Friday, 27 August 2021

HUP: Croatia Formally Exits Recession

ZAGREB, 27 Aug 2021 - The latest GDP data for the second quarter of 2021 show that Croatia formally exited recession after four consecutive quarters of downturn, the Croatian Employers' Association (HUP) chief economist Iva Tomić said on Friday.

Croatia's economy grew by 16.1% in the second quarter of 2021 compared to Q2 2020, which is the first time it grew after going down for four consecutive quarters and at the highest rate since 1996, when the national statistical office started collecting those data.

Tomić underscored that this growth rate placed Croatia among the best performers in the European Union considering the 2021 Q2 GDP.

Croatia, Spain, France, Hungary, Italy and Portugal are together with Croatia at the top of the ranking, after those countries experienced a double-digit fall in the same period last year, Tomić said underscoring that all components in GDP had risen in Q2 compared to Q2 2020.

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Friday, 27 August 2021

PM Says Croatia's Economy Recovering Faster than Expected

ZAGREB, 27 Aug 2021 - Croatia's GDP growth of more than 16% in Q2 2021 shows that the country's economy is recovering faster than expected, and that confirms that the government has responded strongly to the crisis, ensuring economic stability in the current pandemic, Prime Minister Andrej Plenković said on Friday.

The Croatian Bureau of Statistics (DZS) on Friday published its preliminary estimate showing that GDP in Q2 grew by 16.1% from the same period of 2020.

This is the first time the country's GDP has grown after going down for four consecutive quarters and it has grown at the highest rate since 1996, when the national statistical office started collecting those data. In 2020 economic activity contracted by 8%.

The government said in a statement that Croatia's GDP growth was significant also in relation to current Eurostat data, the fifth highest in the EU, after Spain, France, Hungary and Italy. Together with Hungary, Croatia also has the fifth fastest growth among countries of Central and Eastern Europe.

"The fact that Croatia now has more employed persons than before the COVID-19 crisis proves that we have switched from the job-retention phase to job creation. Croatia's approach to balancing measures for public health protection and the economic sector has proven effective, as evidenced also by results of the tourist season, which are beyond expectations. The government is committed to reforms and investments envisaged by the National Recovery and Resilience Plan as well as to the reconstruction of earthquake-struck areas. Close to €25 billion that has secured from the EU for the next decade will be a strong lever of Croatia's economic development," Plenković said.

Economic growth in Q2 2021 is owing to the growth of all GDP components, mostly personal consumption as its biggest component. DZS data show that household spending in Q2 grew by 18.4% from Q2 2020, after going down by 0.3% in Q1. The export of goods and services rose by 40.9%, owing to the significant recovery of tourism-related services.

The government has contributed to the economic recovery and large increase in personal consumption with its job-keeping policy, which has kept the labour market stable, and by continuing the tax reform, which has enabled a further growth of the average wage, the government said.

Croatia's GDP growth in Q2 is higher than the EU average, which stands at 13.2%. In the first half of 2020, the country's GDP grew by 7.7% from the same period of 2020, the government said in its statement.

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Wednesday, 25 August 2021

Zagreb Stock Exchange: Indices Close in Red

ZAGREB, 25 Aug, 2021 - After rising for two days the main Zagreb Stock Exchange indices fell on Wednesday, with investors focusing on the Turisthotel stock. 

The Crobex dropped by 0.14% to 1,958.40 points while the Crobex10 fell by 0.16% to 1,201.56 points. 

Regular turnover amounted to HRK 6.2 million or about 900,000 less than on Tuesday.

The only stock to cross the million kuna mark was Turisthotel with a turnover of HRK 2.5 million. The price of its shares jumped by 2.98% to HRK 3,460.

Thirty-six stocks traded today, with 14 increasing in price and 13 decreasing, while 9 remained stable.

