CROATIA February 2013

Transcription

1 United Nations Conference on Trade And Development INVESTMENT COUNTRY PROFILES CROATIA February 2013

2 Croatia i NOTE The Division on Investment and Enterprise of UNCTAD is a global centre of excellence, dealing with issues related to investment and enterprise development in the United Nations System. It builds on three and a half decades of experience and international expertise in research and policy analysis, intergovernmental consensus building, and provides technical assistance to developing countries. The terms country/economy as used in this investment country profile also refer, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgment about the stage of development reached by a particular country or area in the development process. The major country groupings used in this investment country profile follow the classification of the United Nations Statistical Office. These are: Developed countries: the member countries of the OECD (other than Chile, Mexico, the Republic of Korea and Turkey), plus the new European Union member countries which are not OECD members (Bulgaria, Cyprus, Latvia, Lithuania, Malta, and Romania), plus Andorra, Liechtenstein, Monaco and San Marino. Transition economies: South-East Europe and the Commonwealth of Independent States. Developing economies: in general all economies not specified above. For statistical purposes, the data for China do not include those for Hong Kong Special Administrative Region (Hong Kong SAR), Macao Special Administrative Region (Macao SAR) and Taiwan Province of China. Reference to companies and their activities should not be construed as an endorsement by UNCTAD of those companies or their activities. The boundaries and names shown and designations used on the maps presented in this publication do not imply official endorsement or acceptance by the United Nations. The following symbols have been used in the tables: Two dots (..) indicate that data are not available or are not separately reported. Rows in tables have been omitted in those cases where no data are available for any of the elements in the row; A dash ( ) indicates that the item is equal to zero or its value is negligible; A blank in a table indicates that the item is not applicable, unless otherwise indicated; A slash (/) between dates representing years, e.g., 1994/95, indicates a financial year; Use of an en dash ( ) between dates representing years, e.g., , signifies the full period involved, including the beginning and end years; Reference to dollars ($) means United States dollars, unless otherwise indicated; Annual rates of growth or change, unless otherwise stated, refer to annual compound rates; Details and percentages in tables do not necessarily add up to totals because of rounding. Only the tables shaded in the Table of Contents are available in this investment country profile. The material contained in this study may be freely quoted with appropriate acknowledgement. Exchange rates, Euros per US dollar Period average End of period Unedited Version UNCTAD/WEB/DIAE/IA/2012/12

3 Croatia ii Table of Contents Highlights... 1 A. Definitions and sources of data... 1 B. Statistics on FDI and the operations of TNCs (shaded rows show available tables) 4 Table 1. Summary of FDI... 4 Table 2. Summary of international production... 4 Table 3. FDI flows, by type of investment... 5 Table 4. FDI stocks, by type of investment... 6 Table 5. FDI flows in the host economy, by industry... 7 Table 6. FDI flows in the host economy, by geographical origin... 8 Table 8. FDI flows abroad, by industry... 9 Table 9. FDI flows abroad, by geographical destination Table 11. FDI stocks in the host economy, by industry Table 12. FDI stocks in the host economy, by geographical origin Table 14. FDI stocks abroad, by industry Table 15. FDI stocks abroad, by geographical destination Table 19. The number of home-based TNCs, by industry in the home economy... Table 20. The number of foreign affiliates of home-based TNCs, by industry abroad Table 21. The number of foreign affiliates of home-based TNCs, by geographical destination Table 22. The number of affiliates of foreign TNCs in the host economy, by industry... Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin... Table 26. Assets of home-based TNCs, by industry in the home economy... Table 27. Assets of foreign affiliates of home-based TNCs, by industry abroad... Table 28. Assets of foreign affiliates of home-based TNCs, by geographical destination... Table 29. Assets of affiliates of foreign TNCs in the host economy, by industry... Table 30. Assets of affiliates of foreign TNCs in the host economy, by geographical origin... Table 31. Employment of home-based TNCs, by industry in the home economy... Table 32. Employment of foreign affiliates of home-based TNCs, by industry abroad Table 33. Employment of foreign affiliates of home-based TNCs, by geographical destination Table 34. Employment of affiliates of foreign TNCs in the host economy, by industry... Table 35. Employment of affiliates of foreign TNCs in the host economy, by geographical origin... Table 36. Wages and salaries of home-based TNCs, by industry in the home economy... Table 37. Wages and salaries of foreign affiliates of home-based TNCs, by industry abroad... Table 38. Wages and salaries of foreign affiliates of home-based TNCs, by geographical destination... Table 39. Wages and salaries of affiliates of foreign TNCs in the host economy, by industry... Table 40. Wages and salaries of affiliates of foreign TNCs in the host economy, by geographical origin... Table 41. Sales of home-based TNCs, by industry in the home economy... Table 42. Sales of foreign affiliates of home-based TNCs, by industry abroad Table 43. Sales of foreign affiliates of home-based TNCs, by geographical destination Table 44. Sales of affiliates of foreign TNCs in the host economy, by industry... Table 45. Sales of affiliates of foreign TNCs in the host economy, by geographical origin... Table 46. Value added of home-based TNCs, by industry in the home economy... Table 47. Value added of foreign affiliates of home-based TNCs, by industry abroad... Table 48. Value added of foreign affiliates of home-based TNCs, by geographical destination... Table 49. Value added of affiliates of foreign TNCs in the host economy, by industry... Table 50. Value added of affiliates of foreign TNCs in the host economy, by geographical origin... Table 51. Profits after taxes of home-based TNCs, by industry in the home economy... Table 52. Profits after taxes of foreign affiliates of home-based TNCs, by industry abroad... Table 53. Profits after taxes of foreign affiliates of home-based TNCs, by geographical destination... Page

