The surplus of the current account of Croatia’s balance of payments in the third quarter of last year amounted to 1.85 billion euros, which is an increase of 58.3 million euros or 3.3 percent compared to the same period in 2009, with revenues from travel or tourism slightly decreased by 1.2 percent, according to preliminary data from the Croatian National Bank (HNB).
On the goods account in the third quarter of 2010, the deficit was reduced by 6.5 percent or 119.3 million euros compared to the same period the previous year, resulting in a deficit of 1.72 billion euros. At the same time, the surplus on the services account (i.e., the difference between income and expenses from services) increased by 79.4 million euros or 2.1 percent, resulting in a surplus of 3.82 billion euros on the services account in the third quarter of last year. The vast majority of the services account consists of revenues from travel or tourism, which amounted to 3.85 billion euros. However, a slight decline in travel or tourism revenues was recorded, with these revenues in the third quarter of last year being 1.2 percent or 45.1 million euros lower than in the third quarter of 2009.
The increased number of tourists during the peak season did not lead to higher tourism revenues. An analysis of HNB data shows that tourism revenue during the peak season, i.e., the third quarter, was last at a lower level in 2004. The travel balance (the difference between income and expenses) in the third quarter of last year was in surplus of 3.68 billion euros, which was about 0.5 percent or 17 million euros higher than in the same period the previous year. On the income account, the deficit of 531.3 million euros increased by 49.2 percent, while the surplus on the current transfers account of 276 million euros was 14.4 percent higher than in the third quarter of 2009. (H)
