Reports CROATIA MARKET REPORT A Little of
Everything Most forms of gambling are
Croatia
permitted in Croatia and the industry has flourished despite high taxes and licensing fees. Now the country is a fully-fledged member of the
Eurozone, Croatia has even more to offer.
Croatia has been diligently preparing and upping its game over the last few years. After its battle for independence from Yugoslavia in 1991 Croatia was involved in the Bosnia-Herzegovina war for the following four years and then lived for the best part of a decade under the authoritarian nationalism leadership of President Franjo Tudjman.
By early 2003 the country had managed to shake off enough of that legacy to apply for EU membership and 10 years later Croatia became the 28th member of the European Union. Ten in January this year, Croatia further integrated into the EU by joining the Schengen Area and becoming the 20th member state of the Eurozone.
As the New Year arrived Croatia swapped the Kuna for Euros and removed dozens of border checkpoints enabling Europeans to travel freely through Croatia and the other member countries
P32 WIRE / PULSE / INSIGHT / REPORTS
without passport checks and also permitting non-European travellers to apply for a standard 90 day visa for European travel.
Te changeover and entry into the Schengen area are expected to bring several practical benefits to Croatian citizens and businesses and will make travel, tourism, and trade much easier.
Tourism is already the main breadwinner for the Croatian economy responsible for around 20 per cent of the GDP whilst the manufacturing industry contributes around 12 per cent.
With its Mediterranean climate, long Adriatic coastline, islands, mountains, and nature parks, Croatia has long been a tourism hot spot and around 70 per cent of tourists to Croatia come from Eurozone countries. It is one of the most visited countries in the Mediterranean with 21 million tourists in 2019. Te last couple of years saw a drop in figures due to Covid travel
restrictions with around 11.2 million in 2021 and 18.9 million in 2022.
Te vast majority of visitors come from Germany, Slovenia, Austria, and Italy. Tere are around 750 hotels in Croatia and 1.3 million beds available.
Te adoption of the Euro currency has been one of Prime Minister Andrej Plenkovic’s main goals and as such he has had to tackle a struggling economy to meet the strict economic conditions required to enable the country to adopt the Euro currency which included having a stable exchange rate, controlled inflation, and sound public spending.
Te Croatian government managed to decrease public debt to 78 per cent of GDP from an all- time high of 84 per cent back in 2014 whilst the country has also been privatising its non- strategic assets.
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