Business

ZAGREB, 10 Feb 2022 - The European Commission on Thursday significantly revised up its forecast for Croatia's economic growth in 2021 to 10.5%, which is the second-highest growth rate in the European Union after Ireland, while downgrading its projections for this year and next compared to its autumn outlook. The European Commission released its Winter Economic Forecast on Thursday, saying that the Croatian economy achieved a full V-shaped recovery in 2021, surpassing the level registered prior to the 2019 crisis. After a fall of 8.1% in 2020, the Croatian economy is estimated to have grown by 10.5% in 2021. The only other EU…

ZAGREB, 8 Feb 2022 - The Zagreb Stock Exchange (ZSE) Crobex index rose by 0.44% to 2,141 points on Tuesday, thus being on the rise for three straight working days, and the specialised Crobex10 rebounded by 0.3% to 1,305 points after a mild dip on Monday. Broken down by sectors, the industrial index increased 2.75%, and the only one to weaken today was Crobexturist, which fell by 0.61%. The ZSE saw a turnover of 6.2 million kuna on Tuesday, 3.2 million more than the day before. The only stock that crossed the million kuna mark in trading was the Atlantska…

ZAGREB, 8 Feb 2022 - The Croatian Pension Insurance Institute had just over 1.56 million insurees on 31 January, up by 37,200 on the year and down by 30,000 from 31 January 2020. The largest number of insurees was in manufacturing, just over 245,600, which was 5,000 more than at the end of January 2021 and 2,000 more than at the end of January 2020. Wholesale and retail were next with 238,700 insurees, 4,300 more than at the end of January 2021 and 1,400 less than at the end of January 2020. The highest increase in the number of insured persons compared with the end…

ZAGREB, 8 Feb 2022 - The Croatian National Bank (HNB) said on Tuesday that in the coming days its Currency Committee would invite new proposals for the design of the national side of the €1 coin with the marten as the motif. The HNB said that late on 6 February, the Currency Committee, as the expert body of the HNB Council in charge of the competition for the designs of the national side of euro coins, received a statement from Stjepan Pranjković whereby he withdrew his design for the marten motif and waived all rights stemming from having participated in the competition. Today,…

ZAGREB, 8 Feb 2022 - The Croatian Ministry of Finance sold HRK 1.76 billion worth of treasury bills at an auction on Tuesday. The bills mature in one year and the interest rate is 0.01 per cent, the same as at the previous auction in January. In advance of the maturity of treasury bills worth HRK 1.86 billion, the Ministry offered HRK 1.6 billion worth of treasury bills for subscription. Financial institutions submitted bids totalling HRK 1.76 billion and the Ministry accepted them all. The low interest rate of 0.01 per cent is the result of a large surplus of liquidity…

ZAGREB, 8 Feb 2022 - Social Democratic Party leader Peđa Grbin on Tuesday presented a proposal designed to help alleviate the impact of growing inflation on pensioners in the form of a pension allowance bonus for allowances amounting to less than HRK 4,000, proposing also adjustment of pensions to wage and inflation growth. "Croatian pensions are low and at a time of growing inflation they become even lower, which requires action. The government is late with responding, it first capped fuel prices for two months, which was insufficient, and now it has to cap them again at a higher amount," the SDP…

February 8, 2022 – Studenac d.o.o. agreed to buy 100% of Pemo d.o.o., the most respected retail brand in the Dubrovnik region, becoming the largest Croatian retail chain by number of stores and solidifying its position as a leader in the Adriatic region. The acquisition, whose value was not disclosed, will add nearly 40 stores to Studenac’s network, bringing the total to almost 750. Pemo’s 300 employees in Dubrovnik-Neretva County will join more than 3,700 already working at Omiš-based Studenac. The deal has already received all necessary regulatory approvals. The takeover builds on Studenac’s successful history of acquisitions of competitors,…

February the 8th, 2022 - Will Croatian restaurants be next in line to raise their prices as costs continue to increase in almost all sectors? Some claim they won't, but that answer might not be entirely honest... As Poslovni Dnevnik writes, just about everything is becoming more and more expensive, and we'll all likely be paying more for holidays this year as well. The Family Accommodation Community, which brings together the owners of the popular ''zimmer frei'' brigade, estimates that prices will rise by an average of 10-20 percent. The head of that association, Marina Nimac Kalcina, is aware of how…

7 February 2022 - The trade union of workers in the Pružne građevine Ltd., specialised in the construction, design and maintenance of railway and electrical infrastructure along railway routes in Croatia, on Monday warned about debts and a serious situation in this company with 1,400 employees. The trade union sent an open letter to Prime Minister Andrej Plenković and Transport and Infrastructure Minister Oleg Butković, emphasising that failure to act in a timely fashion could drive  this Croatian company into a disaster. The union threatens to stage industrial action and protests unless rapid action is taken to address current issues in relation to the transfer…

7 February 2022 -This January, 2,971 new passenger vehicles were sold in Croatia, up 1.9% or 56 more vehicles than in January 2021 when 2,915 were sold, the Promocija Plus market research agency said on Monday. Škoda sold the most passenger vehicles in January, selling 365 vehicles, which accounted for 12.3% of all sales. Volkswagen ranked second with 347 new cars sold, a share of 11.7%, and Kia was third with 224 cars sold, a share of 7.5%. The Škoda Octavia was the best selling model in January with 185 sold cars, followed by the Dacia Duster with 114 cars sold.  This year's first figures indicated…