Saturday, 17 July 2021

Foreign Analysts More Optimistic About Croatian Economic Picture

July the 17th, 2021 - Foreign analysts appear to be much more optimistic when looking at the Croatian economic picture and subsequent economic recovery. 

As Poslovni Dnevnik/Jadranka Dozan writes, it isn't that there is absolutely no explanation for the prevailing impression of the suppression of optimism among the Croatian public, but there have been some shifts.

When it comes to Croatian economic picture and the prospects, and despite the still present uncertainties about the pandemic, news that already looks like a wave optimism has appeared. The last in the series, from the Northern European powerhouse Great Britain, made the Croatian tourism sector especially happy.

Croatia will no longer be on the UK's amber list, but instead it will find itself on the green list. This significantly facilitates the return of British tourists after holidaying here, which is positive for the tourist season. However, recently the Croatian coast changed its colour from green to orange on the "Covid map" of the ECDC. It's therefore a mixed bag.

At the session of the two Councils on Wednesday, the Croatian National Bank issued a revision of the projection of real Croatian GDP growth in 2021. Compared to the original projected 5.9 percent growth, as part of the regular semi-annual review, it raised its growth projection for this year to 6.8 percent.

Although the European Commission in its summer forecasts a week ago improved the expectations of the growth rate (i) of the Croatian economy for 2021, in relation to the CNB's forecasts, the Commission now seems even conservative. The EC has raised its forecasts for this year from 5 to 5.4 percent.

Admittedly, this is primarily a correction that (as is the case with the CNB) largely reflects the assessment that the part of the recovery of the Croatian economic picture that was expected to materialise next year will actually move to 2021. As such, the EC now predicts a rate of 5.9 percent for next year instead of the recent forecast of 6 percent real growth.

Last week's summer forecasts from the Commission coincided with another positively intoned occasion when looking at the Croatian economic picture. EC President Ursula von der Leyen visited Zagreb and gave a positive assessment of the National Recovery and Resilience Plan, a document that forms the basis for European funding of projects worth billions of euros in the coming years.

However, in addition to the aforementioned wave of optimism, more forecasts of a number of international analytical and investment houses that don't have as much media visibility are also important.

For example, analysts at Moody’s Analytics recently updated their forecasts and are now counting on as much as 10.2 percent of GDP growth for Croatia. The Oxford Economics forecast is just under 9.9 percent.

Compared to most Croatian forecasters and institutions, the current forecasts of Croatian GDP growth are significantly higher according to Citigroup or Fitch Ratings, which see it at +8.5 percent this year. The same goes for the Dutch ING with their current forecast of eight percent, and Capital Economics with the expectation of 7.5 percent growth for the Croatian economy this year.

Coronavirus-related risks remain

Whether Croatian economists see better and more deeply, or they naturally shift their focus to economic weaknesses and risks, remains to be seen. In any case, all forecasts for the Croatian economic picture today are accompanied by reservations or remarks related to the risks of a possible unfavourable development of the epidemiological situation. For economies that, like Croatia, are strongly dependent on tourism or services that strongly imply social contacts, this is a much more sensitive variable.

In any case, in the Government, ie the Ministry of Finance, are officially sticking to the growth projections from a few months ago, and they stand at 5.2 percent.

For more, follow our lifestyle section.

Saturday, 10 July 2021

As Country Gets Hands on European Funds, How Will Croatian GDP Fare?

July the 10th, 2021 - Croatia has an enormous sum of money waiting to be utilised in various ways thanks to the European Union, but how will it do so? More importantly, what will be the effect on Croatian GDP?

As Poslovni Dnevnik writes, this plan which involves this EU cash should raise Croatian GDP growth by 1.5 percentage points in 2021 and by 2.5 to 2.9 percentage points in all years until 2026, including that final year, which is a huge boost following the coronavirus pandemic which left horrendous scars on the Croatian and European economies.

It should create 21,000 new jobs, too, and this is just an assessment of the direct impact of all the investments envisaged in the plan, not including the many reforms, which are an equally important part of the National Recovery and Resilience Plan. If Croatia manages to close the half of the gap with the European Union average with structural reforms, in the next 20 years, Croatian GDP would be as much as 15 percent higher than today.

