Innovation

The European Investment Bank (EIB) launched its annual EIB Investment Survey at an event organised with the Croatian National Bank today. The survey interviewed over 12 000 companies across the European Union (including 481 in Croatia) and 800 US firms. Keynote speeches by EIB Vice-President Teresa Czerwińska, Governor of the Croatian National Bank Boris Vujčić and Croatian Minister of Finance Marko Primorac, as well as presentations by Director of the EIB Economics Department Debora Revoltella, described the state of the Croatian economy, companies’ perceptions of the challenges they face and opportunities provided by Croatia’s accession to the euro and Schengen areas.

In Q2 2022, firms in Central, Eastern and South-Eastern Europe (CESEE) reported that their investment conditions had deteriorated drastically, and more than the EU average. They expected that business conditions in their sectors would continue to worsen, along with the general economic and political climate. And yet, on balance, firms in CESEE have planned to invest more in 2022 than they did in 2021. One source of impetus for this has been the pandemic, which prompted firms to become more digital, develop new products and shorten their supply chains. The use of advanced digital technologies has spread (internet of things, big data, artificial intelligence, 3-D printing, etc.): 67% of CESEE companies reporting using at least one advanced digital technology, narrowing the gap with the United States (71%) in line with the overall EU trend (69%). In response to pressure to adapt and innovate, a greater share of firms in CESEE intend to prioritise innovation over the next three years than in the European Union as a whole (27% versus 24%) or in the United States (21%).

The European Investment Bank (EIB) published the Bank Lending Survey with a focus on Central, Eastern and South-Eastern Europe (CESEE). The survey examines data collected in September 2022 and outlines the expected trajectory for the next six months vis-à-vis credit demand, supply conditions and credit quality.