Thursday, 11 August 2022

Self-employment Increase in Croatia This Year all Thanks to Women

August 11, 2022 - Employment in Croatia is always an interesting topic. The fluctuations of unemployment rates are in line with the tourist season, with the increase usually happening in August. This year's self-employment increase, however, all happened thanks to women who have started their trades or companies.

As Poslovni reports, a streak of five months of consecutive reductions in the number of unemployed in the records of the Croatian Employment Service (HZZ) ended in July.

At the end of last month, 109,571 unemployed people were registered, i.e., 3,772 more than the month before, and the first third of August also points to the beginning of a seasonal increase in the number of unemployed (compared to yesterday, an increase of about 900 persons was recorded), although currently there are more than 16 thousand vacancies.

Last year, the seasonal deflation only started in August, but a little later seasonal employment started to increase. All in all, in year-on-year comparisons, significantly fewer unemployed persons are still registered with the Institute. Compared to last July, that amounts to 13 percent or 16,431 fewer.

The latest figures from the CES show that during July of this year, slightly less than 15.2 thousand people were newly registered in the unemployment register, or about five percent less than last year.

Every third person from the sector of education

At the same time, the majority (about 70 percent) came to the Institute directly from previous employment, while for every third of them that previous job was in education.

More than 2,500 newly registered persons entered the unemployment register having graduated from regular education, and nearly 1,900 persons registered with the Croatian Employment Service after previously being inactive.

At the same time, last month there were about 30 percent fewer exits from the unemployment register than in July last year, while more than eight thousand out of 11.4 thousand exited the register due to employment.

Nine out of ten (or a total of 7,234 people) established a working relationship with an employer, and the other 824 had other business activities. More than half (448) of them became self-employed by registering a trade, and more than 220 of them did so by establishing a company, while the rest mainly involved earning income from another independent activity that exceeds the amount of the average guaranteed benefit.

There were 5,420 of those who were in the records of the CES and were employed based on these business activities (and not by entering an employment relationship) in the first seven months of this year, or about a hundred more than in the same period last year.

Although there are more men in that group (and the largest number refers to starting a trade or company), it should be noted that practically the entire year-on-year growth is the result of an increase in such (self-)employment among women.

Most of the new employees who entered employment contracts with their employers in July (as well as the newly registered unemployed) were in the tourism and hospitality industries and the trade and processing industry.

Considering the seasonal characteristics of July, last month among the counties, Split-Dalmatia and Osijek-Baranja counties led the way in terms of employment, which are also the counties with the highest absolute numbers of registered unemployed (in Split-Dalmatia there are more than 18.5 thousand or almost 17 percent of the total unemployed in the Republic of Croatia, and in Osijek-Baranja more than 14.2 thousand or 13 percent).

European statistics

The share of the unemployed who receive minimum benefits has been trending downward in recent years, and recently that has been approximately a fifth. In July, it meant about 22 thousand users.

The unemployment rate according to the methodology of the International Labour Organisation (ILO) in Croatia was at 6.3 percent in the middle of the year (according to ILO standards, there were 114 thousand people without a job), i.e. significantly below 7.7 percent at the same time last year.

Although this 6.3 percent is slightly higher than Croatia’s historically lowest rate, unemployment is currently very low throughout the European Union, with places like the Czech Republic, Poland, Germany, Malta, and Hungary where it is within (up to) three percent, while Spain and Greece were the only ones with a double-digit unemployment rate according to ILO standards in June.

For more, make sure to check out our dedicated Business section.

Tuesday, 19 April 2022

Baranja Student Luka Soldo Awarded €25,000 for Business Idea of the Year

April 19, 2022 - Luka Soldo, a young entrepreneur from Podolje in Baranja, had the business idea of the year in 2021. Having developed from his desire to quit smoking, three years later he has managed to help others do the same with the help of his herbal tea, Herbie.

As SiB.hr writes, the Osijek-Baranja County prefect Ivan Anušić praised the efforts of the young entrepreneur Luka Soldo, a 22-year-old student who founded Herbie with the help of family and friends to raise awareness of the health effects of herbal teas.

Luka gave up cigarettes with the help of self-created herbal mixtures and took the opportunity to recommend the use of herbs in the form of tea, whose effects include significant cleansing of the lungs, calming the body, and strengthening immunity, thus helping reduce nicotine addiction.