(€1 = HRK 7.491423)

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Wednesday, 25 August 2021

YTD Financial Indicators Give Rise to Hope That Tourism Season Can Be Great

ZAGREB, 25 Aug, 2021 - Overnight stay numbers so far this year show that they have reached 74% of tourist nights in the corresponding period of 2019, whereas the value of the fiscalised receipts indicates even a better performance of the tourist sector, Minister Nikolina Brnjac has told Hina.

The year-to-date value of the fiscalised receipts in tourism-related economic activities has reached 79% of those receipts in 2019.

The minister admits that it is still too early to forecast the fiscal effects of this year's tourism season.

The comprehensive report on the revenues from the tourist trade can be expected upon the release of the relevant report by the Croatian National Bank on the spending of foreign holiday-makers in the third quarter of 2021, and the central bank provides the general public with those numbers at the end of the year.

The data collected by e-visitor system show that so far this year, there have been 9.8 million guests who have generated 61.3 million overnight stays, thus reaching 64% and 74% of the visitor numbers and tourist night numbers in 2019.

So far in August alone, there have been 3.4 million visitors and 24.1 million overnight stays, 87% and 92% of the results in the corresponding period in 2019.

Concerning the value of fiscalised receipts in the tourism-related activities, it stands at 14.9 billion kuna, or 79% of the value registered in the corresponding period of 2019 when Croatia's tourism sets new records.

In August, fiscalised receipts' value overtakes 2019

For instance, from 1 to 17 August  the value of fiscalised receipts reached nearly four billion kuna, or 20% more than in the same period of 2019, Brnjac said.

The value of the fiscalised receipts from 1 July to 17 August outperformed the corresponding period in 2019 by 9%, the minister said.

She said that the bookings for the remainder of the year also gave rise to optimism.

"We are striving for keeping Croatia's status of the Mediterranean country with the most favourable epidemiological situation," she said, among other things.

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Tuesday, 24 August 2021

Zagreb Stock Exchange Indices Rise For Second Day Running

ZAGREB, 24 Aug, 2021 - The main Zagreb Stock Exchange (ZSE) indices increased on Tuesday for the second day in a row amid a total turnover of HRK 12.6 million with HRK 5.5 million via a block transaction of the Atlantic Group's stock and trading of Adris Group's preferred shares.

The Crobex increased by 0.35% to 1,961.18 points while the Crobex10 closed at 1,203.43 points, up 0.13%.

The transport sector index recorded the greatest increase of 1.29% on Tuesday among sector indices, while the construction sector index fell by 3.14%.

Regular turnover amounted to HRK 7.1 million, about 1.1 million less than on Monday, however, overall liquidity improved with block trading of the Atlantic food group's stock amounting to HRK 2.9 million and closing at a price of HRK 1,510. With a turnover of almost HRK 2.6 million, the Adris insurance group's preferred shares also helped boost liquidity. Adris shares traded at a price of HRK 430.

The highest turnover of HRRK 1.8 million in regular trading was generated by the Valamar Riviera hotel group with the price of its share increasing by 0.34% to HRK 29.30.

The Ericsson Nikola Tesla company generated a turnover of HRK 1.5 million, and its shares closed at a price of HRK 1,715, up 0.59%.

The Atlantska Plovidba shipping company generated a turnover of HRK 1.1 million. The price of its share jumped by 2.97% to close at HRK 451.

Thirty-six stocks traded today, with 14 increasing in price and nine decreasing, while 13 remained stable.

(€1 = HRK 7.493925)

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Tuesday, 24 August 2021

Average Net Pay in Zagreb €1,099

ZAGREB, 24 Aug, 2021 - The average net pay in legal entities in Zagreb in May 2021 amounted to HRK 8,249 (€1,099), which is a nominal increase of 7.3% compared to May 2020, show data from the Zagreb City Department for Strategic Planning and Development.

Compared with the national average, which amounted to HRK 7,104, the average net monthly pay in Zagreb was HRK 1,145 higher.

The highest average net wage in legal entities was paid in crude petroleum and natural gas extraction, amounting to HRK 13,408.

