THE ANALYSIS OF AGGREGATE INVESTMENTS AND THEIR PERSPECTIVE, ESPECIALLY REGARDING THE USE OF EUROPEAN FUNDS

Svrha je ovoga rada podrobno analizirati investicije u Hrvatskoj da bi se identificirali mogući i poželjni obrasci njihova kretanja u postkriznom razdoblju. Važnost investicija ogleda se u njihovom izravnom utjecaju na povećanje akumulacije kapitala koji je ključni faktor gospodarskog rasta. Investicije su imale ključnu ulogu u gospodarskome rastu prijekriznoga razdoblja, pa bi morale biti jedan od ključnih čimbenika oporavka i rasta poslije krize. U radu su podrobno analizirana kretanja investicija u Hrvatskoj u razdoblju od godine 2000. do godine 2009. Isto su tako uspoređena kretanja investicija u Hrvatskoj s kretanjem investicija u novim zemljama članicama Europske Unije. Osim kretanja ukupnih investicija, ispitana je i struktura investicija prema državnim i privatnim investicijama, prema djelatnostima, ali i prema tehničkoj strukturi investicija. Investicije su promatrane u odnosu na proizvodni faktor rada i njihov povrat u obliku stvorene bruto dodane vrijednosti da bi se stekao uvid u njihovu učinkovitost. Kao bitna odrednica investicija analizirani su i priljevi inozemnoga kapitala. Osnovni rezultati pokazuju da Hrvatska prema obujmu investicija nije zaostajala za novim zemljama članicama, ali postoje značajne razlike u njihovoj strukturi i u učinkovitosti. U Hrvatskoj su u usporedbi sa promatranim zemljama relativno značajniju ulogu imale državne investicije. Što se tiče uloge u gospodarskome rastu, doprinos kapitala bio je relativno veći u Hrvatskoj, a visoka razina investiranja kod pojedinih djelatnosti nije opravdana povećanjem bruto dodane vrijednosti. Na osnovi svega navedenoga može se zaključiti da se strukturne promjene nameću kao preduvjet za povećanje učinkovitosti investicija i kao značajan faktor u privlačenju kapitalnih priljeva u budućnosti. Zbog smanjenih priljeva inozemnoga kapitala u tijeku gospodarske krize, čini se da će se tražiti veći povrat na investicije. Iz takve perspektive, sredstva europskih fondova postaju izrazito važnim i poželjnim izvorom fi nanciranja i investicijskih aktivnosti u Hrvatskoj u narednome razdoblju.The purpose of this paper is to provide a detailed analysis of investments in Croatia in order to identify possible and desirable patterns of their trends in the post-crisis period. The importance of investments is reflected in an immediate impact they have on the increased capital accumulation, which is the key factor of economic growth. Investments played a key role in the pre-crisis economic growth, and should therefore be one of key elements of recovery and post-crisis growth. Moreover, the paper presents a detailed analysis of investment trends in Croatia during the period 2000-2009. Additionally, it presents a comparison of investment trends in Croatia against investment trends in new European Union member-states. Along with the overall investment trends, the structure of government and private made investments had also been explored, broken down by both business activities and technical structure of investments. Investments have been observed relative to productive labour factor and their return in terms of gross value-added generated in order to gain insight into their effi ciency. Foreign capital infl ux had been analysed as an important determinant of investments. Although basic results point out that Croatia was not lagging behind the new member-states in terms of investment volumes, there still are substantial differences in terms of their structure and effi ciency. As compared with peer countries, government investments played a relatively more significant role in Croatia. As far as the role in economic growth is concerned, capital share stood at a relatively higher level in Croatia, whereas a high level of investments made in individual industries was not justified through a growth in gross value-added. In conclusion, structural changes impose themselves as a precondition for increased investment efficiency and a signifi cant factor influencing the attraction of capital influx in the future. Given the reduced foreign capital infl ux during the period of economic crisis, it seems that a greater return on investment will be something sought for. Looking from such an angle, the European funds are becoming an extremely important and desirable source of funding the investment activities in Croatia in the forthcoming period