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September 20, 2008

Tourism Report 2008

Summary: Tourism Overview Foreign tourist arrivals were up a strong 7.5% year-on-year (y-o-y) in 2007 to 9.3mn arrivals, resulting in one of the best tourist seasons on record in Croatia. Latest data for the first two months of 2008 show foreign arrivals up an impressive 21% y-o-y to some 126,000. This reflects to some extent the strong growth rate, albeit a lower 13% y-o-y, recorded over the same period in 2007. Domestic tourism, meanwhile, recorded a more modest growth rate of 5% y-o-y in the period January to February 2008. Forecast Scenario Real GDP growth in Croatia this year will be the highest this decade, at an estimated 5.9%. The economy is motoring along strongly on the back of domestic demand; although nascent signs in late 2007 suggest a consumer spending slowdown, which we see as the main factor behind a deceleration to 4.8% real GDP growth in 2008. There are risks of a sharp slowing in the global economy for 2008-2009; this will impact on Croatia through lower growth in tourism revenues, and harder access to credit for domestic consumers. Growth should, however, rebound strongly in 2011-2012 with expected EU accession. BMI continues to maintain that tourist arrival growth will slow in the short term, mainly due to a deteriorating global economic outlook. BMI has revised down growth forecasts for the eurozone economy (the main tourist source region for Croatia) to 1.6% in 2008 and then 2.0% in 2009 and 2010. The forecast strength of the Croatian currency, the kuna, against the euro, over the medium term, will also make the country relatively more expensive for foreign visitors from the eurozone. We expect a pick-up in the tourism sector in line with anticipated EU accession in 2011. Hospitality Remarkably strong figures were recorded in the hospitality sector in the early part of this year. In the period January to February 2008, the number of tourist nights totalled around 730,000 (domestic and foreign tourists), up a strong 13% y-o-y. Moreover, the number of foreign tourist nights was up a significant 20% y-o-y to 313,000 nights (around 43% of the total). Noticeably, the top four source markets, Germany, Italy, Slovenia and the Czech Republic, all recorded strong growth. Adris In 2007, the tourism business unit of Adris Group generated sales revenue of HRK414mn, up 7% y-o-y. The number of overnight stays totalled 2.63mn, an increase of 4.3% compared with a year earlier. This was a favourable outturn considering a number of facilities were not in use due to restructuring. The company intends to invest some HRK670mn in the sector in 2008.

Croatia Tourism Report Q3 2008 (Business Monitor International)

Market: Travel

Published Date: 20/06/2008

Market Research Report Title: Croatia Tourism Report Q3 2008

Table of Contents: View

Report Type: Market Report

Country: Croatia

Number of Pages: 36

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