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Croatia Country Report - May, 2015

  • June 2015
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 26 pages

This report reviews key macroeconomic data and microeconomic developments for Croatia published between May 7 and June 7, 2015.

In the beginning of June, the Croatian Statistics Office confirmed the country's GDP expanded by 0.5% in the first quarter of the year. This was the second quarter in a row the Adriatic country reported economic growth. Croatia's economy declined for six consecutive years.

The EBRD said in its Regional Economic Prospects it expects the Croatian economy to grow by 0.5% this year, supported by reduced oil prices and some improvement in the Eurozone demand. The forecast was left unchanged compared to the January edition of the report.

In May, the European Commission said it is not activating the excessive imbalance procedure for Croatia, but made a set of recommendations for the country for this year and 2016 in order to ensure a durable correction of the excessive deficit.

The report provides details on the licenses the country is awarding for onshore hydrocarbon exploration and contains information about Croatia's plan to sell a stake in flagship carrier Croatia Airlines.

Table Of Contents

Croatia Country Report - May, 2015
EXECUTIVE SUMMARY4

MACROECONOMIC OVERVIEW5

Croatia's competitiveness challenges to mute economic growth in 2015 - Moody's5

EBRD keeps unchanged Croatia's 0.5% GDP growth forecast for 20155

EC activates no corrective measures for macroeconomic imbalances for Croatia6

REAL SECTOR7

1. GDP, Inflation7

Croatia's GDP growth confirmed at 0.5% in first quarter7

Croatia's consumer prices edge down 0.1% y/y in April8

Croatia's agricultural producer prices drop 3.8% y/y in first quarter8

Drop in Croatian producer prices deepens in April8

2. Industry and Trade9

Growth in Croatia's industrial output slows in April9

Growth in Croatia's industrial sales accelerates in March10

Croatia's retail sales growth accelerates in April11

3. Labour Market11

Croatia's unemployment rate falls in April11

Croatia's average net monthly salary rises by real 3.9% y/y in March12

4. Tourism12

Tourist arrivals to Croatia rise 3.2% y/y in April12

FISCAL SECTOR, MONETARY POLICY13

Croatia sells EUR180.8mn worth of kuna T-bills, beats target13

Croatia's M4 money supply up 2.2% y/y to EUR37.3bn at end-April13

FINANCIAL INTERMEDIATION13

Croatia to seek investors to participate in HPB capital hike13

Zagreb bourse's turnover falls 20.7% m/m to EUR25.7mn in May14

Croatia's Banka Splitsko-Dalmatinska raises stake in Slatinska Banka14

RBI's net profit in Croatia down 18.6% y/y in first quarter14

Croat factoring companies after-tax profit up 13.6% y/y in first quarter15

Net assets of Croatian open-end investment funds flat m/m in April15

Croatian mandatory pension funds' assets up 21.9% y/y in April15

Value of new contracts signed by Croatia's leasing firms down 6.7% y/y in first quarter15

Croatia's Supreme Court upholds decision on Swiss loan dispute between banks and consumers16

Hungary's OTP Bank says profit of Croatian unit drops in first quarter17

Croatia investigates 14 citizens with EUR224.4mn in savings in banks abroad17

UniCredit says net profit in Croatia jumps 34.3% y/y in first quarter17

Croatian insurers' premium income rises 5% y/y in January-April18

EXTERNAL SECTOR18

Croatia's 2014 trade gap narrows 1.7% - final data18

Croatia's gross foreign debt rises 2.7% m/m in February19

Croatia's trade gap widens 0.3% y/y in January-March20

STRUCTURAL REFORMS20

Croatia's LNG Hrvatska gets 12 non-binding bids for capacity allocation on planned LNG terminal20

Croatia to award six licenses for onshore oil/gas exploration21

Croatian flag carrier Croatia Airlines plans to sell stake for EUR50mn22

Croatia's Adris Grupa signs deal to sell tobacco unit TDR to British American Tobacco22

Croatia's HEP, Germany's RWE plan new joint venture23

Croatia to offer Hungary's MOL new shareholder deal on oil/gas firm INA "very soon"23

POLITICS24

Former Croat transport minister charged with corruption, abuse of office24

Croatia's opposition HDZ Party keeps leading position with 29.4% backing - poll25

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