Within the scope of financial accounts statistics^[1], the Croatian National Bank publicly releases data on stocks of financial assets and liabilities of the entire economy and individual institutional sectors – non-financial corporations, households, general government and financial sector, in a certain period. Financial net worth of the economy or any part thereof is calculated as the difference between the stocks of its financial assets (e.g. loans and deposits granted, investments in securities and holdings) and the stocks of its financial liabilities (e.g. loans and deposits received, issued securities), with the total financial liabilities including debt liabilities, as well as the estimated financial worth of capital.

At the end of the first quarter of 2025, the financial assets of the Croatian economy stood at EUR 479bn (Figure 1), down by EUR 1.5bn in the quarter concerned and up by EUR 21.1bn in the period of one year. The financial liabilities of the Croatian economy stood at EUR 506bn, up by EUR 2.2bn in the quarter concerned and up by EUR 24.1bn in the period of one year. In terms of GDP, at the end of the first quarter of 2025, the financial assets of the Croatian economy amounted to 552% of the annual GDP, down by 8.7 percentage points in the quarter concerned and down by 19.9 percentage points in the period of one year. At the same time, the financial liabilities of the Croatian economy in terms of GDP decreased by 4.8 percentage points from the previous quarter and decreased by 18.8 percentage points in the period of one year, accounting for 583% of the annual GDP at the end of the first quarter of 2025. These developments continued the downward trend in both assets and liabilities of the Croatian economy in terms of GDP due to a slower increase in their value compared to the growth of quarterly GDP.

Figure 1 Financial assets and financial liabilities of the Croatian economy

At the end of the first quarter of 2025, the total financial assets of households stood at EUR 107bn (Figure 2), up by 1.1% from the end of the previous quarter, and up by EUR 9.0bn or 9.2% in the period of one year. The financial liabilities of households went up and stood at EUR 29bn, which is an increase of 2.8% from the levels recorded at the end of the previous quarter. In the period of one year, the financial liabilities of households went up by EUR 2.8bn or 10.8%. As a result, the financial net worth of the households sector increased and amounted to EUR 78.7bn, up by 0.5% from the end of the previous quarter (i.e. up by EUR 6.2bn or 8.6% from the end of the same quarter of the previous year). Thus, the accelerated growth of net worth of the households sector, which began in the first quarter of 2023, slowed down.

Figure 2 Financial assets and liabilities of the households sector^[2]

At the end of the first quarter of 2025, the total financial assets of non-financial corporations stood at EUR 145bn (Figure 3), growing by 0.4% from the end of the previous quarter. The financial liabilities of non-financial corporations amounted to EUR 220bn, growing by 2.0% from the end of the previous quarter. In line with such developments, the financial net worth of the non-financial corporations sector decreased to –EUR 74.8bn, down by –EUR 3.7bn from the end of the previous quarter.

Figure 3 Financial assets and liabilities of the non-financial corporations sector

Statistical data time series: Financial accounts

1. Financial accounts statistics shows the indicators of stocks, transactions, valuation adjustments and other changes in financial assets and liabilities in the economy, classified by sectors and by financial instruments, on the basis of the currently available data sources. These include the CNB's monetary statistics and external statistics, statistical reports of the Croatian Financial Services Supervisory Agency, annual reports of non-financial corporations collected by the Financial Agency, reports on general government equity holdings in corporations by the Ministry of Finance of the Republic of Croatia, the Ministry of Physical Planning, Construction and State Assets and the Restructuring and Sale Centre, data on general government debt by the Ministry of Finance and the CNB, as well as the Zagreb Stock Exchange trading reports. ↑

2. Apart from households, the households sector also includes non-profit institutions serving households sector (associations of citizens, etc.). ↑