Coface Adriatic/Balkan Top 50 - 2016 edition
Economic activity accelerated in the Adriatic/Balkan region last year. The strongest contribution came from internal demand, with household consumption standing out as the main driver of regional growth. Exceptions to this rule include Serbia, which suffered from a decrease in private consumption for the fourth year in a row due to a weak labour market. Although unemployment rates have declined, the region still has double-digit levels of the population out of work in a majority of its economies.
The fifth edition of the Coface Adriatic/Balkan Top 50 ranking does not reflect the economic growth seen in the region (with an overall increase in turnover of only +0.3% to EUR 38.8 billion). Total net profits fell by -10.1% to EUR 1,139 billion. You therefore need to take a second look and dig deeper to see the economic upturn in this year’s ranking.
Revenues in the “Minerals, chemicals, petroleum, plastics & pharma” sector fell by -9.3%. Since this sector includes the largest companies in the region, its volatility consequently influence the overall results. All other industries reported good growth rates. Consumption boosted the turnover of “Non specialised trade” (+11.9%). This sector is also responsible for a massive recruitment wave, with 9,057 out of a total of 9,446 new jobs created within the region’s 50 largest companies. Overall employment increased by 6.4%.
Turbulence on the oil & gas market also led to a change in the region’s Top 3. Despite massive drops in turnover, the Slovenian and Croatian oil & gas giants defended their positions. Slovenia Petrol ended 2015 as the largest company in the region, followed by Croatian INA. Serbian NIS wasn’t so fortunate and was kicked off the podium by the Slovenian electricity company GEN-I. GEN-I reported another very successful year after adapting effectively to the challenging electricity market.
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