economy

Croatia remains Bosnia's biggest trade partner in 2016

Croatia is still the most important foreign trade partner to Bosnia and Herzegovina, according to figures released by the BiH Chamber of Foreign Trade which show that in 2016 the two countries' trade had gone up.

China says it will uphold UN sanctions against North Korea

China is determined to execute sanctions imposed by the United Nations Security Council against North Korea, China’s minister of commerce said Tuesday, a few days after the Chinese government suspended all coal imports from North Korea.

Greece's creditors want sweeping reforms before next bailout payment

Greece must make sweeping reforms to its labour market, pension system and collective bargaining agreements in order to receive its next vital bailout payment, the country's European creditors said Monday.

Petrokemija posts HRK 87.3m loss in 2016

The Petrokemija artificial fertiliser manufacturer made HRK 1.93 billion in revenues in 2016, expenditures were HRK 2.02 billion and the loss was HRK 87.3 million, down 5.6% on the year, the Kutina-based plant said on Monday.

Croatia's GDP per capita in 2014 was EUR 10,152

Gross Domestic Product (GDP) per capita in Croatia in 2014 was HRK 77,456 or EUR 10,152, and broken down by region, the highest GDP per capita was recorded in Zagreb, being 76.4% above the national average, while the north-eastern Virovitica-Podravina County had the lowest GDP per capita, 44.3% below the national average, show figures provided by the national statistical office (DZS).

Mongolia, IMF agree on 5.5-billion-dollar economic bailout package

The International Monetary Fund and partners have agreed to lend Mongolia 5.5 billion dollars to bail out its faltering economy, the organization announced on Sunday.

Uncertainties over Cimos deal between Slovenia and Croatia finally resolved - Slovenian media

Slovenia and Croatia have managed to resolve all contentious issues that were a prerequisite for the privatisation of the Koper-based Cimos car parts manufacturer and its sale to the Italian Palladio Finanziaria fund, Slovenian media reported on Thursday, citing unofficial sources.

Italian lawmakers approve 20-billion-euro debt hike for bank rescue

Italy's lower house of parliament on Thursday approved a government bid to increase public debt by up to 20 billion euros (about 21.3 billion dollars) to fund a rescue package for Monte dei Paschi di Siena (MPS) and other ailing banks.

Croatia, India sign economic cooperation agreement

Croatian Economy and Enterprise Minister Martina Dalic and Indian Commerce and Industry Minister Nirmala Sitharaman signed an agreement on economic cooperation between the two governments in Zagreb on Tuesday.

Athens: Agreement with international creditors could be imminent

The Greek government and its international creditors could soon come to an agreement on the implementation of further financial reforms, a government spokesman said Tuesday.

Companies recently not exporting to Russia lose licences

Exports to the Russian Federation can be renewed following results of inspections by the relevant bodies in third countries and an analysis by the federal veterinary service.

Eurozone economy growth stagnates at end of 2016

Economic growth in the eurozone rose by 0.4 per cent at the end of 2016 compared to the previous quarter, while growth for the whole of the European Union stood at 0.5 per cent, the EU's statistics office said Tuesday.

Economy minister says government's goal is permanent 5% economic growth

The government's goal is to achieve a permanent economic growth rate of 5%, Economy, Entrepreneurship and Crafts Minister Martina Dalic said on Monday at a business lunch organised by the American Chamber of Commerce (AmCham).

South Sudan scraps fuel subsidies to close budget deficit

War-torn South Sudan has scrapped fuel subsidies to help close its 200-million-dollar budget deficit, Finance Minister Stephen Dhieu Dau said Monday.

Parliament in favour of inquiry commission for Institute of Immunology

Croatian lawmakers were unanimous in their position on Friday that an inquiry commission should be set up to establish responsibility for the situation in the Institute of Immunology in Zagreb.

Germany posts record trade surplus adding to tensions with Trump

Germany reported a record trade surplus in 2016 adding to tensions with the Trump White House, which claims Europe's biggest economy is using a "grossly undervalued" euro to boost its export machine.