These are just some of the figures that European Commission experts came up with when analysing and approving the much talked about Croatian NPOO. After the approval of the Croatian plan, Vecernji list found out about their thoughts and impressions from a high-ranking European official in Brussels.

It should not be forgotten, they added from the Belgian capital, that in addition to these 6.3 billion euros provided by the completely new fund from the mechanism for recovery and resilience, Croatia has about 9 billion euros at its disposal from the classic, structural EU funds.

''In front of you is a gigantic effort, you need to be able to manage and implement projects that will see all that money spent in a very short amount of time. You need to focus on that common challenge,'' said the official, who spoke only on the condition of anonymity.

After yesterday's green light from the European Commission, the EU Council has four weeks to adopt an implementing decision, which is a formal approval and allows for the payment of an advance of 13 percent of the value of the NPOO, which in the Croatian case totals about 819 million euros. In Brussels, everyone hopes that the Croatian plan will be approved by the Council before collective holidays begin during August.

For more, follow our politics section.

Tuesday, 8 June 2021

Eyes Focus on Season, But Croatian GDP Depends on Other Factor

June the 8th, 2021 - The tourist season is rapidly approaching and all eyes are firmly fixed on just what that will do for the domestic economy as the epidemiological situation at any given time continues to hold all the cards. With that being said, Croatian GDP depends on one other important factor, too.

As Poslovni Dnevnik/Ana Blaskovic writes, the announcement that the Croatian economy fell in the first quarter of 2021 by the least it has fallen since the beginning of the coronavirus crisis, more precisely by a mere 0.7%, was welcomed as an overture to recovery. In the turn towards the ''plus'' analysts' expectations of a significantly better performance remained firmly in the background. That means that the targeted 5.2 percent growth for 2021 (and all of the consequent revenue) will be a rather tight calculation that will focus not only on a good summer season but also peaceful autumn.

Most economists will say that it is difficult to forecast things for this year according to the first three quarters, even without the coronavirus pandemic, as Mystic Meg isn't around to do that job. Of the six analysts spoken to by Hina, three expected growth in the range of 0.7 and 4%, two expected stagnation, and one expected a decline of 6 percent.

"It's a bit hasty to come to conclusions based solely on the first quarter. Even with the data we have for the second, the picture is blurry because you have a base which is either too high or too low,'' explained Zeljko Lovrincevic from the Institute of Economics, emphasising that in the first three months of 2020, there were no coronavirus issues to really speak of, and the other three were marked by lockdowns.

"In the first six months, Croatian GDP growth is likely to be 3 to 3.5% annually. At this point, it's certain that the summer season could be good, and growth in the third quarter could reach 8-9%. With that being said, autumn remains uncertain and the last three months should have a similar dynamic to reach the planned 5.2% year-on-year. This will be possible only without an autumn wave of the virus and new restrictions,'' believes Lovrincevic, who is worried about the speed of the vaccination rollout. In order to curb the epidemic (and save the tourist season), the government has announced that 50-55% (out of 3.36 million) adults in Croatia will be vaccinated by the end of June.

23 days are left until June comes to an end, and according to the CNIPH, by June the 3rd, 1.317 million Croatian residents (39.1%) had been vaccinated with one dose, and 537,965 of them had received both, accounting for only 16% of adults. While the mass vaccination programme finally became operational after an amateur and frankly embarrassing start, a sharp drop in people being interested enough to get themselves registered for it has been noticed, meaning that the possibility of vaccinated people without the need for registration or an invitation is now a real and very likely possibility.

"Macro figures for this year are open due to the pandemic, but thanks to the relatively strong recovery of tourism, growth should be good in the 3rd and 4th quarters. Our expectations are a 5% increase in Croatian GDP in 2021 and 5.5% in 2022,'' says PBZ Croatia osiguranje macroeconomist Hrvoje Stojic, who forecasts a 4.5% budget deficit for 2021.

With a good tourist season, indicators for optimism are the growing share of exports of goods in Croatian GDP growth, stronger growth in investment and construction activities, European Union (EU) money and good indicators of personal consumption.

"If tourism surprises us and rises above our expectations, the forecasts could be adjusted upwards, so it makes more sense to talk about the direction in which the economy is moving than about the final speed of recovery, which can still vary," explained Stojic. RBA chief economist Zrinka Zivkovic Matijevic also points out that autumn is uncertain.

