THE BIOECONOMY IN THE EUROPEAN UNION AND CROATIA

The need to move the world economy towards a more sustainable, innovative, resource efficient, renewable energy-based economy, i.e. the bioeconomy, has gained new momentum at the global and regional levels in recent years. The European Union's bioeconomy is one of the largest and most important sectors of the EU, in line with the European model of achieving inclusive, sustainable and smart economic growth. The annual turnover is around EUR 2.3 trillion, with an added value of EUR 621 billion and 18 million employees. As such, it forms an important part of the overall economy in the EU and has been presented in the updated Bioeconomy Strategy for a Sustainable Europe as the next wave of economic development offering great opportunities for innovation, jobs, growth and reindustrialization. In this context, this paper includes an overview and comparison of existing bioeconomic strategies, policies and/or related initiatives and indicators at the EU level, and of existing sectors within the bioeconomy at the national level, in particular in Croatia. In addition, the paper analyses key indicators of the bioeconomy and monitors the progress of EU Member States for the period 2008-2015. Finally, the empirical analysis indicates clear economic differences between the members generating lower value added, followed by higher employment in the observed bioeconomy activities, and those with a leading position in terms of turnover and high added value. Furthermore, a chronological analysis of the adopted documents and strategies at the level of individual members shows that in most EU Member States, the importance of formulating a national strategy has not yet been recognized. Finally, the paper highlights major trends in the development of the EU bioeconomy, places them in the context of broader global developments, summarizes the key drivers and discusses their macroeconomic importance.