Imports increase faster than exports

Croatia's commodity exports in the first 11 months of 2016, expressed in the national currency, increased by 3.6%, on the year, while imports rose by 3.9%, the statistical office DZS said on Wednesday.

German exporters: Global recession could be "inevitable" under Trump

The head of Germany's influential exporters' association lashed out on Tuesday at US President Donald Trump, describing him as obsessed with power, and saying he could trigger a global recession.

ECB president Draghi to US: "We are not currency manipulators"

European Central Bank President Mario Draghi rejected US accusations of currency manipulation during a briefing before a committee of the European Parliament on Monday.

Djuro Djakovic inks additional HRK 15 mln deal with ATIR RAIL

The Djuro Djaković Specijalna Vozila company has concluded a HRK 15 million deal for the delivery of freight wagons to the French ATIR RAIL, the company reported on Monday. 

Privredni Vjesnik: Svaljek best analyst in 2016

In the survey "Business Expectations 2017", for the first time in five years, Croatian entrepreneurs have expressed some optimism, it was said on Monday at a presentation of the results of the survey conducted by the Privredni Vjesnik business weekly.

Turkey transfers shares in top companies to wealth fund

Turkey's government has begun to transfer its shares in top companies, including Turkish Airlines and Halkbank, to a sovereign wealth fund.

Dalic: Time to analyse advantages, drawbacks of joining euro area

Economy and Enterprise Minister Martina Dalic said on Saturday the time was right for Croatia to start analysing and defining the advantages and drawbacks of joining the euro area.

HNB says will continue with its stable kuna exchange rate policy

The Croatian National Bank (HNB) will continue with its policy of kuna exchange rate stability, the HNB told Hina when asked to comment on recommendations by President Kolinda Grabar-Kitarovic's council for economic affairs regarding monetary policy.

Nigeria navy confiscated 1.35bn dollars in illegal oil in 2016

Nigeria's navy confiscated 420 billion naira (1.35 billion dollars) in illegal crude oil and diesel in 2016, the chief of naval staff said Thursday.

PM says Croatia starts 2017 with encouraging indicators

Prime Minister Andrej Plenkovic has said that Croatia ushered in the new year in a positive atmosphere boosted by positive economic indicators and positive assessments made by international credit ratings.

Fed leaves benchmark US interest rate unchanged

The Federal Reserve left its benchmark interest rate unchanged Wednesday amid slowing fourth-quarter growth and a recent uptick in unemployment in the United States.

Indian minister pledges aid for poor, praises withdrawl of bank notes

The Indian government revealed plans on Wednesday to push spending and poverty alleviation schemes in rural areas in the upcoming fiscal year to try offset the economic setback of removing high-value currency notes from circulation.

Minister says economy recovering, expects positive trends to continue

Croatia's Economy, Entrepreneurship and Crafts Minister Martina Dalic said on Tuesday that data showing an increase in industrial production proved that the economy was recovering, noting that she expected positive trends to continue in the period to come.

Turkey tourism revenue down 27 per cent in fourth quarter

Turkey tourism revenues were down 27.2 per cent in the fourth quarter of 2016, state-run agency Turkstat said Tuesday, noting income was recorded at 4.7 billion dollars.

PM: Industrial production growth shows Croatia on right track

The industrial production growth shows that Croatia is on the right track, Prime Minister Andrej Plenkovic said on Monday commenting on the latest statistics which indicated that industrial production had increased by 14.9 percent in December 2016, growing for the 23rd month in a row and its highest rise since 2001.

Economic sentiment in Croatia, EU stable in January

The economic sentiment in Croatia in January 2017 stayed close to its highest level since the country joined the EU in mid-2013, on the back of improved expectations in the industrial sector that have offset subdued sentiments in other sectors of the economy, shows a report released by the European Commission on Monday.

Agrokor ranks 159th among world's 250 largest retailers

The retail unit of Croatia's Agrokor agricultural and food group ranks 159th among the world's 250 largest retail chains, moving up 33 spots in the ranking, the Deloitte consulting firm said on Monday.

