Croatia Tourism Income Grows
Croatian tourism income, a key driver of the EU-bound country's ailing economy, grew during the first nine months of 2012 compared with the same period a year earlier, ministry data showed on Friday.
Tourism income rose to around 6.4 billion euros ($8.3 billion), an increase of 5.3 percent from the comparable figure for 2011, a statement released by the tourism ministry said.
The new figure represented 19.3 percent of Croatian gross domestic product (GDP) from January through September.
Almost 11 million tourists visited Croatia in that period, heading mostly to the country's stunning Adriatic coast.
Tourism Minister Veljko Ostojic noted that Croatia's entry into the European Union on July 1 would contribute to further growth of the sector.
The nation's economy has not expanded since 2009, and the government has even forecast that it shrank by 1.1 percent last year.
In December, the ratings agency Standard & Poor's cut Croatia's long-term sovereign credit rating to below investment grade, or junk status, owing to insufficient structural and fiscal reforms.
International financial institutions say the center-left Croatian government should reform the country's huge and inefficient public administration in particular, and also work to improve the overall business climate.
Source: Agence France Presse
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