4 Croatia iii Table of Contents Page Table 54. Profits after taxes of affiliates of foreign TNCs in the host economy, by industry... Table 55. Profits after taxes of affiliates of foreign TNCs in the host economy, by geographical origin... Table 56. Exports of home-based TNCs, by industry in the home economy... Table 57. Exports of foreign affiliates of home-based TNCs, by industry abroad... Table 58. Exports of foreign affiliates of home-based TNCs, by geographical destination... Table 59. Exports of affiliates of foreign TNCs in the host economy, by industry... Table 60. Exports of affiliates of foreign TNCs in the host economy, by geographical origin... Table 61. Imports of home-based TNCs, by industry in the home economy... Table 62. Imports of foreign affiliates of home-based TNCs, by industry abroad... Table 63. Imports of foreign affiliates of home-based TNCs, by geographical destination... Table 64. Imports of affiliates of foreign TNCs in the host economy, by industry... Table 65. Imports of affiliates of foreign TNCs in the host economy, by geographical origin... Table 66. R&D of home-based TNCs, by industry in the home economy... Table 67. R&D of foreign affiliates of home-based TNCs, by industry abroad... Table 68. R&D of foreign affiliates of home-based TNCs, by geographical destination... Table 69. R&D of affiliates of foreign TNCs in the host economy, by industry... Table 70. R&D of affiliates of foreign TNCs in the host economy, by geographical origin... Table 71. Employment in R&D of home-based TNCs, by industry in the home economy... Table 72. Employment in R&D of foreign affiliates of home-based TNCs, by industry abroad... Table 73. Employment in R&D of foreign affiliates of home-based TNCs, by geographical destination... Table 74. Employment in R&D of affiliates of foreign TNCs in the host economy, by industry... Table 75. Employment in R&D of affiliates of foreign TNCs in the host economy, by geographical origin... Table 76. Royalty receipts of home-based TNCs, by industry in the home economy... Table 77. Royalty receipts of foreign affiliates of home-based TNCs, by industry abroad... Table 78. Royalty receipts of foreign affiliates of home-based TNCs, by geographical destination... Table 79. Royalty receipts of affiliates of foreign TNCs in the host economy, by industry... Table 80. Royalty receipts of affiliates of foreign TNCs in the host economy, by geographical origin... Table 81. Royalty payments of home-based TNCs, by industry in the home economy... Table 82. Royalty payments of foreign affiliates of home-based TNCs, by industry abroad... Table 83. Royalty payments of foreign affiliates of home-based TNCs, by geographical destination... Table 84. Royalty payments of affiliates of foreign TNCs in the host economy, by industry... Table 85. Royalty payments of affiliates of foreign TNCs in the host economy, by geographical origin... Table 86. Largest home-based TNCs Table 87. Largest foreign affiliates of homebased TNCs Table 88. Largest affiliates of foreign TNCs in the host economy... 23

