Boston, MA -- (SBWIRE) -- 11/26/2014 -- Despite revising our growth forecasts for the Croatian tourism market downwards since 2014, we still expect to see the industry grow healthily over the coming y ears. Accession to the EU, combined with a general recovery in the economies of many European source markets, will continue to boost arrivals to the country by around a million over the forecast period and this will lead to positive developments across all other key market indicators with the exception of outbound tourism, which remains at risk of stagnation due to a relatively flat domestic economy.

The growth in arrivals that we expect to drive investment in the sector is likely to be lower than originally anticipated due to a slight slowdown in growth in the EU, which provides the bulk of arrivals to Croatia. As such, growth is dependent on the continued health of those economies, Germany in particular as the largest contributor of tourists to Croatia. Inbound travel will increase by about 1mn journeys between 2015 and 2018, reaching 12.8mn at the end of our forecast period. Outbound tourism will also grow but will be held back by sluggish domestic economic growth. Nevertheless we expect to see outbound travel increase from 2.1mn journeys in 2015 to 2.4mn journeys in 2018.

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The country's transport infrastructure is in serious need of modernisation but a lack of government funding is holding back investment, EU structural adjustment funds are now available to Croatia, however, and this will go some way to encouraging the flow of tourists by increasing travel capacity, including the expansion of Zagreb airport which is benefitting from European funding. Challenges remain such as the lack of luxury accommodation and an overreliance on the summer season and European source markets. But these challenges also provide opportunities for investment, especially as the government looks to open up the tourism markets to greater investment from abroad.

Key Recent Developments

- Swiss company TFI Holding...

The Croatia Tourism Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for tourist expenditure; government expenditure on tourism; passenger arrivals and departures by mode of transport, reason for travel, origin and destination; and the accommodation market.

BMI's Croatia Tourism Report provides industry professionals and strategists, corporate analysts, associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the Croatian tourism industry.

Key Benefits

- Benchmark BMI's independent tourism industry forecasts for Croatia to test other views - a key input for successful budgetary and planning in the Croatian tourism market.
- Target business opportunities and risks in the Croatian tourism sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Croatia.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. KPIs and latest activity).

Coverage

BMI Industry View

This contains a synopsis of our forecasts, and any changes, together with an overview of key trends and developments in the tourism industry, and an assessment of the impact of various economic and national factors which might affect the sector. It also covers new transport projects, new hotel developments, and acquisitions.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the tourism sector and within the broader political, economic and business environment.

BMI Industry Forecast Scenario

Forecasts to end-2018 for all key indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecasts:

Inbound tourism: Arrivals (?000), arrivals growth (% y-o-y), arrivals by region, growth (% y-o-y), arrivals by country, growth (% y-o-y), top 10 countries based on arrivals, growth (% y-o-y).

Outbound tourism: Departures (?000), growth (% y-o-y), departures by regional destination (?000 and growth % y-o-y).

Travel: Methods of travel for arrivals (Air, Ship, Rail), (?000) and (% growth y-o-y), international Tourism receipts for transport (US$bn), (growth % y-o-y), international Tourism receipts for travel items (US$bn), (growth % y-o-y).

Hotels: Hotel industry value (US$bn), (growth % y-o-y), (%GDP), (per capita), (per employee), number of hotels and like establishments (?000), (growth % y-o-y), total overnight stays, (?000), (growth % y-o-y), length of stay, occupancy rate (%), number of hotel rooms, (?000), (growth % y-o-y).

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