Friday, 9 April 2021

Croatia's Industrial Producer Prices Up After a Year

ZAGREB, 9 April, 2021 - In March 2021, producer prices of industrial products increased by 1.5% compared to February 2021 and by 3.5% compared to March 2020, the Croatian Bureau of Statistics said on Friday.

On the domestic market, producer prices increased by 1% compared to February 2021 and by 3.2% compared to March 2020, while on the non-domestic market they increased by 2% compared to February 2021 and by 3.8% compared to March 2020.

In March 2021, as compared to February 2021, prices of energy increased by 4.3%, prices of durable consumer goods by 1.5%, prices of intermediate goods by 1.3%, prices of non-durable consumer goods by 0.3% and prices of capital goods by 0.2%.

As compared to March 2020, prices of energy rose by 13.5%, prices of intermediate goods by 2.2%, prices of durable consumer goods by 1.4%, and prices of capital goods by 1.2%, while prices of non-durable consumer goods fell by 0.5%.

In March 2021, as compared to February 2021, producer prices increased in Manufacturing by 1.8% and in Electricity, gas, steam and air conditioning supply by 0.1%, decreasing in Mining and quarrying by 4.4% and remaining stable in Water supply; sewerage, waste management and remediation activities.

As compared to March 2020, producer prices increased in Mining and quarrying by 50.3%, in Manufacturing by 2.9% and in Water supply; sewerage, waste management and remediation activities by 0.6%, while decreasing in Electricity, gas, steam and air conditioning supply by 2.0%.

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Friday, 9 April 2021

The Voice of Entrepreneurs Association: Proposed National Recovery Plan Will Destroy Chance of Recovery

ZAGREB, 9 April, 2021 - The Voice of Entrepreneurs association considers that the National Recovery and Resilience Plan, as proposed by the government, will destroy the chances for economic recovery, and calls for a radical change in the document.

In order for the National Recovery and Resilience Plan to have a greater impact, priority should be given to investments in the private sector, the association said in a statement issued on Friday.

Entrepreneurs think that the plan will not direct enough funds to small and medium-sized enterprises and that that will have a negative impact on the entire economy.

Unlike other countries, they add, Croatia does not intend to direct most of the funds from the recovery plan to the business sector and the most affected companies, sectors and citizens.

The current recovery and resilience plan relies mainly on state and local government projects and projects with low and long-term returns, and in some cases negative returns, which is contrary to the general goal of rapid recovery, the association said.

It is true, they add, that the plan envisages distributing 54% of the funds for the business sector and 46% for reforms in the public sector, but the 54% intended for the business sector includes investments in public companies that have so far demonstrated low efficiency, such as wastewater projects, waste management, road and transport infrastructure construction.

The National Recovery and Resilience Plan is thus not aimed at helping the private sector and encouraging the competitiveness of the Croatian economy, the association of entrepreneurs said, stressing that the existing plan is not oriented towards rapid recovery of domestic demand, investment in high return projects and technological innovation.

They call for prioritising private sector investment and focusing on high return projects.

Last week, the government presented the National Recovery and Resilience Plan for 2021-2026, which contains project proposals in six areas, worth a total of HRK 49.08 billion.

Of that, 54% is intended for projects in the business sector, 15% for education, science and research, 12% for building reconstruction, 10% for public administration and justice, 5% for health care and 4% for the labour market and social protection.

Digitisation and green energy transition feature in all six areas in the document.

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Thursday, 8 April 2021

Zagreb Stock Exchange Indices, Turnover Up

ZAGREB, 8 April, 2021 - The Zagreb Stock Exchange (ZSE) indices on Thursday continued rising and the stock market saw a turnover of HRK 12.5 million, of which HRK 6.2 million was generated by a block transaction with Atlantic Group shares.

The Crobex rose by 0.35% to 1,887.88 points and the Crobex10 by 0.21% to 1,185.88 points.

The main indices rose for the second consecutive day, reaching their new highest levels since the end of February 2020.

Regular trading amounted to HRK 6.3 million, 2.8 million more than on Wednesday.

Another 6.2 million was generated in a block transaction with Atlantic Group shares.

Only the HT telecom operator turned over more than one million kuna in regular trading, around 1.02 million, with the price of its shares falling by 0.26% to HRK 193.

