Wednesday, 15 September 2021

Croatia Among EU States With Biggest Industrial Output Drops in July Month-Over-Month

ZAGREB, 15 Sept, 2021 - Europe's industrial production recovered in July 2021 but Croatia was among the EU countries with the largest monthly decreases, an Eurostat report showed on Wednesday.

In July 2021, the seasonally adjusted industrial production rose by 1.5% in the euro area and by 1.4% in the EU, compared with June 2021, when industrial production fell by 0.1% in the euro area and remained stable in the EU.

In the euro area in July 2021, compared with June 2021, production of non-durable consumer goods rose by 3.5%, while in the EU it rose by 2.8%.

Capital goods went up by 2.7% in the euro area and by 2.4% in the EU, and intermediate goods by 0.4% in the euro area and by 0.5% in the EU, while energy production was stable in the EU and fell by 0.6% in the euro area.

Among member states for which data are available, the highest monthly increases were registered in Ireland (+7.8%), Belgium (+5%) and Portugal (+3.5%). The largest decreases were observed in Lithuania (-2.0%), Slovenia (-1.8%) and Croatia (-1.6%).

In July 2021 compared with July 2020, industrial production increased by 7.7% in the euro area and by 8.3% in the EU.

In the euro area in July 2021, compared with July 2020, production of intermediate goods rose by 11.2%, nondurable consumer goods by 10.1%, durable consumer goods by 9.8%, capital goods by 5.9% and energy by 1%.

In the EU, production of intermediate goods rose by 11.8%, non-durable consumer goods by 9.4%, durable consumer goods by 8.9%, capital goods by 6.3% and energy by 2.7%. 

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Friday, 30 July 2021

Petrokemija Posts H1 Net Profit of HRK 48m

ZAGREB, 30 July 2021 - Fertiliser manufacturer Petrokemija generated a net profit of HRK 48 million in the first half of 2021, which is 80% less than in the same period of 2020, according to the company's financial statement released on Friday.

Total operating revenue fell by 3.0% to HRK 936 million, with sales revenue declining by 5.0% to HRK 918 million. Operating expenditure increased by 23% to HRK 888 million.

Davor Žmegač, President of the Management Board, said that the results were affected by increased prices of natural gas, higher CO2 emission charges and lower sales, mostly as a result of the planned overhaul early in the year.

Negative effects were partly offset by higher selling prices of mineral fertilisers and the business efficiency measures implemented, Žmegač said.

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Tuesday, 27 July 2021

Contracts For Higher Energy Efficiency in Manufacturing Industries Signed

ZAGREB, 27 July, 2021 - Economy Ministry officials on Tuesday presented contracts awarded as part of the HRK 326.3 million public call "Increasing Energy Efficiency and the Use of Renewables in Manufacturing Industries", with the total value of the projects to be implemented standing at HRK 672 million.

340 businesses applied to the call, and 28 - five micro and small businesses, six medium-size businesses and 17 big companies - were awarded money from the EU Competitiveness and Cohesion Fund.

Economy and Sustainable Development Minister Tomislav Ćorić said he expected the companies that were given grants to increase their energy efficiency as well as competitiveness as a result of lower energy consumption and increased production efficiency.

He noted that significant funds were envisaged for that purpose also under the National Recovery and Resilience Plan and that domestic businesses could expect new calls for applications by the end of this year and the beginning of 2022.

The approved grants must be invested in the next one to two years.

As a small, open economy, in the previous decades Croatia mostly exploited its development capacity in the services sector, including tourism, while now national plans and strategies should put special emphasis on manufacturing industries so that the country can catch up with EU standards, Ćorić said, adding that domestic producers could impact export as one of the key variables of the national economy.

"There will be more calls like this one in the period to come," he said.

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Wednesday, 7 July 2021

Croatia's Industrial Stockpiles Up Month-On-Month And Year-On-Year

ZAGREB, 7 July, 2021 - Croatia's stockpiles of finished industrial goods in May 2021 were 0.5% higher than in the previous month and 2.5% higher than in May 2020, according to data from the National Bureau of Statistics (DZS).

Broken down by main industrial groupings, compared with April 2021, stockpiles of durable consumer goods increased the most, by 7.1%. Stockpiles of energy rose by 2.9% and those of intermediate goods and non-durable consumer goods increased by 0.2%. At the same time, stockpiles of capital goods fell by 2.3%.

