Within the scope of financial accounts statistics^[1], the Croatian National Bank publicly releases data on the 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 third quarter of 2025, the financial assets of the Croatian economy stood at EUR 507bn (Figure 1), up by EUR 17.6bn in the quarter concerned and up by EUR 19.8bn in the period of one year. The financial liabilities of the Croatian economy stood at EUR 532bn, up by EUR 12.1bn in the quarter concerned and up by EUR 24.3bn in the period of one year. In terms of GDP, at the end of the third quarter of 2025, the financial assets of the Croatian economy amounted to 560% of the annual GDP, up by 7.4 percentage points in the quarter concerned and down by 17.0 percentage points in the period of one year. At the same time, the financial liabilities of the Croatian economy increased by 0.6 percentage points in the quarter concerned and decreased by 13.7 percentage points in the period of one year, accounting for 587% of the annual GDP at the end of the third quarter of 2025. This stopped the trend of decreasing assets and liabilities of the Croatian economy relative to GDP due to lower growth in their value relative to quarterly GDP growth.

Figure 1 Financial assets and financial liabilities of the Croatian economy

At the end of the third quarter of 2025, the total financial assets and financial liabilities of households stood at EUR 118bn and EUR 31bn, respectively (Figure 2), which is an increase of 5.0% and 2.3% respectively from the end of the previous quarter, while in the period of one year, the financial assets of households increased by EUR 12.3bn, which is an increase of 11.6% and the financial liabilities of households increased by EUR 3.3bn or 12.0%. As a result, the financial net worth of the household sector amounted to EUR 87.9bn or 6.0% more than at the end of the previous quarter (i.e. EUR 9.0bn or 11.4% more than at the end of the same quarter of the previous year). Thus, the growth in the net worth of the household sector resumed accelerating after having slowed down in the first quarter of 2025.

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

At the end of the third quarter of 2025, the total financial assets of non-financial corporations stood at EUR 148bn (Figure 3), growing by 2.3% from the end of the previous quarter. The financial liabilities of non-financial corporations amounted to EUR 230bn or 1.1% more than at the end of the previous quarter. In line with such developments, the financial net worth of the non-financial corporations sector increased to –EUR 81.5bn, up by EUR 0.7bn from the end of the previous quarter.

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

Statistical 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, 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. ↑

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