(€1 = HRK 7.567065)

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Wednesday, 7 April 2021

Zagreb Stock Exchange Indices Rise Amid Modest Turnover

ZAGREB, 7 April, 2021 - The Zagreb Stock Exchange (ZSE) indices rose on Wednesday amid a modest turnover, totalling only HRK 3.5 million.

The Crobex went up 0.30% to 1,881.26 points and the Crobex10 rose by 0.48% to 1,183.39 points.

Turnover was modest, only HRK 3.5 million, around 2.2 million less than on Tuesday.

The most traded stock was the HT telecommunications company, generating a turnover of HRK 281,700, with its price going up 0.31% to HRK 1,605 per share. 

The ZSE reported that as of 8 April the Dukat dairy producer would no longer be listed on the ZSE. After the transfer of a minority shareholder interest in Dukat was entered in the court register on Tuesday and the interest was transferred to the account of the main shareholder, B.S.A. International, the Belgian daughter company of the French Lactalis, the ZSE will no longer list Dukat's shares.

Minority shareholders, who held 139,880 or 4.66% of Dukat shares, will get HRK 928 per share.

(€1 = HRK 7.560970)

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Tuesday, 6 April 2021

Croatia's New Car Sales in March Up 53% Year-Over-Year

ZAGREB, 6 April, 2021 - A total of 4,165 new passenger cars were sold in Croatia in March 2021, an increase of 52.9% on the same month of last year, according to the data provided by the Promocija Plus market research agency.

The increase in sales is seen as the result of a more favourable buying environment than last spring when the country was under tighter restrictions to contain the coronavirus outbreak.

In the first three months of this year, Volkswagen sold the most new cars in Croatia - 1,810, accounting for 17.2% of total sales. It was followed by Škoda with 1,408 vehicles sold and a market share of 13.4%, Hyundai (414 vehicles, 5.8% share), Renault (595, 5.6%) and Dacia (591, 5.6%).

The Škoda Octavia remained the best selling model, with 214 units sold in March, ahead of the Dacia Duster (192 vehicles), the VW T-Cross ( 167), the VW Golf (143) and the VW T-Roc (137). Thirty-one Teslas, 18 Porches and 2 Ferraris were also sold last month.

Since the start of the year, 5,535 buyers (52.6%) bought petrol vehicles, 3,053 (29%) opted for diesel-fuelled vehicles, 141 (1.3%) chose electric cars, 323 (3.1%) purchased vehicles powered by natural gas, and 1,467 (13.9%) preferred hybrids.

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Tuesday, 6 April 2021

Zagreb Stock Exchange Indices Close in Red

ZAGREB, 6 April, 2021 - The main Zagreb Stock Exchange (ZSE) indices broke a positive streak on Tuesday, with the Crobex decreasing by 0.05% to 1,875.57 points and the Crobex10 by 0.17% to 1,177.76 points.

Turnover at the close of the trading session was HRK 5.7 million, about 1.4 million higher than on Thursday, the last trading day before the Easter break.

None of the stocks passed the turnover mark of one million kuna. The highest turnover, of HRK 777,200, was generated by the Valamar hotel company, whose stock fell by 0.35% to HRK 28.80 per share.

A total of 36 stocks traded today, with 14 of them recording share price decreases, 9 registering price increases and 13 remaining stable in price.

(€1 = HRK 7.565435)

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Tuesday, 6 April 2021

IMF Revises Down Growth Forecast for Croatian Economy For 2021

ZAGREB, 6 April, 2021 - The International Monetary Fund (IMF) has revised down its growth forecast for the Croatian economy for this year from 6.0% to 4.7%, expecting a pickup in economic activity and a return to the pre-pandemic level in 2022.

The Croatian economy contracted by 9.0% in 2020, the IMF said in its World Economic Outlook on Tuesday, reaffirming its forecast from last autumn. The national economy is expected to grow by 5.0% in 2022 and thus exceed the pre-pandemic growth level.

The IMF included Croatia among the emerging European economies that are expected to record the highest growth rates this year and the next.

This year, only Turkey and Romania are projected to achieve higher growth rates, of 6%, and the Serbian economy is expected to grow at a rate of 5.0%. Next year, a higher rate is forecast only for the Hungarian economy, of 5.7%.