Compared with May 2020, stockpiles of energy increased by 41% and those of non-durable consumer goods by 11%, while stockpiles of durable consumer goods fell by 18.6%, those of intermediate goods by 11.1% and stockpiles of capital goods by 7.8%.

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Tuesday, 8 June 2021

ConTEL 2021: Scientific Conference on All Things Telecom in Zagreb

June 8, 2021 - From June 30 to July 2, the exciting field of information and communication technology will be at ConTEL 2021 conference in Zagreb.

With information and communication technology steadily growing, new challenges, questions and issues are opening up – both for the industry and academic community. Both industry and academia will get the chance to address the latest issues and questions at the 16th edition of the international telecommunication conference ConTEL 2021, which will take place from June 30 to July 2 in Zagreb.

As the Faculty of Electrical Engineering and Computing (FER) at the University of Zagreb reported on its website, the goal of the conference is to encompass current and upcoming network technologies that allow omnipresent internet and communications as key starters of the connected information society.

„With new services and access networks grows the need to enhance network infrastructure - not just in terms of quality and performances, but also in terms of scalability (upgrading), mobility, energetic sufficiency, and technology integration. The Conference program will introduce the newest achievements in selected fields, through regular and specific thematic meetings and workshops“, states FER.

To ensure the quality of the conference, researchers, and scientists in this respective field, researchers and scientists were invited to submit their papers of work by March 21. The paper went under two double anonymous reviews to ensure an unbiased assessment of its importance and contribution to the conference. The selected papers will be readable on the IEEE Xplore website, and the IEEE (Institute of Electrical and Electronics Engineers) is one of the key sponsors of the conference.

„IEEE and its members inspire a global community to innovate for a better tomorrow through its more than 396,000 members in over 160 countries and its highly cited publications, conferences, technology standards, and professional and educational activities. IEEE is the trusted 'voice' for engineering, computing, and technology information around the globe“, says IEEE, „the world’s largest technical professional organization dedicated to advancing technology for the benefit of humanity“ on its website.

„The format of the event will take into account the COVID-19 situation and travel restrictions. Our wish and goal is to have a live or hybrid event, with virtual participation as necessary. Stay safe and healthy, and we hope to see you in Zagreb!“, states the ConTel official website.

Learn more about Croatian inventions & discoveries: from Tesla to Rimac on our TC page.

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Thursday, 27 May 2021

Summer Business School: A Chance for Entrepreneurs at Step-Ri Science-Technology Park

May 27, 2021 - This June, a five-day Summer Business School organized by Step-Ri Science-Technology Park and the American Embassy in Croatia makes Rijeka the place for entrepreneurs.

Science parks, research parks or technology parks or less intriguingly known as innovation centers, are a purpose-built cluster of office spaces, labs, workrooms, and meeting areas designed to support research and development in science and tech, says Bidwells, one of the UK's most reputable property consultancy companies. Common infrastructures worldwide and in Europe, the biggest city in Kvarner, Rijeka, is no exception in having one.

Step-Ri is a science-technology park, part of the University in Rijeka, and a place where science and economy meet to encourage entrepreneurship based on knowledge and new technologies.

„As one of the leading institutions in Croatia when it comes to entrepreneurship, Step Ri brings the newest knowledge in innovation and management from around the world through interesting education and business consulting. With our knowledge and experience, singlehandedly and with the help of the international network of partners and friends, we create projects and specialized programs to encourage entrepreneurship initiatives for both employed and unemployed, students, and the scientific community. With new services, business models, personal and organizational competencies, we make already successful entrepreneurs more competitive“, says Step-Ri's official website.
One example of such initiatives is the upcoming Summer Business Camp which will take place from June 23-27. And what's more interesting, this five-day program is brought to Step-Ri in collaboration with the American Embassy in Croatia.

„Summer Business Camp brings teams from all Croatia that want to improve or refine their business ideas and solutions through exercises, lectures, and individual coaching, “says Step Ri, promising extraordinary mentoring from successful entrepreneurs and investors.

This year, special attention will be given to the gaming startups, but other industries are also welcome. Regardless of whether you are already an entrepreneur or just aspiring to be one, you are welcome to apply if you have a developed business idea or a functional prototype.

