Download Croatia Country Report - Issue 1, 2016 Brochure

Brochure
More information from http://www.researchandmarkets.com/reports/3615097/
Croatia Country Report - Issue 1, 2016
Description:
This report reviews key macroeconomic data and microeconomic developments for Croatia published
between January 5 and February 5, 2015.
In the beginning of February, the European Commission revised up its growth projection for Croatia saying
that it now expects the economy to expand by 2.1% this year from 1.8% in 2015. Growth should be
supported by increasing domestic demand and is expected to stay at the same level in 2017.
The World Bank also raised its growth forecast for Croatia. It now sees the GDP expanding by 1.4%
compared to 1.2% in June.
In January, Standard & Poor's Ratings Services affirmed its 'BB' long-term and 'B' short-term foreign and local
currency sovereign credit ratings on Croatia. Fitch also affirmed Croatia's long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'BB' and 'BB+' respectively with a negative outlook.
The report also reveals the composition of the new government and the cabinet’s planned measures, as well
as the name of the first minister who resigned just a few days after taking office.
Key Points:
- Croatia's consumer prices fell 0.6% y/y in December, slightly narrowing from the 0.9% decline in the
previous month.The working-day adjusted industrial output rose 1% y/y in December, slowing from a 2.7%
annual hike in November.
- The unemployment increased to 17.9% in December from 17.7% in the previous month. The average net
monthly wage rose 4.9% in November, accelerating from a 4.3% hike in October.
- January-November trade gap narrowed 0.9% y/y as exports rose at a faster pace than imports.
- Croatia managed to attract €666.1mn foreign direct investments (FDI) in the first nine months of last year.
Contents:
1. Executive Summary
2. Macroeconomic Overview
- Romanian GDP growth bounds ahead of SEE peers, EC forecasts
- S&P affirms Croatia's BB/B ratings, outlook negative
- Fitch affirms Croatia at ‘BB’, outlook negative
3. Real Sector
3.1 GDP, Inflation
- World Bank raises Croatia’s growth outlook to 1.4% in 2016
- Croatia's consumer prices fall 0.6% y/y in December
- Croatia’s economic sentiment worsens in January
- Decline in Croatian producer prices eases in December
3.2 Industry and Trade
- Croatia’s industrial output up 1% y/y in December
- Croatia's retail sales growth accelerates in December
- Croatia’s industrial sales rise in November
3.3 Labour Market
- Croatia’s unemployment rate rises to 17.9% in December
- Croatia’s unemployment rate falls to 15.4% in Q3
- Croatia’s average net monthly salary rises by real 4.9% y/y in November
3.4 Tourism
- Tourist arrivals to Croatia rise 18% y/y in December
4. Fiscal Sector, Monetary Policy
- Croatia sells €81.7mn worth of kuna T-bills, yield falls
- Croatia's M4 money supply up 5.1% y/y to €37.5bn at end-December
- Croatian central bank accepts all bids in weekly reverse repo auction
- Croatia plans no tax changes in 2016, finance minister says
- Croatia's January-November central government deficit drops 36% y/y
5. Financial Intermediation
- CEE lender RBI reports preliminary net profit of €383mn
- Net profit of Croatian lender HPB hits record high
- INTERVIEW: UniCredit reorganises but keeps faith with CEE
- Croatian insurers' premium income rises 1.9% y/y in 2015
- Fitch affirms rating of Croatia’s biggest bank ZABA
- Zagreb bourse’s turnover falls 12% m/m in January
- EBRD acquires 5.2% in Zagreb Stock Exchange
- Croatian mandatory pension funds’ assets up 12% y/y in December
6. External Sector
- Croatia's trade gap narrows 0.9% y/y in January-November
- Croatia’s gross foreign debt rises 0.8% m/m in October
- Croatian central bank foreign reserves up 8% y/y to €13.7bn at end-December
- Croatia attracts €666.1mn in FDI in January-September - preliminary data
7. Structural Reforms
- Croatia reportedly to start privatization round with Koncar, Podravka, T-HT
- Croatia’s Badel 1862 sells non-alcoholic drinks brands to Slovenia’s Radenska
- Strong gains for SEE countries on Corruption Perceptions Index
- EC sees high fiscal sustainability risks for Croatia in mid-term
8. Politics
- Croatia back in business
- Croatia’s Veterans Affairs Minister resigns a few days after taking office
- Croatian parliament endorses new government
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