It will take exceptionally good tourist season to save Croatia from rating downgrade

Posted on July 29, 2012

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International credit rating agencies will not revise their ratings for Croatia before statistical data for June and perhaps even July come in

According to a well-informed source, international credit rating agencies will not revise their ratings for Croatia before statistical data for June and perhaps even July come in. The May budget revenue exceeded last year’s by only HRK 150m, while tax revenues decreased by more than HRK 0.5bn. The increased VAT rate brought in only HRK 100m more y/y, while analysts expected around HRK 251m more. If the budget revenue inflow continues to slow down, like most economists think it will, Croatia will face a serious threat of rating downgrade in September. The only one that can save us at the moment is a good tourist season.

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Posted in: Croatia