442 $26,993,607,567
2015 $51,005,200,670 $51,005,200,670 $26,841,143,095 $26,841,143,095
2016 $52,654,855,638 $52,770,556,703 $23,624,333,664 $24,853,971,610
2017 $56,186,190,438 $54,501,936,569 $23,847,765,529 $23,656,360,891
2018 $61,668,130,123 $56,085,044,234 $23,888,910,152 $23,423,221,520
2019 $61,467,582,194 $57,823,926,883 $23,588,037,787 $23,533,735,415
2020 $57,963,370,885 $53,017,808,755 $20,991,339,707 $21,438,575,322
2021 $69,006,802,299 $59,714,859,478 $24,177,305,760 $21,243,057,044
2022 $71,198,635,102 $64,066,840,477 $28,510,328,245 $21,472,954,153
2023 $84,393,795,502 $66,182,676,637 $25,489,373,405 $21,779,397,559
2024 $92,526,176,109 $68,707,509,494 $26,428,963,758 $22,138,889,024

Economic indicators

Croatia Trinidad
Gross domestic product
$92.5B
2024
$26.4B
2024
GDP rank
74/197
2024
114/197
2024
GDP growth
9.64%
2023-2024
3.69%
2023-2024
GDP per capita
$23,931
2024
$19,315
2024
GDP per capita rank
50/197
2024
60/197
2024
GDP per capita, PPP
$48,575
2024
$36,021
2024
Government debt
$53.3B
2024
$17B
2024
Debt-to-GDP ratio
55.9%
2025
67.2%
2025
Government debt per person
$13,796
2024
$12,454
2024
Government debt per person rank
42/185
2024
45/185
2024
Average annual personal income after taxes
$20,265
2025
$11,432
2025
Market capitalization of domestic companies
$27.8B
2024
$3.89B
2001
Number of billionaires
1
2025
n/a
Income share by richest 10%
23.3%
2023
29.9%
1992
Income share by poorest 10%
2.9%
2023
2.1%
1992
Government expenditure, % of GDP
48.9%
2025
32.4%
2025
Consumer prices inflation
2.97%
2023-2024
0.53%
2023-2024
Central bank interest rate n/a
3.5%
2020
Unemployment rate
5.03%
2024
3.36%
2023
Population
3839202
1372940

GDP per capita in Croatia vs Trinidad and Tobago

Croatia's GDP per capita is $23,931, ranking 50/197, compared to $19,315 in Trinidad and Tobago, ranking 60/197. Adjusted for purchasing power (GDP per capita PPP), Croatia ranks 47th at $48,575, while Trinidad and Tobago ranks 62nd at $36,021.

Croatia
GDP per capita

GDP per capita, PPP
Trinidad and Tobago
GDP per capita

GDP per capita, PPP
Year Current $
Croatia Trinidad
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $634 -
1961 - - $678 -
1962 - - $704 -
1963 - - $756 -
1964 - - $780 -
1965 - - $793 -
1966 - - $768 -
1967 - - $797 -
1968 - - $783 -
1969 - - $795 -
1970 - - $829 -
1971 - - $894 -
1972 - - $1,067 -
1973 - - $1,273 -
1974 - - $1,962 -
1975 - - $2,319 -
1976 - - $2,345 -
1977 - - $2,907 -
1978 - - $3,258 -
1979 - - $4,155 -
1980 - - $5,559 -
1981 - - $6,160 -
1982 - - $7,091 -
1983 - - $6,690 -
1984 - - $6,613 -
1985 - - $6,212 -
1986 - - $3,985 -
1987 - - $3,941 -
1988 - - $3,656 -
1989 - - $3,482 -
1990 $5,369 $9,519 $4,047 $6,878
1991 $4,001 $7,912 $4,205 $7,274
1992 $2,321 $7,321 $4,277 $8,129
1993 $2,448 $6,856 $3,647 $8,209
1994 $3,238 $7,332 $3,840 $8,631
1995 $4,929 $8,046 $4,115 $9,099
1996 $5,300 $8,802 $4,427 $9,883
1997 $5,331 $9,534 $4,394 $10,769
1998 $5,713 $9,889 $4,613 $11,735
1999 $5,269 $9,943 $5,179 $12,812
2000 $4,954 $10,672 $6,179 $13,953
2001 $5,365 $11,654 $6,657 $14,797
2002 $6,220 $12,775 $6,763 $16,141
2003 $8,190 $13,693 $8,445 $18,743
2004 $9,719 $14,688 $9,871 $20,674
2005 $10,444 $15,451 $12,346 $23,536
2006 $11,503 $17,635 $14,153 $27,393
2007 $13,758 $19,571 $16,607 $29,355
2008 $15,889 $21,020 $21,299 $30,807
2009 $14,476 $20,350 $14,634 $29,602
2010 $13,731 $20,144 $16,815 $30,778
2011 $14,695 $21,196 $19,151 $31,078
2012 $13,509 $21,620 $20,332 $31,883
2013 $14,136 $22,432 $21,305 $31,746
2014 $14,188 $22,708 $21,908 $32,027
2015 $12,285 $23,759 $19,887 $29,825
2016 $12,821 $25,804 $17,449 $28,232
2017 $13,903 $27,889 $17,579 $28,505
2018 $15,460 $29,789 $17,576 $28,680
2019 $15,564 $33,064 $17,293 $29,454
2020 $14,808 $31,596 $15,359 $26,863
2021 $17,790 $36,933 $17,679 $30,425
2022 $18,466 $41,960 $20,874 $32,989
2023 $21,865 $45,603 $18,639 $34,620
2024 $23,931 $48,575 $19,315 $36,021

