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Croatia outperforms on tourist spending – more than 10 times higher than global average

Tourist spending represents 19% of Croatia economy, more than ten times higher than the global average of 1.2%, shows research by UHY, the international and consultancy network.The rate of growth in tourist spending in Croatia over the last year was 9.1% up to USD9.6 billion in the last year, from USD$8.8 billion in the previous year.*

Croatia was ranked 1st in the study. UHY studied 34 countries around the world, looking at spending by tourists (including travel to the country) in the past two years as a percentage of that country’s Gross Domestic Product (GDP).

The study found that European economies, on average, have a higher level of tourist spending in their countries as a percentage of GDP (2.1%) compared to emerging markets (0.7%).

However, the UHY study reveals that emerging markets are outstripping European economies in the rate of growth in tourist spending in the countries. On average, emerging markets saw tourist spending increase twice as fast as European economies over the past two years (2.2% compared to just 1.1% growth for Europe).

Helena Budiša from UHY UHY HB EKONOM d.o.o. in Croatia, says: “Tourism helps economies such as Croatia support job creation and business growth, but it needs constant investment.”

“Tourism is a major battleground in the global economy – both in terms of generating hard currency and soft power.”

“Every year has a significant increase of more than 10% in tourist numbers. Additional increases are expected this year, especially due to large investments in Zagreb, Split and Dubrovnik airports which doubled their capacities and new terminals can receive a total of 11.5 million passengers a year."

“As globalisation continues and more people get the opportunity to travel more widely, tourism is likely to become an even more important source of jobs and a catalyst for business creation and growth. Governments need to recognise the opportunities it brings.”

"The government initiatives have proved vital in nurturing such a critical industry, including charging lower VAT on hotels and accommodations, as well as giving tax breaks on food and accommodation for seasonal staff who are necessary for maintaining top tourism services."

“Many higher growth economies are looking to rapidly expand the infrastructure capacity needed to support large numbers of tourists arriving. Additionally, many emerging tourist hotspots are constantly investing in new attractions to keep visitors longer and to spend more.”

 

Tourist spending represents 19% of Croatia’s economy – more than ten times higher than global average

Rank

Country

2016 GDP
USD$ billion

2016 Tourist expenditure
USD$ billion

Tourist expenditure
as a %
of GDP

-

Europe

$14,494.03

$298.26

2.1%

-

World

$61,107.02

$745.93

1.2%

-

G7

$35,580.00

$416.88

1.2%

-

Emerging Markets

$19,650.02

$144.45

0.7%

-

BRICs

$16,560.00

$80.67

0.5%

1

Croatia

$51.35

$9.63

18.8%

2

Malta

$11.28

$1.45

12.9%

3

Portugal

$205.27

$14.05

6.8%

4

Malaysia

$296.54

$18.08

6.1%

5

New Zealand

$185.38

$9.42

5.1%

6

Spain

$1,240.00

$60.61

4.9%

7

Vietnam

$201.31

$8.25

4.1%

8

Uruguay

$52.42

$1.83

3.5%

9

Zambia

$20.94

$0.68

3.3%

10

Australia

$1,260.00

$32.44

2.6%

11

Belgium

$468.15

$11.61

2.5%

12

Poland

$471.22

$10.98

2.3%

13

Denmark

$306.90

$7.05

2.3%

14

Guatemala

$68.76

$1.56

2.3%

15

Italy

$1,860.00

$40.37

2.2%

16

Mexico

$1,080.00

$19.65

1.8%

17

Netherlands

$777.55

$14.05

1.8%

18

Israel

$317.75

$5.72

1.8%

19

Peru

$195.43

$3.50

1.8%

20

France

$2,470.00

$42.64

1.7%

21

Rep. of Ireland

$304.50

$5.20

1.7%

22

Philippines

$304.91

$5.15

1.7%

23

United Kingdom

$2,660.00

$41.45

1.6%

24

Canada

$1,540.00

$18.28

1.2%

25

United States

$18,620.00

$205.94

1.1%

26

Germany

$3,480.00

$37.45

1.1%

27

India

$2,270.00

$22.43

1.0%

28

Romania

$187.81

$1.73

0.9%

29

Argentina

$554.11

$4.69

0.8%

30

Japan

$4,950.00

$30.75

0.6%

31

Russia

$1,280.00

$7.79

0.6%

32

China

$11,220.00

$44.43

0.4%

33

Brazil

$1,790.00

$6.02

0.3%

34

Nigeria

$405.44

$1.07

0.3%

 

 

Croatia sees Tourist spending increase by 9% in past year

Rank

Country

2015 Tourist expenditure
USD$ billion

2016 Tourist

expenditure
USD$ billion

Amount change in

tourist

expenditure

USD$ billion

Percentage change

in tourist

expenditure

-

BRIC

$80.24

$80.67

$0.43

0.5%

-

Emerging Markets

$141.34

$144.45

$3.11

2.2%

-

Europe

$294.89

$298.26

$3.37

1.1%

-

G7

$413.60

$416.88

$3.29

0.8%

-

World

$726.58

$745.93

$19.35

2.7%

1

Nigeria

$0.41

$1.07

$0.66

159.0%

2

Japan

$24.97

$30.75

$5.78

23.2%

3

Australia

$28.89

$32.44

$3.55

12.3%

4

Vietnam

$7.35

$8.25

$0.90

12.2%

5

Mexico

$17.73

$19.65

$1.92

10.8%

6

Portugal

$12.69

$14.05

$1.36

10.7%

7

Canada

$16.54

$18.28

$1.73

10.5%

8

Croatia

$8.83

$9.63

$0.80

9.1%

9

Rep. of Ireland

$4.79

$5.20

$0.41

8.6%

10

Spain

$56.53

$60.61

$4.07

7.2%

11

India

$21.01

$22.43

$1.41

6.7%

12

Netherlands

$13.17

$14.05

$0.87

6.6%

13

Peru

$3.31

$3.50

$0.19

5.8%

14

Denmark

$6.69

$7.05

$0.36

5.4%

15

Malta

$1.38

$1.45

$0.07

5.1%

16

Poland

$10.47

$10.98

$0.50

4.8%

17

Zambia

$0.66

$0.68

$0.02

3.5%

18

Brazil

$5.84

$6.02

$0.18

3.1%

19

New Zealand

$9.14

$9.42

$0.28

3.0%

20

Uruguay

$1.78

$1.83

$0.05

2.7%

21

Italy

$39.42

$40.37

$0.95

2.4%

22

Malaysia

$17.67

$18.08

$0.42

2.4%

23

Germany

$36.88

$37.45

$0.56

1.5%

24

Romania

$1.71

$1.73

$0.02

1.1%

25

United States

$205.42

$205.94

$0.52

0.3%

26

China

$44.97

$44.43

-$0.54

-1.2%

27

Israel

$5.79

$5.72

-$0.07

-1.2%

28

Guatemala

$1.58

$1.56

-$0.03

-1.9%

29

Philippines

$5.27

$5.15

-$0.12

-2.3%

30

Belgium

$11.96

$11.61

-$0.35

-3.0%

31

France

$44.83

$42.64

-$2.19

-4.9%

32

Argentina

$4.93

$4.69

-$0.24

-4.9%

33

Russia

$8.42

$7.79

-$0.63

-7.5%

34

United Kingdom

$45.53

$41.45

-$4.08

-9.0%

 

Source: IMF and UNWTO (UN World Tourism Organisation). The numbers have been rounded.

 

*In 2016, latest data available.

**Source: UN World Tourism Authority

*** National Statistics Institute (INE), July 2017

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