Business

ZAGREB, 3 May 2022 - The average Croatian pay could reach €1,000 by the time of euro area entry, but inflation has been affecting purchasing power, the Večernji List daily of Tuesday says, noting that labour shortages will put pressure on wage growth in the private sector, while public sector unions have secured a base pay rise. The average pay in the country has exceeded HRK 7,400 and the average net wage could amount to €1,000 by the time Croatia formally joins the euro area. That is faster than expected by the Andrej Plenković government, but also faster is inflation, which has been affecting the…

May the 2nd, 2022 - The Colombian-Croatian startup Minka, the head of which is a former ''Infobiper'' from the wildly successful Vodnjan-based company, has recently received a huge cash injection. As Jutarnji/Novac/Bernard Ivezic writes, new startups have already started emerging from the rather remarkable company Infobip. A good example is the Colombian-Croatian startup Minka, a fintech company which has just raised a huge 24 million US dollars in investments from two major investors, Tiger Global Management and Kaszek. In total, Minka has received 27.5 million dollars in investments so far. Tiger Global Management is otherwise one of the largest and…

ZAGREB, 1 May 2022 - A majority of companies which are members of the German-Croatian Chamber of Industry and Commerce estimate that the war in Ukraine will adversely affect their business in the future. The German-Croatian Chamber of Industry and Commerce carried out a survey between 22 March and 22 April this year among 32 of its members to examine the possible impact of the Ukraine conflict on their business. The survey revealed that at this point the situation in Ukraine was not having a negative effect on the operation of 55 per cent of the companies. However, 70 per…

May 1, 2022 - Up to 35,000 seasonal workers in Croatia are missing this season, with waiters being the most sought-after workers in Croatia. The 2022 tourist season should be excellent and at the level of 2019 or even better, at least according to the announcements. After two pandemic years, lockdowns have been lifted across Europe, and tourists are coming back to Croatia. But will there be enough seasonal workers to fill all the necessary jobs? Index.hr reports: According to the eVisitor system, which includes tourist traffic generated in commercial and non-commercial facilities and nautical charter (eCrew), in Croatia during…

ZAGREB, 30 April 2022 - A total of 9,158 businesses with 102,085 employees operated in the retail trade sector in Croatia in 2020, and the sector's consolidated result was a profit in the amount of HRK 2.2 billion, show data from the Financial Agency. The number of retail businesses in 2020 was 3.1% up from the previous year. In 2020, the first year of the coronavirus pandemic, those businesses earned revenues in the amount of HRK 101.5 billion, while their expenditure totalled HRK 98.8 billion. A total of 5,450 businesses operated at a profit, a drop of 13% from the previous year…

April the 30th, 2022 - Wildly successful Croatian entrepreneur Mate Rimac, the founder of Rimac Automobili, is looking to employ as many as 250 new employees, some of whom will go on to work in the United Kingdom and in the German capital of Berlin. As Poslovni Dnevnik writes, nobody who follows the media space in Croatia will find the name Mate Rimac strange. This incredibly talented and doggedly determined Livno-born businessman not only placed the country on the automotive map after starting out from his garage, but has since become the co-owner of Bugatti Rimac, with many other ventures…

April the 30th, 2022 - The Easter weekend of 2022 brought with it some excellent results for the pre-season and with it high hopes for the height of this year's summer tourist season. The Croatian Arena Hospitality Group has done very well indeed. As Poslovni Dnevnik writes, for the Croatian Arena Hospitality Group, the recent Easter weekend met all of their expectations and about 15,000 overnight stays were realised. The largest share of that number was made up of guests from Germany, Austria and neighbouring Slovenia, but there was also a pronounced increase in domestic guests. Guests come mostly in…

ZAGREB, 29 April (2022) - Croatia's industrial production fell in March 2022 for the first time in 15 months, indicating a slowing of the economic recovery. Industrial production decreased by 2.6% from February 2022 and by 1.9% from March 2021, the Croatian Bureau of Statistics (DZS) said on Friday. Annual decreases were observed in four of five sectors, with production of capital goods decreasing the most, by 6.7%. Production of energy fell by 4.0%, of non-durable consumer goods by 3.3% and of durable consumer goods by 2.3%, while production of intermediate goods increased by 2.3%. In the first quarter of…

ZAGREB, 29 April (2022) - Total lending by monetary institutions to domestic sectors, except the central government, increased by HRK 4 billion in March, with the annual growth rate accelerating from 4% to 5%, the Croatian National Bank (HNB) said on Friday. This was the result of the increase in loans. Corporate loans increased by HRK 3.7 billion or 6.7% and household loans by HRK 900 million, while loans to other domestic sectors decreased by HRK 400 million. In the structure of household loans, housing loans and general-purpose cash loans continued to increase, both by HRK 300 million. The annual growth rates of…

ZAGREB, 29 April (2022) - The Valamar Riviera hotel company generated HRK 59.5 million in operating revenues in Q1 2022, up 97% year-on-year, with an increase of 147,000 in overnight stays, or 192%, the company said in a financial statement on Friday, announcing a return to the occupancy rate from 2019 this year. Total revenues reached HRK 74.8 million, up 119% on the year. "In Q1 2022, Valamar Riviera achieved results comparable to 2019, continuing the positive trend of tourism recovering to the pre-pandemic level," Croatia's largest tourist company said. In that period, total expenditures reached nearly HRK 314 million,…