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Revenue from tourism grew in the third quarter

first_imgIn the third quarter, the deficit in foreign trade continued to increase (by EUR 0,1 billion compared to the same period last year), with slightly faster growth in exports than imports (8,3% versus 6,8% on an annual basis). On the other hand, there was a strong growth in net exports of services, to which it mainly contributed tourism, although the annual growth rate of tourism revenues was significantly lower than in the same period last year (4,8% compared to 9,1%). Data from the central bank for the period from January to the end of September this year show that revenues from foreign guests amounted to 9,24 billion euros, which is an increase of 6,4 percent or 558,8 million euros compared to the same period last year. At the level of the whole of 2018, growth of 2,7% and inflation of 1,5% is expected, while for the next year, 2019, the same growth rate is projected, which will be mostly contributed by the strengthening of general government investments due to stronger use of funds EU, and further growth of personal consumption, points out from the CNB as part of the report on balance of payments and international investment for the third quarter of 2018. In the third quarter of 2018, the current and capital account of the balance of payments recorded a surplus of 4,2 billion. EUR, which is by 0,2 billion. EUR more than in the same period last year. At the same time je realized rast Revenues from tourism exceeded the growth in the number of arrivals (3,1%) and overnight stays (1,6%) of foreign visitors in commercial accommodation facilities. Guests from Germany, the United Kingdom and Hungary contributed the most to the growth of physical indicators. The slowdown in tourism revenue growth can be explained by not so many factors. First of all, the strengthening of competition in the Mediterranean should be singled out, which, among other things, refers to Turkey and the countries of North Africa (Egypt and Tunisia), where the political situation has calmed down to some extent. Also, some European tourists probably decided to stay in their country or travel to Russia during the World Cup in June and July, which reduced tourist traffic in traditional summer destinations. Furthermore, after the revenues from tourism in Croatia grew faster than the competition for several years in a row, a high base was reached, so maintaining similar growth dynamics is difficult to sustain in the long run. Weaker results in the main tourist season were also recorded by some other Mediterranean countries, with Spain, Portugal and Italy standing out, the CNB concludes. Thus, in the third quarter of this year, record revenue was achieved on the basis of travel (tourism), which for the first time in the three most important tourist months (July-end of September) exceeded six billion euros and amounted to 6,24 billion euros. Thus, revenues from the consumption of foreign tourists were 4,8 percent or almost 283 million euros higher than in the same period last year.  Source: CNB At the same time, unfavorable developments in trade in goods greatly mitigate further growth in net exports of services, mainly on the basis of non-residents’ tourism consumption. However, the annual growth of tourism revenues at the level of the whole of 2018 should be slower than the previous three years. Attachment: CNB: Macroeconomic developments and forecasts However, despite the lower annual rate of tourism revenues, tourism revenues in 2018 amount to over 10 billion Euros, which is 19,8% of GDP (Table 1). The final report of the CNB for last year is expected at the beginning of March.2019.last_img

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