PM says improved outlook confirms Croatia on the right track

Croatian Democratic Union (HDZ) leader and Prime Minister Andrej Plenkovic said on Saturday that the Fitch credit rating agency's upgrade of Croatia's outlook from negative to positive was further confirmation that Croatia was on the right track and that the government's work regarding fiscal consolidation, GDP growth in 2016, the budget for 2017 and the strategy for public debt management was good.

Fitch cuts Turkey's credit rating to junk

Ratings agency Fitch on Friday cut Turkey's credit rating to junk, citing political and security developments that had "undermined economic performance and institutional independence."

US growth slowed in fourth quarter to annual pace of 1.9 per cent

The US economy grew in the October-December quarter at an annual pace of 1.9 per cent, slowing sharply from the third quarter of 2016 due in part to a decline in exports and surging imports, according to the Commerce Department's initial estimate.

Eurogroup head Dijsselbloem: Europe is now on its own

Europe will be on its own in the coming years as US President Donald Trump has promised to advance "America first" policies, Eurogroup head Jeroen Dijsselbloem said on Thursday.

German consumers shrug off Trump, Brexit worries

German consumers have shrugged off worries about the new US President Donald Trump and the likely fraught Brexit negotiations, with a key survey of households in Europe's biggest economy posting its third monthly gain.

FinMin comments on situation in Agrokor

Finance Minister Zdravko Maric  said on Thursday that he was aware of the situation in the Agrokor food concern, adding however that he did not think the company would go bankrupt because it was still a good company.

German business confidence sinks as minister warns of Trump threat

The German economy entered the new year on a downbeat note with business confidence posting a surprise fall in January as concerns set in about US President Donald Trump's economic plans.

Vucic, Zvizdic say Serbia, Bosnia committed to dialogue

Serbia and Bosnia and Herzegovina are committed to dialogue and cooperation, and they can enhance their relations and improve economic and political cooperation, which will be conducive to peace and stability in the region, Serbia's Prime Minister Aleksandar Vucic and his visiting counterpart from Bosnia and Herzegovina, Denis Zvizdic, said at a joint news conference in Belgrade on Monday.

Slovenian and Czech prime ministers talk cooperation

Relations between Slovenia and the Czech Republic are excellent and both countries advocate strict control of the European Union's external borders and adherence to the rules of the Schengen regime when it comes to migrant movements, Slovenian and Czech Prime Ministers Miro Cerar and Bohuslav Sobotka respectively confirmed at a press conference in Prague on Monday.

Dalic presents gov't action plan to Zadar entrepreneurs

The government's action plan to relieve enterprises of red tape introduces more than a hundred measures designed to simplify existing legislation and ensure savings for employers, Deputy Prime Minister and Minister of Economy, Entrepreneurship and Crafts Martina Dalic said on Monday presenting the plan to entrepreneurs in Zadar.  

Financial leaders in Davos optimistic about US, but see trade risk

The US economy will likely profit from the planned policies of its new president, as long as Donald Trump does not turn his protectionist plans into reality, Western financial leaders said Friday at the World Economic Forum.

"The good times are over": Chinese fear Trump impact on economy

China's economy shows signs of stabilization. But Donald Trump is threatening high import duties on Chinese products. Economists and entrepreneurs say serious harm to China's economy is highly likely.

ECB leaves rates on hold as its ponders global uncertainties

The European Central Bank left its monetary policy on hold Thursday as it faces up to a slew of global economic and political uncertainties.

Analysts: Trump could signal the end of globalization as we know it

The inauguration of Donald Trump as US president could mark the dawn of a new economic era in which trade becomes more difficult and the world becomes divided into distinct regions, major Swiss bank Credit Suisse says in a study.

Erdogan says lenders must improve access to credit or face government

Lenders in Turkey must increase access to credit for businesses or they will have to face the government, Turkish President Recep Tayyip Erdogan warned on Tuesday, amid signs the economy is facing headwinds. 