"There's a question of new strains, vaccinations, the duration of immunity… But I believe that, even if unfavourable scenarios come to be, Croatia will respond as before, with relatively mild measures and wouldn't just close shopping centres,'' she said, explaining this in terms of consumption and indirect taxes.

"It's not too easy to forecast, but we assume that the normalisation of movement will continue. That's why we remain with the forecast of 5.1% growth in 2021,'' she says.

The combination of the lower vaccination coverage of the population and the influx of millions of foreign tourists from countries with a diverse epidemiological picture, not to mention the confirmation of the Indian variant of coronavirus in Croatia, is understandably worrying.

Although Croatia is entering the summer with the first rebalance this year, the Minister of Finance announced the autumn reshuffling, counting on a clearer post-season picture.

With Croatian GDP projected, Zdravko Maric has a current target of 17.1 billion kuna (4.3% of Croatian GDP) of the central government deficit and 3.8% of the general government deficit.

This is a fragile balance on which a lot depends: the room for maneuver for measures to help the economy, the nation's credit rating, the implementation of the euro, all the way to the payment of salaries and pensions.

For more, follow our lifestyle section.

Thursday, 29 April 2021

Government Adopts Draft National Recovery and Resilience Plan, to Send it to European Commission

ZAGREB, 29 April, 2021 - The Croatian government on Thursday adopted the Draft National Recovery and Resilience Plan (NPOO) 2021-2027, worth HRK 49 billion, and it will send it to the European Commission for final harmonisation.

The document, which has more than 1,100 pages, contains descriptions of 77 reforms and 152 investments on which EU funds will be spent. It has five components and one initiative: the business sector, with investments amounting to HRK 26.2 billion or 54% of the total amount; public administration, justice and state assets (HRK 4.36 billion or 10%); education, science and research (HRK 7.5 billion or 15%); labour market and social protection (HRK 2.09 billion or 4%); health (HRK 2.56 billion or 5%); and the initiative "Reconstruction of buildings", with planned investments amounting to HRK 5.95 billion or 12% of the NPOO funding.

Sixty-six percent of the amount or HRK 32.15 billion is intended for recovery while 34% or HRK 16.5 billion is intended for resilience.

PM Andrej Plenković said the NPOO was a key document that "will enable us to use, in the next five years, more than HRK 47 billion for structural reforms and investments that will contribute to our economic recovery and make us more resilient to future crises."

If necessary, by the end of 2023 Croatia will also be able to seek loans in the amount of around €3.6 billion or HRK 27 billion, he said.

Economic recovery primarily refers to investments in those sectors that can guarantee fast economic growth in the short and long run, as well as job preservation and job creation, said Plenković.

Each component has 'digital' and 'green' elements, the goal being to reach the targets of 20% of investments being directed to digital transformation and 37% of investments being directed towards green transition.

Macroeconomic effects

According to projections, the NPOO's effects are expected to contribute to a real GDP growth in 2021 of 5.2% instead of 4.9% without the NPOO, while growth in 2022 would be 6.6% instead of 5.2% without the NPOO, and in 2023 it would be 4.1% instead of 2.7% without the NPOO. In 2024 the effects of the NPOO would result in a 3.4% economic growth instead of 2.5%, and in 2025 it would help achieve a 2.7% growth rate instead of 2.5%.

The government expects the implementation of the NPOO to cumulatively increase GDP by an additional 4.2% in 2025 in relation to 2020.

In the last year of its implementation, 2026, the NPOO will have resulted in GDP being close to HRK 17 billion higher than it would be without the NPOO.

Concrete examples of NPOO implementation

PM Plenković said that the implementation of the NPOO would make it possible to achieve the European target share of renewables in energy consumption (for Croatia the target is 36.6%) and achieving the European target of at least 14% of renewables in the transport sector until 2026. Investments in water management are planned as well to make drinking water available to around 93% of the population.

The plan also envisages better coverage with broadband infrastructure, access to fast internet for citizens and the business sector, and reduction of the number of outstanding cases at municipal courts by at least 5% by mid-2026.

The NPOO also envisages an increase in the share of children aged between 4 and school age who are covered by early preschool education, from 81% to 96%, which is the EU target.

Also envisaged are investments to create conditions to create as many jobs as possible for the sake of increasing the employment rate from 66.7% to 70% by the end of 2024.

