ZAGREB, 6 June 2022 - The economy in the City of Vinkovci grew in all key segments last year and achieved the best business results in more than 30 years, according to data from the FINA - Financial Agency for 2021, this eastern Croatian city reported on Monday.

A total of 755 Vinkovci enterprises generated revenues of almost HRK 5.6 billion in 2021, which is HRK 240 million or 4.49 percent more than in 2020 or as much as HRK 2.8 billion more than in 2017, with an increase of 104.60 percent, according to Vinkovci City authorities.

The local businesses were also successful in terms of profit, which amounted to HRK 213 million, up by HRK 143 million from 2020, or almost three times higher.

The number of businesses rose too (+6%) while the average pay for 8,374 employees amounted to HRK 5,027, an increase of 6.28%. The number of investors increased compared to the pre-pandemic year of 2019 with 65 current investments.

These results are primarily due to entrepreneurs themselves, who have shown great resilience and progress in a period when the global economy is still feeling the effects of the crisis caused by the coronavirus pandemic, Vinkovci Mayor Ivan Bosančić said, adding that the local authorities are also supporting those businesses through grant schemes for SMEs as well as through projects.

The head of the city's economic department, Hrvoje Niče, pointed out that 44 more new companies were founded in the city last year compared to 2020.

This data does not include family-run OPG farms that are not obliged to pay profit tax, Niče said, underscoring that over the past three years city authorities have stimulated the opening of new and development of existing micro-companies.

Last year alone, the city's programs subsidized 177 micro and small enterprises from the Vinkovci area with almost HRK 2.7 million in grants. Among them are 53 enterprises that absorbed up to HRK 30,000 of city funds to improve their business by committing to raising salaries by 10 percent for their 128 employees, Niče said.

(€1 = HRK 7.529127)

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