December 9 (SeeNews) - Croatia's IT sector increased its revenue by 3.3% year-on-year to 27.8 billion kuna ($4.2 billion/3.7 billion euro) in 2020, a research sponsored by the country's trade chamber HGK showed.
It is a significant slowdown compared to the double-digit growth rates marked in the previous three years but given that this modest growth rate was achieved during the Covid-19 pandemic, when Croatia's economy contracted by more than 8%, it shows how robust the local IT sector is, the research paper read.
The share of the IT industry in Croatia's GDP reached 2.5% last year, up 0.9 percentage points compared to 2015.
The growth of revenue of Croatia's IT sector is expected to return to the double digits in 2021, at around 11% under a conservative estimate, which is equal to the average annual growth rate before the pandemics until 2019, and reach 12% in 2022, according to the research.
(1 euro=7.528 Croatian kuna)