Bloomberg ranks Croatia 41st among 50 most innovative economies

According to Bloomberg's innovation index, Croatia is ranked 41st among the 50 most innovative economies, down three places from 2016, according to a report released on Tuesday.

By year's end companies to be set up 'without paper', says minister

Minister of Economy Martina Dalic said during Question Time in Parliament on Tuesday that the government's Action Plan to relieve the economy, which should annually save enterprises about HRK 1.5 billion, was just the fist step in reducing the burden and cost of red tape.

China warns against trade war ahead of Trump inauguration

Chinese President Xi Jinping warned against a new trade war and presented China as a global champion of free commerce Tuesday at the World Economic Forum, where the change in US administration dominates the discussions.

IMF confirms outlook of more than 3% growth in European emerging economies

The International Monetary fund (IMF) on Monday confirmed its earlier estimates for emerging and developing European economies, including Croatia, with an expected growth rate above three percent this year, the IMF's World Economic Outlook (WEO) Update says.

Round table for stepping up food import control

Croatians mostly eat quality food, notably if it is domestic, but it is necessary to step up the control of cheap imports whereby foreigners frequently get rid of surplus goods, a round table on the food eaten and imported in Croatia, organised by the Agrarian Journalists Corps, heard on Monday.

IMF raises China growth forecast, but warns of sharper slowdown

China's economy will expand by 6.5 per cent this year, the International Monetary Fund said on Monday, as it warned that the growth, driven by government spending, will not be sustainable. 

IMF: Global economic activity projected to pick up pace in 2017-18

A positive shift in the world economy in the second half of last year prompted the International Monetary Fund (IMF) to leave unchanged its projections for higher global growth in 2017 and 2018, it announced Monday.

Italy saw deflation in 2016; first time since 1959

Italy experienced deflation last year, the first time it has done so since 1959, the Istat national statistics bureau confirmed Monday.

German economy sizzles at 1.9 per cent in 2016, strongest since 2011

The German economy grew by 1.9 per cent in 2016, the Federal Statistics Office announced Thursday, posting the strongest growth in five years for Europe's largest economy.

World Bank upgrades Croatia's economy growth projections

The World Bank has markedly upgraded the forecasts for Croatia's economic growth in 2016 and 2017, expecting it to stabilise at around 2.5%, while global economy is expected to grow by close to 3%, according to a report released on Tuesday.

Euro 2016 tournament in France generated $1.29 bn, study says

The Euro 2016 football tournament hosted by France over the summer had an economic impact of 1.22 billion euros (1.29 billion dollars), a study released Tuesday said.

Croatia's exports and imports up 3% in Jan-Nov 2016

Croatian exports increased by 3% in the first eleven months of 2016 compared with the same period in 2015, and imports rose at the same rate as well, according to preliminary data released by the National Bureau of Statistics on Tuesday.

Croatian economy: Positive trends expected to continue

Following a pickup in economic activity in 2016, analysts expect further strengthening of the Croatian economy and new tourism records in 2017, as well as a return of inflation, continued wage growth, an exit from the EU's excessive deficit procedure, and a possible upgrade of Croatia's credit rating.

SDP leader urges gov't to change regulations on taxation of student income

Social Democratic Party (SDP) leader Davor Bernardic on Thursday called on the government to urgently amend regulations under which students, once they earn HRK 15,000 in a year, have their each next income taxed at a rate of 24% plus municipal taxes, saying that by doing so, the government was being cruel to young people.

Croatian government announces 104 measures to save businesses HRK 1.5bn

This year the Croatian government will implement 104 measures that should save businesses 1.5 billion kuna (200 million euros), Prime Minister Andrej Plenkovic announced at the start of a Cabinet meeting on Thursday.

Greek industry association warns of Grexit without reforms

The Greek industry association SEB on Wednesday demanded that the government enact necessary economic reforms or else the country could be forced out of the European Union in a so-called Grexit.

Croatia's economy short of more than 1,800 robots

Croatia's economy, with its size, requires approximately 2,000 robots while it is estimated that the country currently has 175 robots, and Croatia is short of more than 1,800 robots, the Croatian Chamber of Commerce (HGK) said, underscoring that robotisation can be considered as one of the main engines for increasing productivity.

