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Country Report Croatia 2017 Including an In-Depth Review on the Prevention and Correction of Macroeconomic Imbalances

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Country Report Croatia 2017 Including an In-Depth Review on the Prevention and Correction of Macroeconomic Imbalances EUROPEAN COMMISSION Brussels, 22.2.2017 SWD(2017) 76 final COMMISSION STAFF WORKING DOCUMENT Country Report Croatia 2017 Including an In-Depth Review on the prevention and correction of macroeconomic imbalances Accompanying the document COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN CENTRAL BANK AND THE EUROGROUP 2017 European Semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011 {COM(2017) 90 final} {SWD(2017) 67 final to SWD(2017) 93 final} EN EN CONTENTS Executive summary 1 1. Economic situation and outlook 4 2. Progress with country-specific recommendations 10 3. Summary of the main findings from the MIP in-depth review 13 4. Reform priorities 19 4.1. Public finances 19 4.2. Private sector debt and financial sector 24 4.3. Labour market, social policies and education 31 4.4. Business environment and investment 39 4.5. Public sector governance 48 A. Overview table 56 B. MIP Scoreboard 61 C. Standard tables 62 References 67 LIST OF TABLES 1.1. Key economic, financial and social indicators — Croatia 9 2.1. Summary table on 2016 CSR assessment 11 3.1. MIP Matrix 17 4.1.1. Tax brackets in PIT (HRK / month) 22 4.2.1. Financial soundness indicators, all banks 28 B.1. The MIP Scoreboard for Croatia 61 C.1. Financial market indicators 62 C.2. Labour market and social indicators 63 C.3. Labour market and social indicators (continued) 64 C.4. Product market performance and policy indicators 65 C.5. Green growth 66 LIST OF GRAPHS 1.1. Real GDP growth by demand component 4 1.2. Structure of employment (lhs) and unemployment rate (rhs) 5 1.3. Contributions to rate of change in yearly unit labour costs (ULC) 5 1.4. Current account composition, gross external debt and net international investment position 6 1.5. Inflation dynamics and main components in Croatia and in the euro area and money market interest rates 6 1.6. Average cost of MFI euro-denominated loans for non-financial corporations, new business 7 1.7. Debt and debt servicing burden to GDP for non-financial corporations , households and general government sector 7 1.8. Actual and potential output growth 8 3.1. Level and change in net international investment position 15 4.1.1. General government debt by currency and market of issuance 19 4.1.2. Contributions to yearly change in debt to GDP and total debt to GDP 20 4.1.3. Expenditure on the wage bill and intermediate consumption compared to peers 2016 20 4.1.4. Budget revenue from EU grants: projections, revisions and execution 2014-2017 21 4.1.5. Gross public debt under different scenarios 21 4.2.1. Contributions to changes in total corporate debt 24 4.2.2. Proportion of debt by risk class and industry (2010 and 2015) 25 4.2.3. Currency composition of corporate debt 25 4.2.4. Contributions to change in total households debt 26 4.2.5. Key indicators of the Croatian banking sector 27 4.2.6. Non-performing loans developments 28 4.3.1. Change in the unemployment rate: contribution of employment and participation 31 4.3.2. Change in activity rate by age and skill level (Q3-2015 and Q3-2016) 31 4.3.3. Composition of new retirees by type of pensions 32 4.3.4. Temporary employment by labour market status 1 year before, and share of temporary contracts in total employment 33 4.4.1. Potential output in Croatia and in Central Eastern European peer economies 39 4.4.2. Investment by sectors, cumulative growth 41 4.4.3. Investment across sectors: 2009 versus 2015 41 4.4.4. Sources of investment financing by sectors (2015) 42 4.4.5. Productivity in Croatia and CEE peers by industry (2014, CEE total=100) 42 4.4.6. Change in average productivity by industry (2010-2014) 43 4.4.7. Restrictiveness indicator 44 4.4.8. Broadband connectivity in Croatia by speeds (% of households) 46 4.5.1. Aggregate local government unit expenditure in 2015 by function 48 4.5.2. Municipalities and towns (*) current revenue and expenditure in 2015 by size class 49 4.5.3. Productivity gap of SOEs by ownership 51 LIST OF BOXES 2.1. Contribution of the EU budget to structural change in Croatia 11 4.3.1. Impact of personal income tax reform on inequality and work incentives 34 4.4.1. Investment challenges and reforms in Croatia 40 EXECUTIVE SUMMARY This report assesses Croatia’s economy in light progressing, and the general government debt ratio of the European Commission’s Annual Growth moved onto a declining path in 2016. External Survey published on 16 November 2016. In the liabilities are contracting, as the current account survey, the Commission calls on EU Member remains in solid surplus. An overall sound States to redouble their efforts on the three financial sector lays the ground for continued elements of the