In today’s economically connected world, there are few closed states that do not depend on anyone. The influences of the world's major economies spill over into other, less protected, more vulnerable economies. Economic cycles are an integral part of economic activity in which economic growth and decline (expansion and recession) play the largest role. The purpose of this paper is to present the accounting methods and procedures of financial statement analysis as an appropriate support to macroeconomic models, instruments and indicators in the analysis of the impact of economic cycles on sectors in the Republic of Croatia. The subject and purpose of the thesis are fulfilled by conducting an analysis of companies in four different sectors, important for the Croatian economy. Methods of horizontal and vertical analysis of financial statements reveal absolute and relative changes and structure in assets, sources of assets, income and expenses of enterprises in the observed periods. The analysis of financial indicators enters more strongly into the relationship between the statement of financial position and the statement of profit in terms of determining the liquidity, indebtedness, activity, economy and profitability of the company. The size and stability of a company and its affiliation to a particular sector significantly affect the sensitivity of the oscillations of national and world economies. Correlation between sectors does not allow complete independence of the sector from market events and changes. The degree of sensitivity is measured by cross-sectoral supply and demand for goods and services in carrying out the necessary business activities.