Croatia: Financial assets of households reach €75bn in Q2 2021

Croatia: Financial assets of households reach €75bn in Q2 2021

The financial assets of the Croatian economy stood at HRK 2,633bn at the end of the second quarter of 2021 (Figure 1), up by HRK 36.3bn in the quarter concerned and by HRK 157.3bn in the period of one year. The financial liabilities of the Croatian economy reached HRK 2,810bn, up by HRK 30.0bn in the quarter concerned and by HRK 142.5bn in the period of one year. In terms of GDP, the financial assets of the Croatian economy amounted to 665% of the annual GDP at the end of the second quarter of 2021, down by 20.9 percentage points in the quarter concerned and up by 45.2 percentage points in the period of one year. The financial liabilities of the Croatian economy decreased by 24.6 percentage points in the quarter concerned and grew by 41.9 percentage points in the period of one year, accounting for 710% of the annual GDP at the end of the second quarter of 2021.

As Croatian National Bank said in the press release, this has put an end to the fast growth of stocks of assets and liabilities of the Croatian economy in terms of GDP, despite a continued increase in their nominal value, but with stronger growth of quarterly GDP, reversing the unfavourable trends in GDP that had started in the second quarter of 2020.

The total financial assets and financial liabilities of households stood at HRK 564bn and HRK 154bn respectively at the end of the second quarter of 2021 (Figure 2), which is an increase of 2.1% and 1.1% respectively from the end of the previous quarter. As a result, the financial net worth of the household sector amounted to HRK 410bn or 2.5% more than at the end of the previous quarter, continuing the trend of a gradual, albeit steady increase in the financial net worth of this sector.

The total financial assets of non-financial corporations stood at HRK 750bn at the end of the second quarter of 2021 (Figure 3), growing by 1.2% from the end of the previous quarter. The financial liabilities of non-financial corporations amounted to HRK 1,151bn or 0.9% more than at the end of the previous quarter. In line with such developments, the financial net worth of the non-financial corporations sector fell to –HRK 401bn, down 0.2% from the end of the previous quarter.