Page 94 - SE Outlook Regions 2024

network. This will include destinations such as Singapore, China, Hong Kong, and the United States (JFK).
Dronamics is expected to begin commercial operations in Greece at the beginning of 2024, focusing on establishing a same day service connecting Athens with the industrial north area of Greece, as well as the islands in the south.
At the start of 2024, Bulgarian digital insurance broker Boleron plans an IPO on the BEAM growth market on the Bulgarian Stock Exchange in the beginning of 2024. Boleron will try to raise between €3mn and €6mn in the IPO. The funds raised via the IPO will be used for expansion of Boleron in Romania and Greece.
In the defence sector, the war in Ukraine doubled the sales revenue of Bulgarian state-owned arms and ammunition producer VMZ Sopot in the first nine months of 2023 and the company is expected to thrive further in 2024. The sales revenue jumped 80% y/y through September to around BGN680mn (€348mn). In 2024, VMZ Sopot intends to increase its capacity with new technological lines.
Construction is also expected to get a significant boost in 2024 thanks to funds under the recovery and resilience plan. The government intends to invest in infrastructure projects over the year, including road construction.
On the IT segment, Amazon Web Services donated $1mn to the Bulgarian Institute for Computer Science, AI and Technology (INSAIT) to launch a professorship in automated reasoning. The donation will be used to bootstrap the area of automated reasoning by providing wages to professors and fellowships for incoming students (doctoral, masters, and undergraduate) working in the space.
5.4 Real economy - Croatia
5.4.1 Retail
Croatia’s retail trade, which posted growth in the first half of 2022, was hit by the economic crisis caused by the Russian war in Ukraine since then and that trend continued through 2023. In the first months of 2024, retail sales are expected to be affected by the global economic crisis, although its effect will be mitigated by government’s aid packages aimed at curbing inflation and increasing private consumption.
According to statistics office data, retail trade turnover increased by a real 2.8% y/y in October and by 3.2% m/m. A month earlier, retail sales decreased by 1.4% y/y. However, the retail trade posted a decrease in January-October, by 2.3% y/y, due to the fall throughout most of 2023.
Working-day adjusted retail trade turnover increased in nominal terms by 8.9% y/y, after expanding by 5.9% y/y the month before.
94 SE Outlook 2024 www.intellinews.com