Page 82 - SE Outlook Regions 2022

The individual aid provided to each company would be up to the loss it
has suffered.

Meanwhile, foreign tourist numbers were rising since the summer. In
October, they jumped by 46.1% y/y, going also around 0.3% above the
pre-pandemic level, according to latest statistics office data.

Bulgaria has a growing IT and technology sector, and the development
of the local financing ecosystem was supported by the launch of
Vitosha Venture Partners, a new €26mn venture fund launching out of
Bulgaria, and backed by the government. The fund aims to invest in
around 100 companies that are based in or related to Bulgaria.
International venture capital funds are also eyeing Bulgarian
companies, with TA Associates and LEA Partners acquiring Bulgarian
IT company Chaos in January.

In 2021, local company Dronamics, which produces and operates
middle-mile cargo drones, attracted attention after signed a partnership
agreement with DHL to jointly develop solutions and offer same-day
cargo drone deliveries to customers using the drone delivery network
and Black Swan drones from Dronamics. Dronamics Capital, a
company established to invest in the cargo drone manufacturer,
successfully completed an IPO on the Bulgarian Stock Exchange,
raising BGN6mn (€3.1mn).

3.4 Real economy - Croatia

3.4.1 Retail

Croatia’s retail sector was affected by the cronacrisis and lower private
consumption in 2020. However, it started recovering in 2021. As well as
the lifting of restrictions on the Croatian population, the summer also
saw a rising number of tourists, albeit in smaller numbers than before
the pandemic began, further pushing up retail trade. Statistics for July
and August showed that the summer season was strong, close to
pre-crisis levels.

Retail trade turnover increased in Croatia by 8.7% annually and fell by
1.9% in monthly terms in October. The largest impact on the increase in
the nominal turnover in October compared to the same month of the
previous year came from the automotive fuels and lubricants with a rise
in turnover of 37.1% and an impact on the total trade turnover of 6.7%,
as well as from the non-specialised stores with food, beverages and
tobacco predominating with a rise in turnover of 8% and an impact on
the total turnover of 2.7%.

In 2022, the retail sector is expected to further expand unless the
authorities are forced to impose a new countrywide lockdown. So far,

82 SE Outlook 2022 www.intellinews.com