GDP growth slowed in Q4 but was well above target for full-year 2005, helping the government stay within fiscal deficit targets and win approval for continued IMF support. Investment recovery accelerated in the second half despite tight monetary policy, which is now having the desired effect of constraining consumption growth while not deterring industrial equipment purchases and infrastructure improvement for industry and tourism. However, improvements to the budget balance caused by faster growth will reduce the Democratic Union government's incentive for major public subsidy cuts or service privatisations with the next election only 18 months away. Lack of agreement on a burden-sharing pact with employers and unions makes it harder to envisage a serious assault on the IMF's agenda fo...
Higher investment and an improving trade balance lifted Q1 growth to 6%, strengthening prospects of growth of around 5% for 2006 despite a Q2 acceleration in inflation. With consumer spending growth now under control, investment is the main driver of recent growth, with exports also playing a useful role despite continued HRK appreciation. Reappointment of central bank governor Rohatinski signals continuity in monetary policy, which will remain tight at least until the fiscal deficit drops below the EU-specified 3% of GDP ceiling; but the government's caution over tax reduction means that target could be reached this year as above-target revenue compensates for limited success in reducing the state's social subsidy bill. Relatively heavy taxation and regulation remain deterrents to inwa...
ONE of the world's leading experts on tourism wants North Wales to follow in the footsteps of its European neighbours and create a masterplan for financial success. Professor Terry Stevens is working with Tourism Partnership North Wales to make sure the region is a destination which visitors will want to return to - again and again. He aims to make the area approach tourism in the same way as our successful continental rivals - such as Croatia, Finland, Italy and Austria - by promoting 'destination management'.
OF ALL the nations in the former Yugoslavia, it is Croatia whose tourism has revived most energetically since the turbulent Nineties. It has a fabulous coast, a tangle of islands, olive groves and vineyards; it has pearly Dubrovnik and half a dozen miniature sister cities with red-tiled roofs, marble pavements, Renaissance churches and quays lapped by a gin-clear Adriatic. 'Like Venice, only with water you can swim in off the quay,' one visitor said.
In the 1950s and 1960s the Balkan Riviera was the place to dock if you were avoiding ex-lovers in gossipy Portofino and wanted more exclusivity than Monte Carlo. From Sophia Loren and Richard Burton to the Queen, its visitors were of the highest calibre. Sadly, its star has waned since Loren stormed the kitchen of the state-run Sveti Stefan hotel to teach the chef how to make a proper carbonara, and during the war with Croatia in the 1990s, tourism dried up altogether. So, in a bid to restore former glories, after declaring independence from Serbia in 2006, Prime Minister Milo Djukanovic got together with the Hungarian-born Canadian gold-mining mogul Peter Munk and they hatched a plan to attract a new tribe of super- moneyed seafarers to Montenegrin shores. Munk's consortium of investor...
German radio station Deutschlandfunk reports that a recent Gallup poll has shown that a majority of Croatians oppose their country's accession to the EU, due to fears for their fisheries and tourism industry. Croatia is expected to join the EU in 2012. May I suggest that the Croatians have a good look at how Britain's fishing industry was decimated when a certain British Prime Minister Edward Heath handed over Britain's territorial fishing grounds to the EU in exchange for Britain joining the EU!
ITS fur was white with a streak of grey and it sat magnificently by the roadside, staring into the distance. We had no doubt what it was. On a lonely route high in the Durmitor mountains of Montenegro, we had just encountered our first fullgrown wolf. We stopped and fumbled for our cameras, but by the time we were ready it had ambled into the undergrowth. Somehow, it didn't seem so surprising. Having gained its independence from Serbia as recently as 2006, Montenegro can often feel untamed, its tourism far less developed than it is, for example, in neighbouring Croatia.
MONTENEGRO was once the Adriatic's answer to St tropez. Its beautiful coastline attracted glamorous visitors such as Sophia Loren, Marilyn Monroe and elizabeth taylor. During the Balkan conflict of the 1990s tourism dropped off completely and it has taken a while to recover. But once again, the pristine beaches, Venetian settlements backed by densely forested peaks (Montenegro means 'black mountain') and valleys are working their magic on investors. People have begun to realise the potential of the beach- studded 'new Croatia', as it was sometimes billed, ideally positioned between east and west, and both tourism and holiday home prices rocketed to a peak in 2007. Now, in these more austere times, prices are adjusting to a reasonable level and Montenegro seems to be fareing better than ...
MANAVIGATOR-March 11, 2009- (C)2010 M2 COMMUNICATIONS http:// www.m2.com Croatia's Adris Group (ZSE:ADGR), active in tobacco and tourism said that it has acquired a stake of 51%, or 623,806 shares of Bosnian cigarette and newspaper retailer Opresa.
THE Adriatic coast of Montenegro, squeezed between Croatia and Albania, is causing quite a stir. The World Travel and Tourism Council named the country as one of the fastest-growing holiday destinations and top hotels like Banyan Tree and Four Seasons are eyeing up sites as Russian and European tourists arrive in numbers. The country has a classy pedigree. Fifty years ago celebrities Elizabeth Taylor and Sophia Loren added fivestar glamour by holidaying on Sveti Stefan, a small island of stone houses now reborn as an Aman resort. The 1990s Balkan conflict ended the party but today newly independent Montenegro is back as an affordable rival to more established Mediterranean hotspots. Most overseas property buyers focus on the calm waters of Kotor Bay, southern Europe's only fjord and a p...
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