The unbalanced economic growth of Croatia over the years points to the need for an analysis of certain aspects of its economic performance. Among other things, it would be interesting to focus on the relationship between key macroeconomic indicators and foreign direct investment (FDI) as a growth enhancing component, which is the subject of this paper. The research used econometric analysis and the nonparametric method of data envelopment analysis (DEA). The VECM model found weak variability of variables. Employment, exports and GDP variables are not statistically significant, while FDI variable is statistically significant in the long run. The VAR model and Granger's causality have determined a decrease in FDI inflows in the recession period, there is a correlation between FDI and between employment and GDP variables, GDP and exports. The results of relative efficiency, obtained by the non-parametric method (DEA), confirmed two hypotheses: firstly, there are significant differences in the macroeconomic efficiency of Croatia over the years, and secondly, direct foreign investment is the most prominent source of inefficiency among the selected indicators. Based on FDI, exports, unemployment rate and gross domestic product (GDP) and covering the period from 2003 to 2016, the analysis results in an efficiency index for each year, also identifying and quantifying inefficiency sources together with improvement directions. A potential limitation of this research is a general guideline of DEA that the number of variables should be less than one third of the number of DMUs (in this case, years). Since data on some of the selected indicators are not available for a longer period, the set of variables could be broadened by using data at the quarterly level. The results should serve the economic policy makers in the efforts to improve decisions affecting macroeconomic performance of the country.