5 Croatia 1 Highlights Among transition economies, Croatia is a significant host for foreign direct investment (FDI) when compared to the size of its economy: at the end of 2011, inward FDI stock amounted to 23.9 billion ($33 billion), equivalent to 48 per cent of Croatian GDP. Before the onset of the financial and economic crisis, Croatia made significant progress in attracting FDI, resulting in an increase in inflows from 79 million ($105 million) in 1995 to 4.2 billion ($6.2 billion) in The surge in FDI to the country, especially after 2000, was driven largely by the economic recovery, a better investment climate and the start of accession negotiations with the European Union (EU) in The positive trend was reversed in 2009 with FDI inflows falling sharply by 42 per cent in 2009 and 88 per cent in FDI inflows picked up again in 2011 reaching 1.1 billion ($1.5 billion). FDI outflows have been modest, reaching 32 million ($44 million) in The financial industry is the largest FDI target, accounting for 37 per cent of inward FDI stock at the end of The importance of the services sector as a whole in inward FDI stock grew from 63 per cent in 2000 to 76 per cent at the end of 2011, at the expense of the manufacturing sector, which declined from 36 per cent in 2000 to 21 per cent in EU countries are the main home for FDI in Croatia, accounting for 91 per cent of inward FDI stock at the end of Austria was the largest investor in 2011 (29 per cent), followed by Germany (14 per cent) and the Netherlands (10 per cent). In 2009, foreign affiliates in Croatia employed 12,800 people and generated sales of 38 billon ($53.9 billion). A. Definitions and sources of data Data on FDI in Croatia are compiled and reported by the Croatian National Bank (CNB) within the balance of payments framework. Reported data are compiled in accordance with the guidelines set out in the fifth edition of IMF's Balance of Payments Manual. Separately identifiable quarterly and yearly data are compiled on the components of direct investment income and the components of direct investment financial flows. While the data are preliminary when first released, they are revised each quarter to take account of revisions to the sample survey and are disseminated quarterly together with the preliminary data for the latest quarter. The data are considered to be final 9 months after their first release. The basic criterion for defining direct investment enterprises in Croatia is 10 percent ownership by a non-resident investor, regardless of whether the investor has an effective voice in management that is, enterprises in which the non-resident direct investor owns 10 percent or more but does not have an effective voice in management are included, while enterprises in which the non-resident investor owns less than 10 percent but has an effective voice in management are not included. FDI data are collected using a mixture of an individual transactions basis and an aggregate basis the data for equity capital, dividends, and reinvested earnings are collected on an aggregate basis, while the data on other capital and income on debt are collected on an individual transactions basis. The data for dividends, reinvested earnings, and equity capital are compiled from quarterly enterprise surveys of resident enterprises. The data for income on debt (interest) and other capital are compiled from a debt register. A business register of enterprises involved in direct investment is used to compile the inward direct investment transactions data. The register is maintained by CNB and is updated on an ongoing basis using information from (i) registers maintained by

