Sectoral analyses

Solar Energy Industry - Green energy transition & prospects for solar industry

Countries in Adria region are on the very end of the list of European countries as per installed capacity. Renewable capacities are increasing with a special note on solar. As compared to 2015, solar recorded 3-digit % growth in most of countries. But still, capacities are far below other countries in Europe despite potential Adria region has.

18.01.2023.

Regional topics

Labour market - Is the glass half empty or half full?

Labour market is strengthening and being one of the key factors behind the 2022 economic firming as well as acting as a limiting factor against counter-inflationary measures. Indeed, the unemployment rates returned toa multi-year downtrend, with Croatia and Slovenia are at or even below the EU average, while the rest of the region hovered around double-digit levels.

16.01.2023.

Sectoral analyses

Gaming industry

Average sales growth for the global peers has slowed to 3.5% in 2021, unlike 26.2% average decline in sales for the Adria region companies. Although, a decrease was driven by the large weight of Nanobit as its sales is the highest among the peer group, while both Nordeus and Ekipa 2 displayed sales growth.

04.01.2023.

Regional topics

Fiscal policy - A Wicked Mix of Tax Policies

In 2022, countries in Adria region have seen the best fiscal performance since at least 2019 largely on the back of economic activity rebound after exiting the pandemic limitations. That performance was also driven by a multi-decade high inflation, which in the first step increases the nominal value of tax intake before consumers adjust their spending habits due to higher costs.

19.12.2022.

Company reports

Atlantic group (ATGR) - Coffee Price Kept Them Awake at Night

With the exception of 2020 (for obvious reasons), Atlantic Group is steadily growing its top line. Double-digit inflation and tourism recovery have both contributed to top line increase, primarily in the coffee and beverages segment during the course of this year. On the other hand, input cost inflation outpaced the sales growth and resulted in margin contraction. In absolute terms, the main catalyst comes from the increase in material costs, particularly input costs of raw coffee, followed by the increase of energy costs.

15.12.2022.

Macro outlook

Adria Region Macro Quarterly 1Q 2023 - Economic Winter Blues

Real GDP outcome in 2023 in Adria region is expected to show a mixed picture, after healthy single-digit growth throughout 2022. We forecast a relatively small drop of overall economic activity in Slovenia, a symbolic slip in Croatia and mild growth rates in the non-EU region members.

14.12.2022.

Sectoral analyses

Automotive sector analysis - one piece at a time

In this sectoral analysis we are examining the latest trends and outlook for the automotive industry, concentrating on the Adria region’s key producers and their contribution as well as dependencies. Observing trends for the EU, EFTA and the biggest near-by markets, the figures are displaying bottoming out in car sales. We see two factors dominantly explaining the latest dynamics: a gradual recovery in the global supply chains and tightening, and demand strengthening as a function of economic activity rebound from the pandemic

12.12.2022.

Regional topics

Bonds & Equity - 2022 Market Wrap-up & 2023 Market Outlook

Entering the late hours of the year highlighted by risk aversion amid geopolitical crisis and fight against a multi-decade inflation spike, and since December is traditionally not the month of big market moves, we are making a wrap-up of the 2022 market performance for Adria region.

05.12.2022.

Regional topics

Inflation report – Two Sides Of The Same Coin

Annual inflation rate in October gained pace across the region, bar Slovenia, where it mildly slowed, and averaged around 15%. At the same time, core inflation rate averaged around 13% (data for Bosnia unavailable), hence slowly but surely creeping to headline rate.

30.11.2022.

Regional topics

Interest rate forecasts - Interest rates rising until mid of 2023

The central banks are in the midst of policy tightening, with consumer inflation speed-up showing only limited (if any) signs of abating. We are examining the trajectory and presenting forecasts for the key interest rates until end of 2023.

23.11.2022.

Regional topics

Tourism report - Tourist activity in region nearing record year of 2019

Observing the summer months of June-September 2022, total tourist arrivals and overnight stays in Adria region advanced strongly on a yoy basis. Overall growth in arrivals was seen from +20.9% yoy in Slovenia to +40.3% yoy in Bosnia and Herzegovina, while nights spent advanced by +15.8% yoy in Slovenia to +30.9% yoy in Serbia.

18.11.2022.

Regional topics

SME insight - SMEs Contribute Strongly To Adria Economic Output

Small and medium enterprises are seen as defining the structure of each economy’s activity. Given that majority of employees in each economy is engaged into the SME business, we are testing the Adria region’s ability to withstand economic turnarounds via the contribution of SME sector to the overall economy.

14.11.2022.