Business

Wednesday, 20 April 2022

Croatia Among EU Countries with Highest Industrial Output Growth in February

ZAGREB, 20 April 2022 - The European Union's industrial production recovered in February, fuelled by production of durable consumer goods, and Croatia was among the member states with the largest increases in output, according to Eurostat data released on Wednesday. In the European Union, the seasonally adjusted industrial production rose by 0.6% in February compared with January, when it declined by 0.3%. In the euro area, industrial production increased by 0.7% compared with the previous month when it fell by 0.7%. Monthly comparison Production of durable consumer goods increased the most, by 2.4% in the EU and by 2.7% in…
Wednesday, 20 April 2022

Studenac Expands to Slunj, Takes Over Kordun Retail Chain

April the 20th, 2022 - Studenac, the very well known shopping chain most commonly seen up and down the coast of Dalmatia, has been spreading its wings over the last few months and has now entered another new Croatian county, this time taking over the Slunj-based Kordun retail chain. As Poslovni Dnevnik writes, Studenac is one of the leading retail chains in the Republic of Croatia, it's also the chain with the largest chain of stores. It has now taken over the Slunj-based Kordun retail chain which operates in 9 retail stores across Karlovac County and employs 52 employees. This new…
Tuesday, 19 April 2022

Further Decrease in Vulnerability of Financial Services Sector Hampered by Inflation

ZAGREB, 19 April 2022 - The Croatian financial services sector's exposure to systemic risks slightly decreased at the end of 2021, primarily due to the strong economic recovery, but a further decrease in the sector's vulnerability is being hampered by accelerated inflation and the escalation of geopolitical risks, HANFA said on Tuesday. A more significant recovery and decrease in vulnerability of the sector is being hampered by accelerated price increases, which is reducing household purchasing power and slowing down consumption. Another source of uncertainty is the still present COVID-19 measures and the escalation of geopolitical risks relating to the war in Ukraine and sanctions…
Tuesday, 19 April 2022

Zagreb-Based Company Returns 95% of Processed Hazardous Waste Into Production

ZAGREB, 19 April 2022 - Economy Minister Tomislav Ćorić on Tuesday visited the Premifab company in Zagreb which recycles and processes hazardous waste and returns 95% of it into production. Premifab cofounder Igor Podravac said the company used hazardous waste to make a solvent and that it was totally CO2 neutral, without any harmful emissions. In Croatia, the company mostly covers the pharmaceutical and automobile industries as well as the production of food packaging. It generates 35% of its revenue in the region, cooperating with the car industries of Serbia and Slovenia, the Slovenian pharmaceutical industry, and several companies in Italy and…
Tuesday, 19 April 2022

Revenues of Camping Businesses On Rise From 2016 to 2019 to Fall in 2020

ZAGREB, 19 April 2022 - Revenues and the number of people on the payroll of camping businesses and campsite service providers rose on the year from 2016 to 2019, however, they dropped in the pandemic 2020, show the data collected by the Croatian Financial Agency (FINA). However, the number of businesses in this sub-sector of outdoor tourism has increased from year to year: in 2016, there were 146 camping businesses in Croatia to grow to 165 in 2017, 177 in 2018, 187 in 2019 and 197 in 2020. They employed as many as 1,354 workers in 2019, to see a drop to…
Tuesday, 19 April 2022

€1.6m To Be Granted to Civil Society Projects for Development of Local Communities

ZAGREB, 19 April 2022 - Over 12 million kuna (€1.6 million) will be allocated for projects which civil society associations are going to implement for the development of local communities, the Croatian government's Office for Cooperation with NGOs reported on Tuesday. The office announced that the ceremony at which the grants will be awarded will be held at 1400 hours today. The grants will be given to 20 associations. The office recalls that the government has launched a HRK 120 million (€16 million) scheme called  "Strengthening the capacity of civil society organizations to respond to the needs of the local community" for projects designed to contribute…
Sunday, 17 April 2022

10 Years Ago HZ Ordered New Trains for €1.66 Billion, Where Are They?

April the 17th, 2022 - A decade ago, HZ (Croatian railways) purchased 44 new trains for the mind-boggling price of 1.66 billion kuna, but where are they today? As Poslovni Dnevnik/Jadranka Dozan writes, in order to procure seven new diesel-electric motor trains, the Croatian Government gave the "green light" to HZ Putnicki prijevoz (CR Passenger transport) to sign pre-financing and lease agreements with EUROFIMA - the European Society for Financing the Procurement of Railway Materials. The value of this financing stands at a massive 31 million euros. When it comes to the renewal of HZ Putnicki prijevoz's fleet, ten years…
Saturday, 16 April 2022

Zagreb ReversingLabs Member of Largest Open Source Security Initiative

April the 16th, 2022 - The Zagreb ReversingLabs company has become a member of the world's largest open source security initiative, placing Croatia on the map of success in yet another sector. As Poslovni Dnevnik writes, among the 20 global technology and other companies that joined Linux's Open Source Security Foundation in March (OpenSSF) is the Zagreb ReversingLabs company, a cybersecurity specialist enterprise and one of the fastest growing IT companies in all of Croatia. OpenSSF has been operating under the auspices of the non-profit Linux Foundation since August 2020, and it brings together the world's most important initiatives to…
Friday, 15 April 2022

4,270 Croatian Businesses Have so Far Received €17m in Natural Gas Subsidies

ZAGREB, 15 April (2022) - So far, 4270 Croatian businesses have received a total of HRK 128 million (€17m) in subsidies to cushion the impact of increased natural gas prices on their operations, Minister of Economy and Sustainable Development Tomislav Ćorić said on Friday. "In the first two weeks of the implementation of the government measure to mitigate the consequences of increased energy prices, 4,270 businesses applied for a natural gas subsidy allocated by the Ministry and HRK 128 million has been granted. We invite other SMEs (small and medium-sized enterprises) to apply," Ćorić wrote on Twitter. On 1 April, the…
Friday, 15 April 2022

DIV: Account Blocked Because of Financial Support to Brodosplit Shipyard

ZAGREB, 15 April (2022) - DIV's financial support to the Brodosplit shipyard due to the problem with the refinancing of loans from the VTB bank and the moves by suppliers are the reasons why DIV's account has been blocked, this metal processing and shipbuilding group told Hina on Friday. It said that the loans from VTB, a bank owned by the Russian state, could not be drawn in full because of sanctions imposed on Russian banks following the Russian military invasion of Ukraine. "That is why the financing of Brodosplit's two largest projects has been halted, and DIV has financially…
Friday, 15 April 2022

Croatia's Inflation Picks Up to 7.3% in March, Highest Since Summer 2008

ZAGREB, 15 April (2022) - Prices of goods and services for personal consumption, measured by the consumer prices index, in March 2022 were on average 7.3% higher than in the same month of last year, the Croatian statistical office (DZS) said on Friday. That is the highest inflation rate since the summer of 2008. Compared to February 2022, consumer prices were 2.1% higher on average. In Q1 2022, consumer prices were on average 6.4% higher than in Q1 2021. Food prices, which also include prices of non-alcoholic beverages and which account for one quarter of the market basket, have increased by 10.3% year-on-year,…
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