"Labour market reforms and policies will help provide conditions to create at least 100,000 new jobs, with emphasis on people under 30 and the self-employed," said the PM.

Investment of HRK 2.5 billion in the health system is aimed, among other things, at raising the survival rate for cancer patients from 46 to 51% and saving around 5,000 lives. Also planned is the continuation of the functional integration of hospitals.

Post-earthquake reconstruction accounts for 12% of funds expected to be obtained under the NPOO, while the projected energy consumption for heating is expected to be reduced by at least 50% for buildings renovated as part of the NPOO.

Plenković said that in the next ten years and mostly in the first five, Croatia would have at its disposal close to €30 billion from EU funds. The amount is a unique opportunity to contribute to modernisation and growth of the business sector and Croatia's social and even development, he said.

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

Thursday, 22 April 2021

Central Bank Governor Boris Vujčić Says GDP Contracted By 7.8% in H1 2020

ZAGREB, 22 April, 2021 - As a consequence of the coronavirus pandemic and earthquakes real GDP in the first half of 2020 contracted by 7.8% year-on-year, due to a drop in personal consumption, investments and exports, while government spending rose mildly, Croatian National Bank Governor Boris Vujčić said on Thursday.

Vujčić said this in parliament while presenting the Croatian National Bank's (HNB) annual report on the financial situation and price and monetary policy stability in the first half of 2020.

He recalled that in the first half of 2020 a strong contraction of the global economy was recorded due to the spread of coronavirus and the introduction of restrictions. He added that the fall in real GDP in developed countries was the most pronounced during the peak of the spring pandemic wave.

Personal consumption contracted by 6.8% on the year, reflecting a decrease in available income due to negative trends on the labour market, a fall in the consumption of services whose provision of limited due to epidemiological restrictions as well as citizens' being less inclined to spend due to the need for physical distancing to avoid the risk of being infected and a decrease in consumer optimism. Those trends were also reflected in the lower indebtedness of the population, said Vujčić.

The annual inflation rate slowed down from 1.4% in December 2019 to -0.2% in June 2020 under the impact of the decreased prices of oil products, caused by the fall in global demand. The spread of the pandemic led to a decrease in inflationary pressure overall, notably in services related to tourism due to a significant drop in the number of passengers, and in durable consumer goods, due to a drop in investments. Basic inflation slowed down mildly from 1.2% in December 2019 to 1.1% in June 2020, which was mostly due to a drop in annual rates for individual food products and catering and accommodation services.

The contraction of economic activity due to the pandemic resulted in the import of goods falling at a significantly greater rate than exports, and the current and capital accounts in the first half of 2020 recorded a decrease in the deficit compared to the same period in 2019. On the other hand, the current and capital accounts were adversely affected by a significant drop in the net export of services, notably due to the situation in tourism.

HNB promptly adapted its monetary policies, using all the available measures with the aim of preserving the stability of the exchange rate and favourable conditions to finance citizens, the corporate sector and the state, said Vujčić. HNB sold a total of €2.7 billion to banks after which the kuna exchange rate was stabilised, he said.

Thanks to this and other measures kuna liquidity reached record levels and the state and private sector were able to continue taking loans with domestic banks under virtually the same terms as before the crisis, however, the weaker economic activity and demand for loans resulted in stricter terms to approve loans as a result of which consumer lending slowed down.

The budget deficit of HRK 13.2 billion in the first half of 2020 reflects the negative impact of the crisis caused by the pandemic on the economy and budget revenue. Temporary measures designed to relieve the consequences of the pandemic, such as the writing off of tax obligations and job-keeping support measures, also contributed to the fall in revenue. This is particularly obvious in the second quarter, when the deficit amounted to almost HRK 10 billion, HNB's report notes.

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

 

Thursday, 1 April 2021

Croatia's General Government Debt Up to 89.1% of GDP in 2020

ZAGREB, 1 April, 2021 - Croatia's general government debt reached HRK 329.7 billion at the end of 2020, an increase of 12.6% compared with the end of 2019, with the general government debt to GDP ratio rising to 89.1%, the latest Croatian National Bank (HNB) data shows.

At the end of December 2020, the general government debt increased by HRK 526 million (+0.16%) from the previous month and by 36.8 billion (+12.6%) from December 2019.