Spending and national debt comparison

In 2024, Croatia's government spending was $44.8B, accounting for 48.9% of its GDP, while Trinidad and Tobago's spent $8.51B, or 32.4% of GDP.

Debt-to-GDP ratio is 55.9% in Croatia and 67.2% in Trinidad and Tobago, ranking 94/185 and 63/185, respectively.

Croatia
Government spending

Government debt
Trinidad and Tobago
Government spending

Government debt
Year % of GDP
Croatia Trinidad
Government spending Government debt Government spending Government debt
1988 - - 45.3% 65.3%
1989 - - 30.9% 51.9%
1990 - - 26.9% 47.7%
1991 - - 29.6% 49.5%
1992 37.1% - 28.6% 49.2%
1993 36% - 26.9% 58.8%
1994 45.4% - 25.4% 52.6%
1995 50.3% - 26.2% 50.1%
1996 52.1% - 27.6% 47%
1997 51.7% 22.5% 27.2% 46.1%
1998 56.8% 23.3% 26.9% 42.8%
1999 58.9% 30% 24.1% 42.2%
2000 54.6% 35.4% 23.1% 38.9%
2001 50.6% 36.6% 24.8% 36.6%
2002 49.2% 36.5% 24.4% 37%
2003 49.6% 37.8% 22.2% 30.2%
2004 49% 40% 22.5% 24.2%
2005 46.5% 40.9% 26.7% 19.8%
2006 44.6% 38.4% 31.6% 16.9%
2007 46.3% 37.1% 25.7% 16.2%
2008 46.3% 38.9% 26.7% 13.5%
2009 49.2% 47.9% 37% 20.7%
2010 48.1% 56.8% 30.4% 16.8%
2011 48.6% 63.1% 29.4% 26.4%
2012 47.3% 68.9% 29.5% 21.8%
2013 47.9% 79.5% 31.3% 21.6%
2014 48.7% 83.2% 32.8% 23.5%
2015 47.5% 82.8% 35% 27.1%
2016 45.9% 79.3% 31.9% 35.4%
2017 44.1% 76.2% 30.7% 39.8%
2018 44.9% 72.8% 30.2% 41.5%
2019 44.3% 70.9% 31% 46%
2020 53.7% 86.5% 36% 62.2%
2021 48.1% 78.2% 30.4% 58.5%
2022 44.9% 68.5% 27.1% 51%
2023 46.6% 61.8% 32.9% 61.1%
2024 48.4% 57.6% 32.2% 64.5%
2025 48.9% 55.9% 32.4% 67.2%

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 Trinidad and Tobago's deficit of -$1.57B, or -5.92% of GDP.

Over the past 33 years, Croatia recorded a fiscal deficit in 29 of those years, while Trinidad and Tobago ran a deficit in 20 years. On average, Croatia posted an annual deficit equal to -3.98% of GDP, compared to deficit of -2.03% of GDP for Trinidad and Tobago.

Deficit/surplus
Croatia

Trinidad and Tobago
Year Deficit/surplus, % of GDP
Croatia Trinidad
1988 - -9.34%
1989 - -4.46%
1990 - -1.27%
1991 - -0.21%
1992 -5.69% -2.74%
1993 -2.67% 0.23%
1994 -0.82% -0.02%
1995 -4.23% 0.17%
1996 -4.41% -0.45%
1997 -4.93% 0.11%
1998 -6.36% -1.8%
1999 -11.1% -0.88%
2000 -9.2% 0.17%
2001 -4.79% 0.61%
2002 -4.9% -0.2%
2003 -5.03% 1.8%
2004 -6.09% 1.84%
2005 -3.24% 2.36%
2006 -2.01% 1.56%
2007 -2.28% 3.12%
2008 -2.34% 5.39%
2009 -7.15% -5.42%
2010 -6.46% 0.13%
2011 -7.53% -0.67%
2012 -5.46% -1.26%
2013 -5.52% -2.67%
2014 -5.19% -4.31%
2015 -3.53% -7.56%
2016 -1.04% -10.1%
2017 0.8% -10.4%
2018 0.23% -5.89%
2019 2.31% -3.72%
2020 -7.23% -12.1%
2021 -2.55% -8.1%
2022 0.14% 0.92%
2023 -0.86% -1.19%
2024 -2.14% -5.92%
2025 -2.36% -3.39%

Inflation comparison by year

Over the past 29 years, Croatia has recorded an average annual inflation rate of 2.95%, compared with 4.83% in Trinidad and Tobago. In 2024, inflation was 2.97% in Croatia and 0.53% in Trinidad and Tobago.

