With its 1 065 inhabitants, Karanac is the second largest settlement in the Kneževi Vinogradi Municipality. It has eight streets (Kolodvorska St., Petefi Šandor St., Nikola Tesla St., Ivo Lola Ribar St., Baranjska St., Tin Ujević St., Radnička St., Sunčana St.) as well as Prijelazna Pustara (the so-called Karanačka pustara) and Karanačka ciglana that are also part of the settlement. Aside from Belje d.d., an economic entity with its production facilities in Prijelazna pustara (cooperation) and the settlement itself (a part of the wine cellars), tourism makes the backbone of the economy. Karanac is widely known as an ethno village that draws many foreign and domestic visitors who enjoy the local cuisine in restaurants and family farms. The elementary school in Karanac (grades 1-4) is a branch of the Elementary School Kneževi Vinogradi and the daycare center is a branch of the Daycare Center “Zeko” in Kneževi Vinogradi. The well-known associations include FC “Polet”, the Youth Association “Zamijenite nam tugu osmijehom” and others.
Karanac is the only village in the Municipality of Kneževi Vinogradi which used to be a part of the former estate of Darda. There was an abundance of vineyards and forests covering one third of the area. Inhabitants used to produce excellent wines. Imperial and postal road went through the village. Seven craftsmen ( shoe-makers, tailors, coopers, a turner ) and a merchant used to work in the village. On the high quality pastures numerous herds of cattle used to be bred and sold on fairs.