Within the scope of financial accounts statistics[1], the Croatian National Bank currently releases only 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, inflows from the issued securities), with the total financial liabilities including debt liabilities, as well as the estimated financial worth of capital.
The financial assets of the Croatian economy stood at HRK 2,851bn at the end of the second quarter of 2022 (Figure 1), up by HRK 63.6bn in the quarter concerned and up by HRK 214.3bn in the period of one year. The financial liabilities of the Croatian economy reached HRK 3,005bn, up by HRK 53.1bn in the quarter concerned and by HRK 187.4bn in the period of one year. In terms of GDP, the financial assets of the Croatian economy amounted to 607% of the annual GDP at the end of the second quarter of 2022, down by 11.2 percentage points in the quarter concerned and down by 48.5 percentage points in the period of one year. The financial liabilities of the Croatian economy decreased by 14.9 percentage points in the quarter concerned and by 60.7 percentage points in the period of one year, accounting for 640% of the annual GDP at the end of the second quarter of 2022. These quarterly developments continue the trend of decrease of both assets and liabilities of the Croatian economy in terms of GDP, which has started in the second quarter of 2021 due to a slower increase in their value compared to the growth of quarterly GDP.
Source: CNB.
The total financial assets of households stood at HRK 601bn at the end of the second quarter of 2022 (Figure 2), which is an increase of 1.2% from the end of the previous quarter. In the period of one year, the financial assets of households increased by HRK 37.7bn. The financial liabilities of households increased to HRK 164bn or 2.4% more than at the end of the previous quarter. As a result, the financial net worth of the household sector amounted to HRK 437bn or 0.8% more than at the end of the previous quarter, and thus the net worth of this sector, showing a trend of accelerated growth since the second quarter of 2020, has increased again following its decrease in the previous quarter. Over a longer period of time, net worth of the household sector increased by HRK 29.1bn in the period of one year.
Source: CNB.
The total financial assets of non-financial corporations stood at HRK 830bn at the end of the second quarter of 2022 (Figure 3), growing by 2.0% from the end of the previous quarter. The financial liabilities of non-financial corporations amounted to HRK 1,242bn or 1.2% more than at the end of the previous quarter. The result of such developments was only the second quarterly increase in the financial net worth of the sector of non-financial corporations since the fourth quarter of 2020, when its downward trend started. It currently stands at HRK –413bn, up by 0.5% from the end of the previous quarter. Over a longer period of time, there was a reversal in these developments, with net worth of corporations decreasing by HRK 8.4bn in the period of one year.
Source: CNB.
Statistical time series: Financial accounts
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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, Ministry of Physical Planning, Construction and State Assets and 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. ↑
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Apart from households, the households sector also includes non-profit institutions serving households sector (associations of citizens, etc.). ↑