Inflation
Croatia

Trinidad and Tobago
Year Inflation
Croatia Trinidad Croatia Trinidad
1996 4.3% 3.4%
1997 4.17% 3.63%
1998 6.4% 5.61%
1999 4.02% 3.44%
2000 4.61% 3.56%
2001 3.78% 5.54%
2002 1.67% 4.15%
2003 1.77% 3.81%
2004 2.06% 3.72%
2005 3.32% 6.87%
2006 3.19% 8.33%
2007 2.9% 7.89%
2008 6.08% 12%
2009 2.38% 6.98%
2010 1.03% 10.5%
2011 2.27% 5.11%
2012 3.41% 9.26%
2013 2.22% 5.2%
2014 -0.22% 5.68%
2015 -0.46% 4.66%
2016 -1.12% 3.07%
2017 1.13% 1.88%
2018 1.5% 1.02%
2019 0.77% 1%
2020 0.15% 0.6%
2021 2.55% 2.06%
2022 10.8% 5.83%
2023 7.94% 4.63%
2024 2.97% 0.53%

Top exports between countries

Croatia
Export category Export value
Machinery & equipment $643K
Miscellaneous $30K
Processed food, beverages & tobacco $19K
Raw materials & minerals $12K
Metals $1K
Trinidad
Export category Export value
Raw materials & minerals $2.11M
Miscellaneous $59K

Balance of trade

Croatia Trinidad
Current account balance
-$1.05B
2024
$1.23B
2024
Current account balance ranking
124/189
2024
52/189
2024
Current account balance, % of GDP
-1.13%
2024
+4.67%
2024
Goods imports
$41.5B
2024
$7.54B
2024
Goods exports
$21.9B
2024
$10B
2024
Service imports
$8.35B
2024
$2.71B
2024
Service exports
$24.7B
2024
$1.26B
2024
Imports of goods and services, % of GDP
52.9%
2024
n/a
Exports of goods and services, % of GDP
49.8%
2024
45%
2025

Economic freedom indices

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

Croatia Trinidad
Economic freedom 68.7 63.6
Economic freedom ranking 45/197 76/197
Property rights 81.3 58.3
Government integrity 53.4 44.7
Judicial effectiveness 71.4 58.5
Tax burden 77.3 79.5
Government spending 35.1 74.5
Fiscal health 90.3 80.9
Business freedom 80.4 72.6
Labor freedom 69.1 60.4
Monetary freedom 66.6 76.3
Trade freedom 79.6 67.6
Investment freedom 60 50
Financial freedom 60 40

Economic freedom by year comparison

The Economic Freedom Index for Croatia is 68.7, ranking 45/197, compared to 63.6 for Trinidad and Tobago, ranking 76/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Croatia
Trinidad and Tobago
Year Economic freedom index
Croatia Trinidad
1996 48 69.2
1997 46.7 71.3
1998 51.7 72
1999 53.1 72.4
2000 53.6 74.5
2001 50.7 71.8
2002 51.1 70.1
2003 53.3 68.8
2004 53.1 71.3
2005 51.9 71.5
2006 53.6 70.4
2007 53.4 70.6
2008 54.1 69.5
2009 55.1 68
2010 59.2 65.7
2011 61.1 66.5
2012 60.9 64.4
2013 61.3 62.3
2014 60.4 62.7
2015 61.5 64.1
2016 59.1 62.9
2017 59.4 61.2
2018 61 57.7
2019 61.4 57
2020 62.2 58.3
2021 63.6 59
2022 67.6 58.8
2023 66.4 59.5
2024 67.2 60.4
2025 68.7 63.6

More economic indicators

Croatia Trinidad
Services, % of GDP
59.7%
2024
59.9%
2023
Industry, % of GDP
19.8%
2024
35%
2023
Agriculture, forestry, and fishing, % of GDP
3.41%
2024
0.82%
2023
GNI, Atlas method
$85.4B
2024
$27.4B
2024
GNI per capita, PPP
$48,760
2024
$36,280
2024
Total reserves including gold
$3.34B
2024
$5.6B
2024
Total reserves ranking
116/177
2024
94/177
2024
Net foreign direct investment
-$1.88B
2024
$1.57B
2024
Net inflows of foreign direct investment
$4.67B
2024
-$1.04B
2024
Net outflows of foreign direct investment
$2.79B
2024
$527M
2024
Poverty at national poverty lines
20.3%
2023
20%
2020
Gross capital formation, % of GDP
23.5%
2024
20.1%
2021

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.