Business

ZAGREB, 10 July 2022 - The Economic and Financial Affairs Council for EU (Ecofin) convenes on Tuesday to adopt the final three legal acts which will enable Croatia to introduce euro as its currency on 1 January 2023. One of those three acts concern the decision on the adoption of the euro by Croatia. Also the amendment will be adopted to the provision whereby the 19-member euro area will welcome Croatia as its 20th member. Currently the euro area has more than 340 million inhabitants and is the second strongest economy globally. The euro zone accounts for 15% of the global GDP.…

ZAGREB, 8 July 2022 - Real estate prices in the European Union and the euro area in Q1 2022 saw the highest increase in more than 15 years, and in Croatia their growth was above the European average, a report by the European statistical office has shown on Friday. In Q1 2022, real estate prices in the EU rose by 10.5% year-on-year, the largest increase since the end of 2006. At the end of 2021, they went up by 10.1%. In the euro area, real estate prices rose by 9.8% in Q1 2022, which is the largest increase since 2005,…

ZAGREB, 8 July 2022 - A Bosnia and Herzegovina-Croatia cross-border conference was held on Friday in Osijek on how to enhance the regional cooperation of Croats from Bosnia and Herzegovina with Croatia. This is a project aimed at improving regional cooperation and exchange of experiences in the implementation of cross-border projects, which the Development Agency in Žepče, central Bosnia, is implementing in partnership with the County Development Agency of Osijek-Baranja County and 11 local self-governments in Bosnia and Herzegovina areas predominantly populated by Croats. The director of the Žepče Development Agency, Branka Janko, underscored that the agency has been operating…

ZAGREB, 8 July 2022- In June 2022, industrial producer prices jumped 24% on the year, going up for the 16th consecutive month, which was the highest increase since 2011, according to the Croatian Bureau of Statistics. In March 2021, producer prices were up 3.5% year on year, last December the increase was 16%, followed by 17.1% in January, 17.2% in February, 19.5% in March, 21.9% in April and 23.7% in May. The increase in producer prices was in large part due to energy prices. With the exclusion of energy, industrial producer prices in June 2022 were 0.7% higher on the…

ZAGREB, 7 July 2022 -The average net pay paid by legal entities in Zagreb in April 2022 amounted to HRK 8,815 (€1,172), an increase of 6.6% from April 2021, according to the data provided by the city's strategic planning and development department. Compared to the monthly national average, which amounted to HRK 7,547 (€1,003), the average take-home pay in Zagreb was HRK 1,268 (€169) higher. The highest monthly net salary in legal entities in April was paid in the crude oil and natural exploitation sector amounting to HRK 34,558 and the lowest was in the leather industry, in the amount of HRK 4,869…

July the 7th, 2022 - The State Inspectorate has stated that slightly more than half of Croatian tourist facilities are actually operating according to the proper regulations. As Poslovni Dnevnik writes, the above-mentioned conclusion can be drawn data obtained by the State Inspectorate, which announced recently that through 621 inspections carried out during the month of June, 336 Croatian tourist facilities (54 percent) operated according to the current rules, while 285 or 46 percent were in the group of those where inspectors found 442 various violations of the regulations. "For 162 violations of various kinds, the State Inspectorate's inspectors applied…

ZAGREB, 6 July 2022 - Visiting Croatia on July 4-5, Gallina A. Vincelette, World Bank Regional Director for the European Union, held high-level meetings with key stakeholders to discuss the country's development priorities, the World Bank's support, latest macro-fiscal developments, and evolving global challenges. Vincelette, who was accompanied by Jehan Arulpragasam, World Bank Country Manager for Croatia, and members of his team, met with Deputy Prime Minister and Minister of Finance, Zdravko Marić, Minister of Labor, Pension System, Family and Social Policy, Marin Piletić, Minister of Justice and Public Administration, Ivan Malenica, and key representatives from the Ministry of Economy and Sustainable Development, the…

ZAGREB, 6 July 2022 - Croatia has lost an arbitration case regarding INA brought by the Hungarian oil company MOL, in which MOL alleged that the Croatian government did not honour its obligations from a gas business agreement, the Večernji List daily said on Wednesday.  According to unofficial information, having lost the case, Croatia will have to pay between 250 and 300 million US dollars, including interest. Croatia's objections regarding corruption during the purchase of INA by MOL from the Croatian state were rejected as well. The case was dealt with by the International Court for Settlement of Investment Disputes…

ZAGREB, 5 July 2022 - Weathering the challenges, Croatia's commodity exports have achieved a strong growth, and the number of exporters increased by 1,700 in 2021, giving rise to relative optimism in the current challenging times, it was said at a conference in Zagreb on Tuesday. Croatian commodity exports are at the level of 2019, and despite the challenges, they achieved €7.5 billion in the first four months of this year, which is 35% more compared to the same period last year, it was said at the 9th edition of the conference "mart people know what exports are for". "In times that are…

July the 6th, 2022 - The Golden Key awards (Croatian: Zlatni kljuc) are awarded to the best Croatian exporters each year, and this year, with continued challenges owing to the war in Ukraine which broke out following Russian invasion back in February this year, things continue to be demanding for businesses. As Poslovni Dnevnik writes, the Golden Key awards for the best of Croatia's largest exporters went to Koncar - Distribution and special transformers, the best of the medium Croatian exporters is Dok-Ing, and the Q agency has been declared the best of the small and micro Croatian exporters for this…