The economic activity of the emerging European economies should rise by 4.4% this year, half a percentage point higher than projected last autumn, while next year it is expected to slow down to 3.9%.

Projections of current account deficit and unemployment revised down

Croatia's current account deficit is forecast at 2.3% of GDP this year, which is 0.8 percentage points lower than in the October report.

In 2020 the current account deficit was 3.5%, up by 0.3 percentage points from the autumn report, while in 2022 it is projected to drop to 1.6%.

The unemployment rate for this year is forecast at 9.4%, down from 10.3% projected last autumn. In 2020, the rate was 9.2% and in 2022 it should slide to 9.0%.

In 2021, consumer prices are expected to increase by 0.7%, compared to 0.8% projected in October. In 2020, the inflation rate was 0.3% as forecast in October, while in 2022 consumer prices are expected to pick up to 1.2%.

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Thursday, 1 April 2021

Zagreb Stock Exchange Indices Increase For Fifth Consecutive Day

ZAGREB, 1 April, 2021 - The main Zagreb Stock Exchange (ZSE) indices increased for the fifth consecutive trading day on Thursday, the last trading day before the Easter holidays, and they saw a strong increase on the week after two weeks of decline.

The Crobex indices went up by 0.23% on Thursday, the Crobex to 1,876 points and the Crobex10 to 1,179 points.

Week-on-week, the Crobex increased by 1.54% and the Crobex10 by 2.18%.

Today's regular turnover was HRK 4.3 million, or HRK 2.7 million less than on Wednesday.

The HT telecommunications company generated the highest turnover of HRK 1.26 million. The price of its shares went up by 0.26% to HRK 192.5 per share.

The Atlantic Grupa turned over HRK 1.25 million. The price of its shares closed at HRK 1,550 per share, up by 1.31%.

A total of 33 stocks traded today, with 13 of them recording share price increases, 11 registering share price decreases and 9 remaining stable in price.

Today was the last trading day this week because the ZSE is closed on Good Friday.

(€1 = HRK 7.563871)

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Wednesday, 31 March 2021

Zagreb Stock Exchange Main Indices Continue to Rise

ZAGREB, 31 March, 2021 - The Zagreb Stock Exchange indices on Wednesday increased for the fourth trading day in a row, the Crobex by 0.23% to 1,872 points and the Crobex10 by 0.56% to 1,177 points.

Regular turnover exceeded HRK 7 million. The most traded stock was the HT telecom, turning over HRK 1.37 million. It closed at HRK 192 per share, up 1.05%.

Forty stocks traded today, with 15 going up in price and 13 going down while 12 were stable.

(€1 = HRK 7.569509)

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Tuesday, 30 March 2021

Foreign Minister Gordan Grlić Radman Says Croatian Companies Interested in Egyptian Market

ZAGREB, 30 March, 2021 - Croatian companies are showing great interest in the Egyptian market which can be the gate to a market of close to one billion people, Croatian Foreign Minister Gordan Grlić Radman said at the start of a two-day visit to the most populous Arab country.

A country with which Croatia has traditionally friendly relations, based on long-lasting understanding and partnership, Egypt is one of the most important economic partners to Croatia not only in Africa but in the Middle East as well, the minister said.

Grlić Radman sees possibilities for cooperation in the oil and wood-processing industries, energy, shipbuilding, defence industry and infrastructure works.

The minister started his visit to Egypt by paying tribute at the Croatian memorial cemetery in El Shatt, the place where almost 30,000 Croats, mostly from Dalmatia, the Dalmatian hinterland and islands, were evacuated to during World War II.

"856 of them died here and that is why we laid wreaths and lit candles for them today," said the minister.

He also visited the Suez Canal, an economically very important zone that attracts important investments.

The delegation accompanying Grlić Radman includes business people and economists.

A Croatian-Egyptian business forum is to be held on Wednesday, with more than 120 business people attending, and the event will be opened by Grlić Radman and his Egyptian counterpart Sameh Shoukry.

Cooperation with Egypt is important to Croatia also because of Egypt's relations with the European Union and membership in the Common Market for Eastern and Southern Africa, Grlić Radman said.

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