The value of foreign exchange income from tourism decreased after the audit

first_imgNamely, July and August still have the largest share in overnight stays throughout the year, which together account for about 60% of overnight stays throughout the year (2018% in 59,1). The level of this percentage is reflected in the comparison with other European Mediterranean countries (the average of six Mediterranean countries is 34,6%), where Croatia has by far the largest share. Thus, on 30 September 2019, the Croatian National Bank published a new calculation of statistical indicators of the balance of payments and international investment position of the Republic of Croatia. Finally, the Croatian Chamber of Commerce concludes that given that in the first eight months of 2019 there was an increase (2%) in tourist overnight stays compared to the same period in 2018, they expect that this year will see an increase in foreign exchange income from tourism. Namely, according to the data before the revision in the period 2003 ─ 2018, the decline of the observed indicator was recorded in three years (2004, 2009 and 2010), while according to the revised data in the same period, the decline was recorded only in 2009. According to the CNB, the new statistical calculation in 2019 is the result of the transition to new and better data sources and the improvement of calculation methods used by the CNB in ​​the process of compiling balance of payments and international investment and foreign debt statistics. Published data are harmonized with new methodologies and standards, and one of the most important improvements in the latest revision of data relates to statistics on foreign exchange earnings from tourism. HGK: The value of foreign exchange income from tourism has been revised downwards, but the trend is more favorable RELATED NEWS: The mentioned revision of data, which includes data from 2003, has reduced the value of foreign exchange income from tourism in all years, the Croatian Chamber of Commerce points out, adding that the trend of foreign exchange income from tourism is more favorable than it was before this revision. One of the visible examples of the impact of the consumption of foreign tourists, ie foreign exchange income from tourism and a certain impact of the seasonality of tourism, exists in retail trade. Namely, in the strongest tourist months of the year, ie in July and August, the highest retail turnover of the year is realized (about one fifth of the annual turnover in both mentioned months together). Retail trade turnover accounts for a significant share of personal consumption, ie the largest item of GDP. The most important improvements relate to the new calculation of tourism revenue indicators in the balance of payments, the inclusion of trade credits with original maturities of up to six months in foreign debt, both on the liabilities side and on the assets side, as well as the value of remittances and imports and, they point out from the CNB.center_img One of our biggest problems is extreme seasonality, ie Croatian tourism is extremely seasonal Source: CNB The Croatian National Bank (CNB) conducts an audit of foreign relations statistics every five years, and the last time it did so was at the end of September this year. / / / REVENUES FROM FOREIGN TOURISTS IN THE FIRST SIX MONTHS INCREASED BY 5 PERCENT The new calculation of indicators on tourism revenues in the balance of payments applies improved methods (starting with data for 2003) which are based on a combination of physical indicators and indicators of average consumption of foreign tourists, which is common in EU practice. The revised series reduces revenues from tourist spending in the range of approximately 0,5 to 1,1 billion. EUR and therefore adversely affects the current account balance of the balance of payments in the period from 2003 to 2018. Furthermore, the Croatian Chamber of Commerce points out that the revision of data on foreign exchange earnings from tourism did not affect the fact that tourism still plays an important role in the Croatian economy, as well as the fact that Croatia still has the highest ratio of foreign exchange earnings and GDP (about 18%). of GDP) in the EU. This data points to the need for a different structure of the Croatian economy because tourism is an activity that is subject to a wide range of risks (for example, weather conditions and security).  Apart from the above, the expression of the seasonality of Croatian tourism is also visible in the fact that Croatia has by far the highest ratio of the most visited and least visited month in the year when the EU is observed. Namely, according to Eurostat data, at the level of the entire EU, in the strongest month (in 2018 it was August) there are about four times more overnight stays than in the weakest month (in 2018 it was February), while in Croatia in August averages 58 times more overnight stays (2018 times in 55,7) than in January (in 2018 it was exceptionally February). INSTEAD OF AGRICULTURE IN THE SERVICE OF TOURISM, WE ENCOURAGE IMPORTS THROUGH TOURISM. SULUDO!last_img

Leave a Reply

Your email address will not be published. Required fields are marked *