The lowest wage was paid in clothing manufacturing, in the amount of HRK 4,484.

The average gross monthly pay in legal entities in Zagreb was HRK 11,440, up 5.4% from May 2020.

(€1 = HRK 7.493925)

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Thursday, 19 August 2021

Zagreb Stock Exchange: Crobex Drops Over 0.6%

ZAGREB, 19 Aug, 2021 - The main Zagreb Stock Exchange (ZSE) indices decreased on Thursday, the Crobex by 0.63% to 1,951.26 points and the Crobex10 by 0.53% to 1,201.23 points, while regular turnover was HRK 4.96 million.

Another HRK 2.04 million was generated in a block transaction with Ericsson Nikola Tesla shares at HRK 1,700. In regular trading, this stock turned over HRK 44,300, closing at HRK 1,700 per share, down 0.29%.

In regular trading, the most traded stock was the HT telecom operator, turning over HRK 1.17 million, stable at HRK 190 per share.

Only one more stock crossed the million kuna mark in regular trading, the Atlantska Plovidba shipping company, turning over HRK 1.04 million. It closed at HRK 423 per share, down 1.63%.

Thirty-five stocks traded today, with 15 decreasing in price and seven increasing, while 13 were stable.

(€1 = HRK 7.487658)

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Thursday, 19 August 2021

EU Funds Absorbed by Croatia Exceed Payments Into EU Budget by HRK 43 Bn

ZAGREB, 19 Aug, 2021 - The latest report on the absorption of funding from the European Structural and Investment Funds (ESIF) shows that since its EU entry in 2013 until 11 August 2021, Croatia absorbed HRK 43.15 million more from the EU budget than it paid into it, the Regional Development and EU Funds Ministry has said.

In the 2014-2020 period, Croatia had €10.7 billion from ESIF at its disposal, the ministry said in a statement on the report presented by Minister Nataša Tramišak and adopted at a closed-door government session on Thursday.

Until 11 August 2021, contracts were signed for projects worth €13.12 billion or 122.22% of the allocated amount.

Payments were made in the amount of €6.32 billion or 58.89% of the allocation and €5.27 billion was verified, or 49.13% of the allocation.

In the period from 2013 to 11 August 2021 the difference between EU funds paid into Croatia's budget and national funds paid into the EU budget amounted to HRK 43.15 billion (€5.75bn) in Croatia's favour, the Ministry said.

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Thursday, 19 August 2021

Economy Minister Expects Croatia's Growth in 2021 to be Above 5%

ZAGREB, 19 Aug, 2021 - Economy and Sustainable Development Minister Tomislav Ćorić told the press on Thursday that Croatia's economy would expand by more than five percent in 2021 on the back of excellent results in the tourist sector so far this year.

Considering the trends in the tourist season and results in July and in the first half of August, I can point out that we in the government expect that our forecasts of economic growth of more than five percent will turn out to be correct, he told reporters after the government's meeting.

If the positive trends in the tourist trade continue in the remainder of the season, the growth can be even higher, he said, adding that he is optimistic about that.

After a downturn of 8% in 2020, the Croatian economy is expected to rebound by 5.2% in 2021, according to the government's projections.

Ćorić added that the government had today decided to allocate HRK 30 million for the completion of an entrepreneurial centre in prefab containers in Petrinja.

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Thursday, 19 August 2021

Croatian Seaports Handle More Passengers and Cargo in Q2 2021

ZAGREB, 19 August, 2021 - The turnover of passengers at Croatian seaports in the second quarter of 2021 reaches 5.4 million, up 81.8% on the year and 41.9% more than in the same period in 2019, according to the national statistical office (DZS).

The port in Split recorded the highest number of passengers -- 739,970 -- which is 115.3% more than in the same period the year before.

The port in Zadar follows with 474,089 passengers or 63.8% more on the year.

Maritime freight increased by by 10.2% with Croatian ports handling 6.2 million tonnes of seaborne goods in the said period.

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