6 Croatia 2 government licensing and regulatory authorities, industry associations, and other departments within the CNB, (ii) a debt register, (iii) the financial press, and (iv) the Central Depository Agency. The same business register is used to compile the inward direct investment position data, as well as the outward direct investment transactions and position data. Quarterly data showing breakdowns by country for the direct investment financial flows data are compiled by the CNB and disseminated quarterly with a timeliness of 3 months after the end of the reference period on the CNB website The debtor/creditor principle is used as the basis for the geographic allocation of the data. Quarterly data showing breakdowns by industrial activity for direct investment financial flows are compiled by the CNB and are disseminated quarterly with a timeliness of 3 months after the end of the reference period on the CNB website No major sectors of the economy or elements within those economic sectors are excluded from the data. The data show a breakdown for 503 industrial activities. The classification used is the 4-digit level of the National Classification of Activities, which broadly corresponds to the nine major divisions of the United Nations International Standard Industrial Classification of All Economic Activities (ISIC). The data on both direct investment income and direct investment financial flows are classified on the basis of the industrial activity of the resident direct investment enterprises. The data on dividends and distributed branch profits cover incorporated and unincorporated enterprises. Contrary to the international standards, (i) dividends and distributed branch profits are recorded net, rather than gross, of any withholding taxes, and (ii) dividends and distributed branch profits are recorded on the date they are declared payable. In accordance with the international standards, (i) the data include transactions between nonfinancial direct investment enterprises and affiliated financial intermediaries, including special purpose entities (SPEs) primarily engaged in financial intermediation for a group of related enterprises, and (ii) there are no differences between the treatment of affiliated financial auxiliaries (such as security dealers) and other affiliated financial intermediaries and affiliated banks. The data on reinvested earnings and undistributed branch profits cover incorporated and unincorporated enterprises. In accordance with the international standards, (i) when a direct investment enterprise makes a net loss, that net loss is recorded as negative reinvested earnings, (ii) the data include reinvested earnings and undistributed branch profits between nonfinancial direct investment enterprises and affiliated financial intermediaries, including SPEs primarily engaged in financial intermediation for a group of related enterprises, and (iii) there are no differences between the treatment of affiliated financial auxiliaries (such as security dealers) and other affiliated financial intermediaries and affiliated banks. The equity capital transactions data cover (i) listed voting stocks (shares), (ii) unlisted voting stocks (shares), (iii) participating preference shares, and (iv) noncash acquisitions of equity, such as through the provision of capital equipment. The data do not cover other non-voting stocks (shares). In accordance with the international standards, (i) the data include equity transactions between affiliated banks and between affiliated financial intermediaries, (ii) the data include equity transactions between nonfinancial direct investment enterprises and affiliated financial intermediaries, including SPEs primarily engaged in financial intermediation for a group of related enterprises, and (iii) there are no differences between the treatment of affiliated financial auxiliaries (such as security dealers) and the treatment of other affiliated financial intermediaries and affiliated banks. The other capital transactions data cover: (i) long-term loans, (ii) short-term loans, (iii) bonds and money market instruments, (iv) long-term trade credits, and (v) financial leases. The data do not include short-term

7 Croatia 3 trade credits, which are instead classified under Other Investment in the balance of payments statistics. Data exclude (i) financial derivatives, (ii) loan/debt guarantees provided by direct investors or related direct investment enterprises, (iii) changes in insurance company technical reserves, and (iv) transactions between affiliated banks and between affiliated financial intermediaries involving deposits, loans, and other claims and liabilities related to usual banking and financial intermediation activities. Data on the operations of foreign affiliates are also collected by the CNB. Published data refers to the activities of Croatian TNCs foreign affiliates abroad (outward FATS). The Croatian Bureau of Statistics (CBS) compiles inward FATS data. The equity capital data include purchases and sales of land and buildings in Croatia made by non-resident enterprises, as well as directly by non-resident individuals. Expenditure related to natural resources exploration in Croatia by non-residents is included in the equity capital data. Although the data are included only if the expenditure is undertaken by a resident legal entity, this is considered to always be the case.

8 Croatia 4 B. Statistics on FDI and the operations of TNCs Table 1. Summary of FDI (Millions of euros and percentage) Variable Inward Outward 1. FDI flows, (annual average) FDI flows as a percentage of GFCF, (annual average) FDI stocks, FDI stocks as a percentage of GDP, Source: Based on tables 3, 4 and UNCTAD, FDI/TNC database. Table 2. Summary of international production (Millions of euros and number) Variable Homebased TNCs (Parent) Affiliates of foreign TNCs in Croatia Foreign affiliates of Croatian TNCs abroad Number, Employees (thousands), Wages and salaries Value added Sales, Imports Exports Source : UNCTAD FDI/TNC database, based on tables 20, 32 and 42.

9 Croatia 5 Year Equity Table 3. FDI flows, by type of investment, (Millions of euros) Inward investment Reinvested earnings Other Total Equity Outward investment Reinvested earnings Other Total Source : UNCTAD FDI/TNC database, based on data from the Croatian National Bank. Note : Totals in this table may differ from those shown in tables 5, 6, 8 and 9 due to differing data publication/last revision schedules.

10 Croatia 6 Year Table 4. FDI stocks, by type of investment, Inward investment Equity and Retained earnings Other Total (Millions of euros) Outward investment Equity and Retained earnings Equity Other Total Source : UNCTAD FDI/TNC database, based on data from the Croatian National Bank. Note : Values prior to 1998 are in US dollars.