The production process of the natural mixtures takes place completely by hand in Podolje in Baranja, and Luka and his family pay special attention to the storage and packaging of the plants, which do not contain nicotine, pesticides, or any other harmful additives.

"Luka is only at the beginning of his business and entrepreneurial career, yet he has already shown great talent and effort. He started very early with a commendable project that won the award for the best business idea in Croatia and proved to be a project of benefit to the whole community, which will also help the livelihood of his family and potential employees. I wanted to meet him, hear his thoughts and let him know that Osijek-Baranja County is there for him and other young people to help the realisation of their dreams and projects. Entrepreneurship, trade, and innovation are always in our focus because only by using our own resources can we build a strong economy”, the prefect stressed.

"I am grateful to the prefect and Osijek-Baranja County for their willingness to help me and other young entrepreneurs in the implementation of our projects. This is an additional reason to stay in the county and Croatia. The idea came to me because I wanted to help my own addiction to cigarettes, as well as other people's.

We started producing a herbal mixture without nicotine, i.e. tea, with which we want to still give people an opportunity to use herbs for relaxation, sending a message that the desire to relax and calm down is completely normal, but can be done differently. So far, we have received several awards that have given wind to our sails, and we desire to expand our business outside of Croatia and employ people from our county. In one year, we managed to win the award for the best business idea, expand to all five largest cities in Croatia and present our product at an international fair in Barcelona. Now our goal is to expand to other markets, primarily in Slovenia, and to become available in smaller cities in Croatia, where we are also recording customer interest.

Still, the most important thing we managed to achieve was having five people quit smoking. As for the ingredients we use, there are 13 plants, with the main ingredient being mullein (wild tobacco) accompanied by a few herbs to improve the taste, such as bearberry, raspberry, blackberry, and rose petals. The hardest part was getting the right flavours, and now after three years of trying all kinds of recipes, we know how to hit the right ones”, said Luka.

In addition to the above, it should be emphasized that Herbie was named the best business idea for 2021 in the Republic of Croatia and awarded 25,000 euros in the international competition of the Crown program of the Sisak-Moslavina Development Agency SIMORA. A total of 300 participants from Croatia, Bosnia and Herzegovina, and Montenegro took part in the project.

For more, check out our business section.

Thursday, 14 April 2022

Meet Vukovar 365, Full of Life – Tomislav and Mara of T&M

April 20, 2022 – The Vukovar business scene here always welcomes new and exciting ideas and products, but appreciates anything handmade, this time made by Tomislav and Mara Ozdanovac of T&M.

They are a young married couple from Vukovar who decided to invest their time, money, and a lot of work into what used to be a hobby yet fulfilled them on multiple levels. After years of careful consideration, saving, planning, and worrying, they finally decided to take the plunge and try and make a living producing wooden household and decorative items, as well as embroidery, both traditional and modern. Their business is still very young, but they are happy with how it’s taken off and feel motivated and inspired to keep going, doing what they do best. You can find them on Facebook, and here are some of their thoughts and opinions.

Tell us about your business, what do you do?

T&M opened a few months ago, headed by Tomislav and Mara Ozdanovac, a young married couple and parents of two girls. We make wooden products such as serving trays, boards, toys, shelves, etc. as well as chiffon and cotton embroidery.

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Where did you get the idea and what makes your offer unique?

We decided to turn our previous hobbies into a business and thus bring our products closer to everyone at affordable prices. After a while, we decided to turn our thoughts and conversations into action, and one evening we sat down and created T&M.

What is unique is that we craft everything by hand, though a lot of things have been modernised and it’s possible to have it done by machines. You may have to wait longer for some products, but you can rest assured knowing that you are investing in handicrafts.1.png

What was it like starting such a business in Vukovar? What were the main challenges?

We didn't have any major obstacles because we made sure to save up and acquire our own space and materials before we even started the business.

Do you think that the fact that you are in eastern Croatia influenced your success?

Yes, in a good way. Most of our products are bought outside our city and our county. This was greatly influenced by social networks and the purchasing power of the rest of our beautiful country. Other people tend to think that we are a poor, underdeveloped region, yet our people continue to prove them wrong with their effort and ideas, and we like to believe that so do we.

