The Austrian Foreign Trade Office on Tuesday published the findings of a survey showing that a majority of directors of Austrian subsidiaries in Croatia still assess the current economic situation in Croatia as negative, but their sentiment about future development is much more positive than in previous surveys.

This spring, for the seventh time, the Austrian Foreign Trade Office carried out an anonymous online survey of the economic situation in Croatia. This year 55 directors of Austrian subsidiaries in Croatia took part in the survey.

According to the findings, 49.1 percent of respondents see the current economic situation in Croatia as poor, 20% as very poor, 29.1% as satisfactory and 1.8% as good. Also, 43.6% predict that the development of the Croatian economy this year will be the same or somewhat better than in 2015, 10.9% believe it will be somewhat worse and 1.8% that it will be much better.

Furthermore, 55.6% of respondents expect their companies' revenues this year to increase in relation to 2015, 40.7% expect profit growth, 53.7% predict that investments will stay at last year's level, while 22.2% predict they will increase.

Asked what results they expected of their companies this year in relation to 2015, 41.8% said they expected better results, 30% said they expected the same results, one in five expected worse results and 7.3% expected much better results.

The Austrian Foreign Trade Office said the survey showed that satisfaction with economic conditions on the Croatian market remained very low. Respondents see a lot of room for improvement in approval procedures, public administration, the judiciary, the tax system, legislation and payment discipline, while praising the quality and motivation of the work force, local suppliers, energy costs and the infrastructure, the Office said.

Austria is one of the biggest investors in Croatia, having invested over EUR 5.5 billion so far, the Office said, adding that over 650 Austrian companies and subsidiaries operate in Croatia.

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