11 Croatia 7 Table 5. FDI flows in the host economy, by industry, (Millions of euros) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Agriculture and hunting Mining, quarrying and petroleum Petroleum Secondary Food, beverages and tobacco Textiles, clothing and leather Wood and wood products Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Rubber and plastic products Non-metallic mineral products Metal and metal products Basic metals Fabricated metal products Machinery and equipment Electrical and electronic equipment Electrical machinery and apparatus Radio, television and communication apparatus Precision instruments Motor vehicles and other transport equipment Motor vehicles, trailers and semi-trailers Other manufacturing Tertiary Electricity, gas and water Construction Trade Automotive trade and repair Wholesale trade Distributive trade Hotels and restaurants Transport, storage and communications Transport and storage Post and communications Finance Financial intermediation Insurance and pension funding Business activities Real estate Rental activities Computer and related activities Other business activities Public administration and defence Education Health and social services Community, social and personal service activities Recreational, cultural and sporting activities Unspecified Private buying and selling of property Source : UNCTAD FDI/TNC database, based on data from the Croatian National Bank. Note: Data also include the round tripping which increases direct investment in Croatia and direct investment abroad by the same amount. This type of direct investment was recorded in December 2008 (EUR 825.7m) and August 2009 (EUR 666.5m) and December 2010 (EUR -618,6m).

12 Croatia 8 Table 6. FDI flows in the host economy, by geographical origin, (Millions of euros) Region / economy Total world Developed countries Europe European Union Austria Belgium Cyprus Denmark France Germany Hungary Ireland Italy Luxembourg Malta Netherlands Poland Slovakia Slovenia Spain Sweden United Kingdom Other developed Europe Norway Switzerland North America United States Other developed countries Israel Developing economies Africa Latin America and the Caribbean South and Central America Caribbean British Virgin Islands Netherlands Antilles Asia West Asia South, East and South-East Asia Oceania South-East Europe and CIS South-East Europe Bosnia and Herzegovina Serbia CIS Russian Federation Unspecified Source : UNCTAD FDI/TNC database, based on data from the Croatian National Bank.

13 Croatia 9 Table 8. FDI flows abroad, by industry, (Millions of euros) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Agriculture and hunting Mining, quarrying and petroleum Mining and quarrying Petroleum Secondary Food, beverages and tobacco Food products and beverages Tobacco products Textiles, clothing and leather Wood and wood products Paper and paper products Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Rubber and plastic products Non-metallic mineral products Metal and metal products Basic metals Fabricated metal products Machinery and equipment Electrical and electronic equipment Office, accounting and computing machinery Electrical machinery and apparatus Radio, television and communication apparatus Precision instruments Motor vehicles and other transport equipment Motor vehicles, trailers and semi-trailers Other manufacturing Recycling Tertiary Electricity, gas and water Construction Trade Automotive trade and repair Wholesale trade Distributive trade Hotels and restaurants Transport, storage and communications Transport and storage Post and communications Finance Financial intermediation Insurance and pension funding Business activities Rental activities Computer and related activities Research and development Other business activities Public administration and defence Education Health and social services Community, social and personal service activities Unspecified Source : UNCTAD FDI/TNC database, based on data from the Croatian National Bank. Note: Data also include the round tripping which increases direct investment in Croatia and direct investment abroad by the same amount. This type of direct investment was recorded in December 2008 (EUR m) and August 2009 (EUR m) and December 2010 (EUR 618,6m).

14 Croatia 10 Table 9. FDI flows abroad, by geographical destination, (Millions of euros) Region / economy Total world Developed countries Europe European Union Austria Belgium Czech Republic Germany Malta Netherlands Poland Romania Slovakia Slovenia United Kingdom Other developed Europe Switzerland North America United States Developing economies Africa Liberia Latin America and the Caribbean South and Central America Central America Panama Caribbean Bahamas British Virgin Islands Saint Vincent and the Grenadines Asia West Asia Oman Qatar Syrian Arab Republic South, East and South-East Asia India Oceania Marshall Islands South-East Europe and CIS South-East Europe Bosnia and Herzegovina Macedonia, TFYR Serbia Montenegro CIS Armenia Kazakhstan Russian Federation Unspecified Source : UNCTAD FDI/TNC database, based on data from the Croatian National Bank.