Are you happy with how your business is developing? What is your perspective for the future?

Seeing as we have only been open for a few months, we are very satisfied with the customer feedback and the number of orders we’ve received. You never know what the future holds. We are still a small business, but we hope that time will do its thing and that we will become recognized more widely, which gives us a lot of motivation for the future.

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What opportunities are there in our city and region? 

There are many small businesses and craftsmen in our area who work and strive to improve our living standards and the offer in this part of Croatia. The opportunities are many, it's just a matter of how many customers will recognize the work and the ideas behind it.

What is your view of other small businesses in Vukovar?

In principle, everyone works for themselves, but we support each other and encourage the growth and development of "the small ones".

Finally, tell us about life in Vukovar. What do you like most, what would you say to all potential visitors?

Vukovar is a city tailored to every person who appreciates peace, does not like crowds and the hustle and bustle of large urban areas. You will love the generosity and hospitality of our fellow citizens, nature, rivers, promenades, museums... We tell future visitors to enjoy our city and the benefits it provides because now they are numerous.

For more, check out our lifestyle section.

Saturday, 12 March 2022

Textile Businesses Net HRK 81m in Profits in 2020

ZAGREB, 12 March 2022 - In 2020, textile businesses netted HRK 81 million in profits, up 42.4% on the year, according to the Financial Agency.

That year there were 334 textile businesses with 3,521 employees.

Their revenues totalled HRK 1.6 billion, down 4.2% on 2019, while expenditures were HRK 1.5 billion, down 5.6%. Profits totalled HRK 99.5 million (+17.1%), while losses were HRK 18.6 million (-34.1%).

Most of the textile businesses operated in Zagreb (84), followed by Primorje-Gorski Kotar County (33) and Krapina-Zagorje County (27).

The average net monthly pay was HRK 4,618, up 5.6% from 2019 but down 22.7% from the national average.

In 2020, the biggest revenue was generated by the Aquafilcro company, HRK 219.4 million, while the biggest profit was generated by Meditex, HRK 17 million.

(€1 = HRK 7.5)

For more, check out our business section.

Sunday, 9 January 2022

Multiple Zagreb Hypermarkets and Supermarkets Open in Two Months

January the 9th, 2022 - Multiple brand new Zagreb hypermarkets and supermarkets have popped up in the capital over the last couple of months, with some new players in the game.

As Poslovni Dnevnik writes, back during the months of November and December last year, Konzum, Lidl, Kaufland, Plodine and Pevex opened several new Zagreb hypermarkets and supermarkets, and when you add the stores that Studenac, Stanic, Tommy and other retail chains have also opened across other parts of the country in the same time period in 2021, there are about twenty newly opened locations for the purchase of various consumer goods.

Although the statistical confirmation for the assessment that Croatian trade is undergoing a new round of expansion is still being waited on, the director of the consulting company Colliers for Croatia, Slovenia and Bosnia and Herzegovina, Vedrana Likan told Jutarnji list that the expansion of Croatian trade in terms of consumer goods is well and truly underway, as has been announced in previous Colliers analyses.

Vedrana Likan also drew attention to the tendency to open new stores in smaller tourist centres and destinations due to the expected further growth of tourist arrivals and consumption in 2022, adding two other factors that contributed to the new expansion for domestic retailers which offer food and other consumer goods.

The first of these two factors, at least according to her, is the entry of the wildly popular budget store from Italy, Eurospin, into the domestic market, and the second is increased lending to banks.

''If we look at the fact that food retailers such as Konzum, Lidl or Kaufland had the strongest activity when it comes to opening new stores, then the influence of the appearance of Eurospin is visible, which opened fifteen supermarkets in Croatia in the first year of it being present here alone.

In addition to that, in some other cases, foreign capital also entered the Croatian retail scene, which also contributed to investments in the expansion of the trade network,'' said the director of Colliers for Croatia, adding that it isn't unexpected that commercial banks are ready to lend new investments in trade and see the possibility of making money on such projects.

For more, check out our business section.

Wednesday, 4 August 2021

Zagreb Stock Exchange Indices Close Mixed

ZAGREB, 4 Aug, 2021 - The main Zagreb Stock Exchange (ZSE) indices closed mixed on Wednesday, with the Crobex increasing by 0.20% to 1,957 points and the Crobex10 decreasing by 0.13% to 1,204 points.

