Croatian hotels suffering major losses as COVID-19 contagion widens

Croatian hotels suffering major losses as COVID-19 contagion widens

Published at: 2020-03-24 14:28 | Author: CIJ Serbia
Croatia's hotel sector is suffering serious damage due to the coronavirus pandemic according to data from a new study by STR. The largest drop in Europe in hotel occupancy was recorded by Italy, where occupancy from 9 to 15 March this year compared to 2019 fell 93 percent but Croatia's drop was scarcely any better -- 71 percent. Greece too suffered a deep fall of 75 percent, which is similar with the figures from China, which recorded a 72 percent drop in occupancy.
While it's difficult to predict at this point how steep the fall in Croatia's GDP the current crisis will spark, the situation is likely to be compounded by a recent severe earthquake in Zagreb. The current estimate from analysts at RBA call for a 5 percent fall in the country's GDP in 2020.

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