15 Croatia 11 Table 11. FDI stocks in the host economy, by industry, (Millions of euros) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Agriculture and hunting Forestry and fishing Mining, quarrying and petroleum Mining and quarrying Petroleum Secondary Food, beverages and tobacco Food products and beverages Tobacco products Textiles, clothing and leather Wood and wood products Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Rubber and plastic products Non-metallic mineral products Metal and metal products Basic metals Fabricated metal products Machinery and equipment Electrical and electronic equipment Office, accounting and computing machinery Electrical machinery and apparatus Radio, television and communication apparatus Precision instruments Motor vehicles and other transport equipment Motor vehicles, trailers and semi-trailers Other transport equipment Other manufacturing Recycling Tertiary Electricity, gas and water Construction Trade Automotive trade and repair Wholesale trade Distributive trade Hotels and restaurants Transport, storage and communications Transport and storage Post and communications Finance Financial intermediation Insurance and pension funding Activities auxiliary to financial intermediation Business activities Real estate Rental activities Computer and related activities Research and development Other business activities Public administration and defence Education Health and social services Community, social and personal service activities Sewage and waste disposal, sanitation activities Membership organizations n.e.c Recreational, cultural and sporting activities Other services Unspecified Source : UNCTAD FDI/TNC database, based on data from the Croatian National Bank.

16 Croatia 12 Table 12. FDI stocks in the host economy, by geographical origin, (Millions of euros) Region / economy Total world Developed countries Europe European Union Austria Belgium Cyprus Czech Republic Denmark France Germany Hungary Ireland Italy Luxembourg Malta Netherlands Poland Romania Slovakia Slovenia Spain Sweden United Kingdom Other developed Europe Norway Switzerland North America Canada United States Other developed countries Australia Israel Developing economies Africa Liberia Latin America and the Caribbean South and Central America Caribbean British Virgin Islands Cayman Islands Netherlands Antilles Saint Vincent and the Grenadines Asia West Asia Saudi Arabia Turkey South, East and South-East Asia China Hong Kong, China India Singapore Oceania South-East Europe and CIS South-East Europe Bosnia and Herzegovina Macedonia, TFYR Serbia CIS Russian Federation Unspecified Source : UNCTAD FDI/TNC database, based on data from the Croatian National Bank.

17 Croatia 13 Table 14. FDI stocks abroad, by industry, (Millions of euros) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Agriculture and hunting Mining, quarrying and petroleum Mining and quarrying Petroleum Secondary Food, beverages and tobacco Food products and beverages Tobacco products Textiles, clothing and leather Wood and wood products Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Rubber and plastic products Non-metallic mineral products Metal and metal products Basic metals Fabricated metal products Machinery and equipment Electrical and electronic equipment Office, accounting and computing machinery Electrical machinery and apparatus Radio, television and communication apparatus Precision instruments Motor vehicles and other transport equipment Motor vehicles, trailers and semi-trailers Other transport equipment Other manufacturing Recycling Tertiary Electricity, gas and water Construction Trade Automotive trade and repair Wholesale trade Distributive trade Hotels and restaurants Transport, storage and communications Transport and storage Post and communications Finance Financial intermediation Insurance and pension funding Activities auxiliary to financial intermediation Business activities Real estate Rental activities Computer and related activities Research and development Other business activities Public administration and defence Education Health and social services Community, social and personal service activities Sewage and waste disposal, sanitation activities Recreational, cultural and sporting activities Other services Unspecified Source : UNCTAD FDI/TNC database, based on data from the Croatian National Bank.

18 Croatia 14 Table 15. FDI stocks abroad, by geographical destination, (Millions of euros) Region / economy Total world Developed countries Europe European Union Austria Cyprus Czech Republic Germany Hungary Ireland Italy Luxembourg Netherlands Poland Romania Slovakia Slovenia United Kingdom Other developed Europe Norway Switzerland North America United States Other developed countries Australia Developing economies Africa Egypt Libyan Arab Jamahiriya Liberia Latin America and the Caribbean South and Central America South America Central America Panama Caribbean Bahamas British Virgin Islands Saint Vincent and the Grenadines Asia West Asia Oman Qatar Turkey South, East and South-East Asia China Hong Kong, China India Oceania South-East Europe and CIS South-East Europe Albania Bosnia and Herzegovina Macedonia, TFYR Serbia Montenegro CIS Kazakhstan Russian Federation Unspecified Source : UNCTAD FDI/TNC database, based on data from the Croatian National Bank.