Eurozone inflation hits three-year high in December

Consumer prices in the eurozone surged to a three- year annual high thanks to a jump in energy costs.

Finland launches basic income experiment to overhaul welfare system

From the start of 2017, 2,000 people in Finland begin receiving a monthly government payment of around 600 dollars - whether employed or not. Finland hopes this social welfare experiment will modernize its labour market and boost employment.

2016 marked by faster economic growth, drop in public debt

A greater-than-expected growth, a record high turnover in tourism, and the curtailment of public debt for the first time since many years, despite political instability in the first half of 2016, marked 2016 in Croatia, economic analysts have said in response to Hina's queries.

Modi promises to ease cash crisis in India, announces sops

Indian Premier Narendra Modi on Saturday promised to ease the cash crisis triggered by the government's shock move to discontinue high denomination notes even as he announced incentives for the poor and farmers.

EU commission approves support measures for Italy's Monte Paschi bank

The Italian government has received the green light from European Union authorities to provide liquidity measures for its ailing lender Monte dei Paschi di Siena (MPS).

Nigeria gets rid of 50,000 government 'ghost workers'

The Nigerian government has removed the names of 50,000 ghost workers from its pay roll, saving as much as 200 billion naira (637 million dollars), a presidential spokesman told dpa Wednesday.

Mass fish deaths partly to blame as Vietnam's economy slows

Vietnam’s economy has experienced its first slowdown in four years largely due to poor farming conditions and a mass fish die-off, the government announced Wednesday.

ECB says Italy's MPS bank needs billions more in rescue funds

Ailing Italian bank Monte dei Paschi di Siena (MPS) needs to fill a larger capital gap than originally reported, the Italian bank stated late Monday citing new figures from the European Central Bank.

Foreign direct investment in Turkey slumps by 44 per cent

Foreign direct investment in Turkey was down 44.3 per cent in the first 10 months of the year, compared to the same period of 2015, the Economy Ministry said on Friday, according to the state-run Anadolu news agency.

Italian government approves rescue package for Monte dei Paschi bank

The Italian government has approved an emergency decree to rescue stricken Monte dei Paschi (MPS) bank, Prime Minister Paolo Gentiloni said after a cabinet meeting.

Italy MPS bank's recapitalization has failed, state rescue looms

Italy's Monte dei Paschi di Siena (MPS), the eurozone's most troubled lender, announced Thursday the failure of a critical recapitalization bid, paving the way for a state rescue and de-facto nationalization.

Third-quarter US growth hits two-year high

The US economy expanded at an annual rate of 3.5 per cent in the July-September period, the fastest quarterly growth since 2014, the Bureau of Economic Analysis said Thursday.

Italian parliament approves 20-billion-euro bank rescue package

Italy's two houses of parliament on Wednesday approved a government request to increase the public debt by up to 20 billion euros (20.8 billion dollars) to fund a rescue package for ailing banks, starting with Monte dei Paschi di Siena (MPS).

Major banks' economists project Croatia's 2017 growth at 2.9%

Chief economists at major banks in Croatia have forecast that the country's economy will pick up to 2.9% in 2017 on the tailwinds of rising personal consumption and investment activity, the Croatian Banking Association (HUB) said at a news conference in Zagreb on Tuesday.

Croatia's central bank revises upward its forecast for 2016 growth to 2.8%

The Croatian National Bank (HNB) on Tuesday revised upward its estimate of Croatia's economic growth in 2016 to 2.8% from its earlier estimate of 2.3%, and also increased its forecast for 2017.

Ukrainian government in surprise takeover of largest bank

Ukrainian President Petro Poroshenko announced Monday that the government had taken over the country's largest bank, Privatbank, citing concerns of instability in the domestic financial system.

Croatian Economy minister says S&P's outlook upgrade very encouraging

Deputy Prime Minister and Economy Minister Martina Dalic told Hina on Saturday that Croatia's economic outlook upgrade was a very encouraging sign, expressing confidence that the government's economic policy would result in the improvement of the country's rating and restoration of its investment grade.

