Industry revenue of »travel agency activities« in Croatia 2011-2023

Although travel agencies are witnessing losses in majority of the European nations, including popular tourist destinations such as Sweden and Czech Republic and Belgium to name a few, their demand remains strong in Croatia. Revenues have grown from 527 million U.S. dollars in 2011 to 631 million U.S. dollars in 2019, with major factors being a wide variety of holiday packages and affordable pricing options on offer.

Initial projections demonstrated a 7 percent growth between 2019-2023. However, it looks highly unlikely at this point in time as the hospitality industry is bearing the major brunt of the corona virus.

The government has called for a nationwide lockdown and has not only banned international travel, but also placed severe restrictions on day-to-day operational activities, which have adversely affected industries including hotels, flights and tour operators. Leading airline groups such as Czech airlines and Smartwings have suspended their services for an indefinite period and are unlikely to resume in the short term. Additionally, leading hotel chains such as the Liburnia Riviera are witnessing massive losses, as booking cancellations amounted to over 60 percent for the month of March and April. In order to mitigate the impact, the government is providing bailout packages to travel agencies who are threatened with bankruptcy.

Industry revenue of »travel agency activities« in Croatia from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Croatia. The industry “travel agency activities“ has the code “N7911“.

Details on the methodology can be found here.

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