(Bloomberg) -- Croatia, the European Union member most dependent on tourism, may see annual revenue from the industry exceed 10.5 billion euros ($12.3 billion), the current record set in 2019.
While total tourism revenue so far this year has reached 90% of 2019 levels, reported income from the peak summer period shows a 10% increase compared with two years ago, Tourism Minister Nikolina Brnjac told the Slovenian Delo newspaper.
The higher revenue came despite a lower number of visitors than in the same period in 2019.
“A combination of factors influenced the increase,” said Zeljko Lovrincevic, senior economist at the Economic Institute in Zagreb. “The grey economy was suppressed by the Covid situation as more landlords reported their holiday guests. Also, prices are higher, and more people are shopping in big chains.”
The Adriatic nation of 4.2 million relies on revenue from tourism for about 20% of gross domestic product, according to a 2019 Tourism Ministry report.
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