Manufacturers defying gloomy post-Brexit forecasts, survey suggests

Manufacturers are holding up better than expected despite many economists' gloomy forecasts following Britain's vote for Brexit, an industry survey said on Friday.

Lack of new banknotes causes alarm in Venezuela

Venezuela on Thursday did not introduce as planned new banknotes in higher denominations to replace already-withdrawn 100-bolivar bills, raising alarm about how cash transactions could be carried out.

India opposition slams currency move as big scam, demands probe

Former Indian finance minister Palaniappan Chidambaram on Tuesday attacked the government's demonetization move as the "biggest scam of the year" which would harm the country's economy.

Currency chaos in Venezuela as bills pulled over "attack"

Venezuelans rushed to trade in their 100-bolivar bills ahead of a Wednesday deadline after President Nicolas Maduro said he was eliminating the nation's highest currency denomination in an attempt to fight speculation and currency hoarding.

Greek parliament approves 2017 budget

The Greek parliament approved the government's 2017 budget on Saturday evening, the parliamentary steering committee reported.

ECB meets overshadowed by threat of crisis in Italy

The European Central Bank met on Thursday to consider launching another round of monetary stimulus but the meeting was overshadowed by the threat of a political and banking crisis in Italy.

Airlines' revenues in Croatia up more than 6% in 2015

Air carriers in Croatia in 2015 recorded a positive financial result of HRK 20 million, 53.1% up from the previous year, and they also reported an increase in revenues, the Financial Agency (FINA) said on the occasion of Civil Aviation Day, December 7.

Erdogan says era of trade in local currencies set to begin

Turkish President Recep Tayyip Erdogan backed up his ambitions for the lira Wednesday, saying the era of local currencies is set to begin.

SSSH against proposed foreign workers' quota in Croatia in 2017

The SSSH trade union on Wednesday raised its voice against the proposed quota of work permits for foreigners in 2017, and accused the government of having caved in under pressure from employers.

Croatia's food industry records 43.7% increase in net profit

Croatia's food industry generated a consolidated net profit of HRK 931.5 million in 2015, which was an annual increase of 43.7%, according to figures provided by the Financial Agency (FINA).

Croatia records highest Q3 GDP growth in EU

The European Union's economy grew by 0.4% in the third quarter of 2016 compared with the previous quarter, and Croatia recorded the highest growth rate, according to data released by the EU statistical office on Tuesday.

Minister announces simpler regulatory system for Croatian economy

One of the Economy Ministry's main projects next year will be to reduce administrative and legislative burdens and to address extra taxes imposed on the economy through red tape, Deputy Prime Minister and Economy Minister Martina Dalic said on Tuesday.

Eurogroup finance ministers agree to debt relief for Greece

Finance ministers from the countries that use the euro agreed Monday in Brussels to a series of relief measures for highly indebted Greece.

Croatia's new car sales up 21% in Jan-Nov

A total of 40,631 new vehicles were sold in Croatia in the period from January to the end of November 2016, which was 7,024 units or 21% more than in the same period in 2015, according to data released by the Promocija Plus market research agency on Monday.

PBZ puts Croatia's growth at 2.7% in 2016

Privredna Banka Zagreb (PBZ) has revised upward its forecast of Croatia's economic growth for 2016 from 2.3% to 2.7%.

US unemployment rate dips to 9-year low

The US unemployment rate fell in November to 4.6 per cent, a nine-year low, the Bureau of Labour Statistics said Friday.

Erdogan calls on Turks to sell dollars and buy lira and gold

President Recep Tayyip Erdogan urged Turkish citizens on Friday to sell their dollars and buy gold and lira, as the local currency continued to decline against the greenback and euro.

Croatia's gross foreign debt in Aug down 9 straight months

Croatia's total gross foreign debt at the end of August this year amounted to 43.7 billion euros, which is 4.1 billion or 8.6% less than at the end of August last year, the Croatian National Bank (HNB) reported on Friday.