Regular turnover amounted to HRK 4.25 million, roughly the same as on Tuesday.

The only stock to pass the turnover mark of one million kuna was that of the HPB postal bank, turning over HRK 1.13 million. Its price went up by 3.6% to HRK 575 per share.

A total of 41 stocks traded today, with 16 of them registering price increases, 12 recording price decreases and 13 remaining stable in price.

(€1 = HRK 7.490424)

For more about business in Croatia, follow TCN's dedicated page.

Tuesday, 3 August 2021

Zagreb Stock Exchange Indices Up Slightly

ZAGREB, 3 Aug, 2021 - The main Zagreb Stock Exchange (ZSE) rose on Tuesday for the second consecutive trading day, with the Crobex increasing by 0.21% to 1,953 points and the Crobex10 by 0.38% to 1,205 points.

Turnover at the close of the trading session was HRK 4.26 million, roughly half as much as on Monday, and none of the stocks passed the turnover mark of one million kuna.

The highest turnover, of HRK 801,000, was generated by the stock of the Valamar Riviera hotel company. It closed at HRK 30 per share, up 1.69% over Monday.

A total of 37 stocks traded today, with 12 of them registering price increases, 12 recording price decreases and 13 stagnating in price.

(€1 = HRK 7.498284)

For more about business in Croatia, follow TCN's dedicated page.

Tuesday, 3 August 2021

Total Household Loans Reach HRK 138,9 Bn in June

ZAGREB, 3 Aug (Hina) - Total household loans in Croatia reached HRK 138.9 billion at the end of June 2021, increasing by HRK 4.2 billion from June 2020, according to the data provided by the Croatian National Bank (HNB).

The annual nominal household loan growth rate was 3.2%, picking up from 2.7% in May 2021, Raiffeisen Bank (RBA) said in its analysis of the central bank's data.

The share of kuna-denominated loans in total loans was 55%, the same as the month before.

Household credit claims increased by 1.9% or HRK 2.7 billion since the start of the year.

The annual household loan growth rate increased from 3.5% to 4%, with the growth of housing loans picking up from 9.7% to 10.1%. 

(€1 = HRK 7.5)

For more about business in Croatia, follow TCN's dedicated page

Wednesday, 28 July 2021

Zagreb Stock Exchange Indices Go in Opposite Directions

ZAGREB, 28 July, 2021 - The Zagreb Stock Exchange (ZSE) indices on Wednesday changed slightly, going in opposite directions, while regular turnover was modest, however, overall liquidity was increased by the block trading in HT telecommunication company's shares, amounting to HRK 2.66 million.

The Crobex rose by 0.15% to close at 1,934.02 points while the Crobex10 dropped by 0.11% to 1,192.41 points.

Regular trading amounted to HRK 4.4 million, almost three million less than on Tuesday.

The total liquidity was increased by the block trading in HT shares in the amount of HRK 2.66 million, at a price of HRK 190 per share.

HT shares also generated a turnover of some HRK 203,000 in regular trading, closing at HRK 190.50 per share.

In regular trading, none of the stocks crossed the million kuna mark, the closest to it being Ericsson Nikola Tesla with a turnover of HRK 916,800. Its price rose by 0.30% to HRK 1,660.

Thirty-four stocks traded today, with 19 of them registering price increases, 9 recording price decreases and 6 remaining stable in price.

(€1 = HRK 7.523)

For more about business in Croatia, follow TCN's dedicated page.

Wednesday, 28 July 2021

Confectioner Kraš Reports 64% Increase in H1 Profit

ZAGREB, 28 July, 2021 - The Kraš confectionery group generated a net profit of HRK 21.9 million in the first half of 2021, an increase of HRK 8.6 million or 64.2% over the same period in 2020, according to its financial statement released on Wednesday.

Consolidated revenue reached HRK 488.2 million, up by HRK 30.4 million or 6.6%, with sales revenue totalling HRK 481.4 million. Sales revenue increased by 15.8% to HRK 257.7 million on the domestic market and by 9.1% to HRK 220 million on the foreign markets.

Expenditure increased by 4.2% to HRK 461.1 million. 

(€1 = HRK 7.523368)

For more about business in Croatia, follow TCN's dedicated page.

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