virtuous triangle of economic macro-financial stability. Nevertheless, policy — boosting investment, pursuing structural vulnerabilities persist, in particular related to high reforms and ensuring responsible fiscal policies. In levels of debt denominated in foreign currency. so doing, Member States should focus on enhancing social fairness in order to deliver more Modest growth prospects remain a key inclusive growth. At the same time, the challenge for the economy. Protractedly slow Commission published the Alert Mechanism productivity growth and low and declining Report (AMR) that initiated the sixth round of the utilisation of human capital reduce the economy's macroeconomic imbalance procedure. The in- long term growth prospects. At about 1 %, depth review, which the 2017 AMR concluded Croatia's currently estimated potential growth rate should be undertaken for the Croatian economy, is is low compared to other catching up economies. presented in this report. Real GDP has been growing above this rate over the past two years and the economy is projected to The recovery picked up steam in 2016. In 2015, keep growing above potential over the forecast GDP had expanded modestly, marking the end of period. In the medium term, however, the economy one of the longest and deepest recessions in the is set to return to its long-term potential. This will EU. The recovery accelerated in 2016, at a slow down the convergence process and the projected rate of 2.8 %. An improving labour unwinding of macroeconomic imbalances. market, low energy prices and the personal income Improving this long-term scenario will require tax reform spurred consumption. Investment determination in carrying out structural reforms. started to finally recover, thanks partly to a pick-up in the use of EU Funds. Croatian goods continued Croatia has made limited progress in to gain export market shares, while soaring tourist implementing the 2016 country-specific arrivals boosted the export of services. recommendations, in the context of two general elections in less than a year. Only a few of the Economic growth is projected to remain robust policy commitments put forward in the 2016 and broad-based in the short term, and the national reform programme have been labour market to improve further. As implemented to date. Croatia has made limited favourable new developments replace the fading progress in reinforcing numerical fiscal rules and tailwinds that have aided the recovery for the past strengthening the Fiscal Policy Commission, as two years, GDP growth is forecast at a relatively well as improving budgetary planning and robust 3.1 % in 2017 and 2.5 % in 2018. strengthening the multi-annual budgetary Consumption is expected to be bolstered by the framework. Some progress has been made in newly adopted tax reform, with lower personal reforming recurrent property taxation and income taxes more than compensating for the improving debt management. There has been no impact of inflation on household disposable progress in discouraging early retirement, income. A further increase in the absorption of EU accelerating the transition to the higher statutory funds and still favourable credit conditions are set retirement age and aligning pension provisions for to support investment. Growth of exports is set to specific categories with the rules of the general moderate, while imports are projected to keep scheme. Limited progress has been made in growing, leading to a gradual fall in the current providing appropriate up- and re-skilling measures, account surplus. The labour market is projected to while there has been no progress in consolidating continue improving, with activity rates stabilising social protection benefits. Limited progress has and the unemployment rate declining further. been made in reducing the fragmentation and improving the functional distribution of The economic recovery is helping to reduce competencies in the public administration. There domestic and external debt, but vulnerabilities has been no progress in harmonising the wage- persist. Private sector debt reduction is setting frameworks across the public 1 Executive summary administration and public service. Limited governance, including in strategic planning and progress has been made in reinforcing the in the debt management framework. monitoring of state-owned enterprises’ performance and boards’ accountability, as well as Private sector debt is decreasing, but advancing the listing of their shares and the remains high, especially in the corporate divestment process of state assets. There has been sector, and heavily exposed to currency risk. limited progress in reducing parafiscal charges and The pace of corporate and household debt the administrative burden on businesses, as well as reduction picked up speed in 2015 and 2016. removing unjustified regulatory restrictions on This was due to higher growth as well as the regulated professions.
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