At the end of last year the total debt amounted to 89.1% of the annual GDP, compared to 72.8% at the end of 2019.

The general government debt to GDP ratio had been falling since 2014, when it stood at about 85% of GDP. After decreasing to 72.8% of GDP in 2019, the needs for financing the measures to combat the coronavirus outbreak and the GDP decline led to the general government debt to GDP ratio increasing to 89.1% in 2020.

The general government debt includes the domestic and external debt components of central government, social security funds and local government.

HNB analysts noted that the debt increase was mostly due to a rise in the domestic debt component, which had gone up by HRK 4.1 billion (+1.9%) since November 2020 and by HRK 26.0 billion (+13.2%) since December 2019.

At the end of December 2020, the general government debt totalled 223.7 billion on the domestic market, while the external debt component amounted to nearly HRK 106 billion. The external debt component fell by HRK 3.6 billion (+3.3%) month on month and increased by HRK 10.8 billion (+11.3%) year on year.

The general government debt structure is dominated by long-term debt instruments. At the end of December 2020, the debt comprised bonds (64.4%), long-term loans (29.1%), and short-term loans and securities (6.5%). Compared with December 2019, the short-term debt rose by HRK 8.4 billion (+63.1%), while the long-term debt increased by HRK 30.5 billion (+10,9%).

(€1 = HRK 7.5)

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

Friday, 26 February 2021

Economist Says Q3 Saved Croatia from Deeper Downturn

ZAGREB, 26 February, 2021 - The annual drop in GDP of 8.4% is as expected, Maruška Vizek, a researcher from Zagreb's Institute of Economics, told Hina, adding that Q3 saved Croatia from a deeper downturn because of the key contribution of tourism and underscoring the contribution of government's strategy in H1 2020.

"The year-on-year decline in GDP of 8.4% compared to 2019 is in line with expectations, and Q3 saved us from a larger contraction, since it was much better than expected thanks to the strategy the government employed in the first half of last year," Vizek said.

She recalled that the country had had a relatively strict lockdown with good epidemiological results and then a sudden relaxation of measures just before the start of the main tourist season, which had, she said "definitely contributed to the good results of the tourist season".

She added that the quarterly GDP had grown in the last two quarters, that is, in the second half of the year, which meant that the economy was pulling out of the recession.

"Unless there is again a very strict lockdown this year, I think that we can really expect that the growth in 2021 will be significant, that it will be in line with estimates between 5% and 6%, which again means that we won't return to the starting point before the pandemic this year, but we are at least no longer in the red," she said.

Friday, 26 February 2021

Opposition: Record GDP Fall Due to Lack of Adequate Measures to Help Entrepreneurs

ZAGREB, 26 February, 2021 - Opposition parties said on Friday that the record GDP fall of 8.4% in 2020 was due to the coronavirus crisis as well as the lack of appropriate measures to bail out entrepreneurs and the government's unwillingness to abolish parafiscal levies and put the system of public procurement in order.

Social Democratic Party (SDP) political secretary and MP Mirela Ahmetović said this was the biggest GDP fall since Croatia declared independence and that it was to have been expected.

"Now, it's important to see how the government will react to that fall, what it will do to revive the economy and if it will succeed in that. Yesterday we saw that Finance Minister Zdravko Marić was uncomfortable when asked whether bailout measures would continue, to which he responded that they 'did not recognise the situation'." I find it sad that the finance minister and prime minister do not recognise the situation even though we have been in this situation for a year," Ahmetović told reporters in Parliament House.

Asked whether she expected a faster economic recovery than that after the 2009 crisis, which is what the government has announced, Ahmetović said, "Do you believe in a government which, one day prior to the expiry of the moratorium on loan payments and debt enforcement, does not have any plan of what to do next? Do you believe in a government whose minister says that they cannot tell how the situation will develop?."

Bridge MP Nino Raspudić underscored that the government cannot be blamed for the coronavirus pandemic and everything that it has brought. However, he added, we can talk about the years that were lost prior to the pandemic and why Croatia has not developed sufficiently in relation to other countries in the European Union.

This is an opportunity to discuss what to do next and we have proposed that the mandatory membership fees in the chambers of commerce and trades (HGK and HOK) be abolished. The proposal is not about abolishing any institution because such institutions function quite well on a voluntary basis, from Slovenia to other countries, Raspudić said.

