Record high revenue from tourism in Q3

A surplus of €5.78 billion was recorded in the current and capital account of the balance of payments in Q3В 2023, which is €1.41В billion more than in the same period of 2022,В show data from the Croatian National Bank (HNB), which highlights a record high revenue of €9.12 billion from tourism.

“In the third quarter of 2023, the current and capital account balance amounted to EUR 5.78 bn, which is a noticeable increase from €4.37 bn recorded in the same quarter of the preceding year,” the central bank says on its web site.

Revenues from travel industry up 7.7%.

The excellent results are ascribed primarily to “revenues from travel of €9.12bn, (which, in the third quarter of 2022, totaled €8.47bn), that mainly affected an increase of €0.57bn in the positive balance on the services sub-account.”

In the first nine months of 2023, the revenues from foreign visitors to Croatia totaled €12.97 billion, or 1.33 billion (+11.4%) more than in the January-September period of 2022.

“The negative balance on the goods sub-account improved by €0.63bn from the same quarter in 2022, although the values of both exports and imports of goods declined (having gone down by 19.8% and 16.6%, respectively).”

The balances in the primary and secondary income accounts saw no significant changes, while the positive balance in capital transactions improved by €0.17bn from the same quarter of the previous year mainly owing to increased payments from EU funds to end beneficiaries.