Learning how to bulletproof your idea, experienced entrepreneur as a mentor, a chance to hear directly from investors what are they looking for and how to deliver it, valuable feedback and honest thoughts to accelerate your project, creating new opportunities, meeting other people in the business, and a having a good time- are some of the promises by Step-Ri for those who apply.

But, it would be best if you hurried, as June 6 is very close, and that's the deadline to beat. At least ten teams will be selected after a committee of experts evaluates project applications. Bed and breakfast accommodation for up to two team members, lunch at the venue, local bus tickets for getting to the venue, and a commemorative T-shirt await for those who are selected. And once in, a panel of venture capitalists, business angels, and business people will award the best with Apple iPad Pro (1st prize), Apple iPad Air 4 (2nd prize), and Apple iPad 8 (3rd prize).

Pieces of technologies such as the aforementioned above can certainly come in handy to entrepreneurs, but what about money? The actual finance for your projects?
„Many teams in the past received funding from participating investors and judges. However, nobody but you can answer that! Come and pitch your idea and see how far it will take you!“concludes Step-Ri regarding finance possibilities to turn your vision into a reality.

Learn more about Rijeka on our TC page.

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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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Monday, 7 September 2020

Economy Minister for Boosting Industries Besides Tourism

ZAGREB, September 7, 2020 - Economy and Sustainable Development Minister Tomislav Coric said on Sunday the government would insist on boosting other industries besides tourism and that Croatia would enter 2021 with projects ready for a €22 billion EU envelope.

In the first phase of the crisis, he told public TV, the government projected that GDP would fall a little over 9%, with HRK 35-40 billion in damage to the economy, but the tourist season has been better than expected so the government hopes the GDP fall will be lower.

"Job retention measures will cover a little less than 100,000 workers. After the summer season, there has been a decrease in the number of those employed for years, and the same is expected this year," Coric said but added that the decrease would not be catastrophic as some claimed. "We guarantee it, just as that we will retain most jobs."

Tourism's big GDP share makes Croatia vulnerable in terms of the economy and responses to shocks such as COVID-19, he said.

That is why, he said, the government will insist on boosting other industries while encouraging the development of tourism, first and foremost by extending the season. "But the accent will be on production activities because it's the segment in which Croatia has been suffering for years."

The intention is to absorb as much money as possible to raise the competitiveness of domestic production and exporters, "primarily the technical level, which opens a long term development perspective as part of the European Green Deal," the minister said.

We are a small, open economy and the €22 billion envelope will suffice to help our production sector, he said. "That's why I insists that production is in the focus of all our programmes, both the recovery and resilience packages as well as the 2021-2027 multiannual financial perspective."

Asked how much European funds could help and when Croatia could expect them, Coric said the government had a plan and that the intention was for as much as possible of the envelope to be channeled towards the economy.

The details are still unknown but, in communication with Brussels and between ministries, we are discussing the projects which should be up front, he said.

"Croatia will certainly enter 2021 with projects ready. What awaits us in 2021, after this challenging year 2020, is economic recovery. We must do our best for this recovery to cause higher GDP growth rates in the long term," Coric said, adding that investing in production was the right avenue.

 

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Tuesday, 1 September 2020

Croatia's Industrial Production Falls for 9th Consecutive Month

ZAGREB, September 1, 2020 - In July 2020 industrial production in Croatia fell by 1.6% on the year, decreasing for the ninth consecutive month, albeit at a slower rate than in June, according to the national statistical office DZS.

Month on month, industrial production in July increased by 5.6%, but fell by 1.6% on  the year.

"The annual decrease in the volume of industrial production, which has been ongoing since November last year, has slowed down ," analysts at Raiffeisenbank Austria (RBA) said in reference to the DZS report.

Industrial production contracted in two of five sectors, mostly in the production of non-durable consumer goods (-9.3%) and intermediate goods (-2.6%).

On the other hand, the production of capital goods increased by 14.7%, followed by energy (+2.1%), and durable consumer goods (+1.7%).

In the first seven months of the year, industrial production decreased by 5.7% on the year. 

Data indicates a continued fall in third quarter

The decrease in production in July and the recent information about the fall in retail sales indicate that the economy will continue to contract in the third quarter.

That means that the economy will officially dive into a recession, which is defined as a fall of GDP for two consecutive quarters.

Last week DZS reported that GDP had contracted by a record 15.1% in Q2 on the year, which is the first time GDP has fallen since mid-2014.

 

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