In a situation in which the economy is stifled and we see that the funds to be obtained will be invested almost exclusively in the public sector, and, being aware that there cannot be any development in Croatia without a developed enterprise sector, we want to reduce the tax burden on it as much as possible, primarily parafiscal levies, of which there are abut 500, said Raspudić.

Friday, 26 February 2021

Croatia's GDP Contracts by Record 8.4% in 2020

ZAGREB, 26 February, 2021 - Croatia's GDP contracted by a record 8.4% in 2020 because of the coronavirus pandemic, with the decline slowing down in the last quarter compared to the previous quarters of the year, the State Bureau of Statistics (DZS) reported on Friday.

GDP fell by 7% in the fourth quarter of 2020 year on year. The decline was slightly lower than forecast by analysts.

Six analysts polled by Hina projected the Q4 GDP decline at 7.3%, their estimates ranging from 6.5% to 8.3%.

It was the third quarter in a row that GDP had fallen on the year, resulting from restrictive measures aimed at curbing the coronavirus pandemic.

However, the fall in Q4 was less than in the preceding quarters. GDP contracted by 15.4% in Q2, the biggest drop since 1995 when DZS started tracking such data, while dropped by 10% in Q3.

GDP contracted by a record 8.4% for the entire year. Before that, the record fall of 7.3% was recorded at the start of the 2009 global financial crisis.

Thursday, 11 February 2021

EC Expects Croatia's Economy to Rebound by 5.3% in 2021, 4.6% in 2022

ZAGREB, 11 February, 2021 - Croatia's Gross Domestic Product is estimated to have contracted by 8.9% in 2020, while it is expected to rise at a rate of 5.3% in 2021 and 4.6% in 2022, the European Commission says in its latest Winter 2021 Economic Forecast, published on Thursday.

The economy's contraction in 2020 "is mainly attributable to the impact of the COVID-19 pandemic on service exports, particularly tourism, which suffered greatly due to the fall in demand for air travel and the imposition of travel restrictions in many countries."

Croatia's private consumption also fell, reflecting the accumulation of involuntary and precautionary savings.

Following a better-than-expected third quarter, the country's GDP is estimated to have contracted again towards the end of the year as pandemic suppression measures were reintroduced in December.

This contraction is lower than the previous projections of -9.6%, as stated by the EC in its Autumn Economic Forecast. However, the latest forecasts about the rise in 2021 are smaller in comparison to the previously projected recovery at a rate of 5.7%, while the projected growth for 2022 has been revised upward from 3.7% to 4.6%.

"Real GDP is forecast to bounce back by 5.3% in 2021, as domestic demand should rebound once pandemic containment measures are phased out and more people are vaccinated.," the EC says.

"Pent-up demand, coupled with a gradual recovery in the labour market, is expected to boost private consumption. Investment should rebound on the back of the already strong dynamics in the construction sector, supported by rebuilding efforts following the strong earthquakes in the Banija region and Zagreb.

"A gradual pick up in longer-term investment projects, is also expected. The recovery in external demand, however, is expected to be uneven. Goods exports are expected to increase strongly on the back of the improved global outlook but services exports are projected to remain subdued in both 2021 and 2022 compared to their 2019 levels.

"This is mainly because the recovery in the travel and hospitality sectors are likely to take several years. This forecast does not include any measures expected to be funded under the Recovery and Resilience Facility, posing an upside risk to the growth projections.

"HICP inflation rate dropped to 0% in 2020 on the back of a strong decline in energy prices, while core inflation remained broadly stable at around 1%. As the effect of last year’s fall in oil prices dissipates, inflation is expected to pick up slightly in 2021 but should remain subdued throughout the forecast horizon (1.2% in 2021 and 1.5% in 2022)," reads the Croatia section of the EC Winter Economic Forecast.

Croatia ranks 3rd in terms of expected rise in 2021, fourth in terms of fall in 2020

For the sake of comparison, Spain is expected to have the most robust recovery in 2021, at  a rate of 5.6%, France follows (5.5%), and Croatia ranks third among the 27 EU member-states.

When it comes to the economic downturn in 2020, Spain again tops the ranking (-11%), Greece is  the runner-up (-10%), and Malta ranks third (-9%), while Croatia comes as fourth with a negative growth rate of 8.9%.

Page 2 of 4

Search