Makro i sektorske analize koje vam pomažu u pametnom i utemeljenom donošenju odluka.
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Commodity Report - Reassessing Global Commodity Dynamics for Late 2026
H2 2026 marks a reversal from earlier expectations: energy markets are shifting from surplus to supply risk, while precious metals face short-term liquidity constrains before longer-term demand strengthens.
25.06.2026.
Macro Quarterly 3Q2026 - Resilience Tested by External Risks
Growth across the Adria region remained resilient in early 2026, although divergence across economies became more visible. Domestic demand remained the key growth driver across the region, supported by wage growth and resilient consumption, while external demand stayed weak.
18.06.2026.
Macro Quarterly 2Q2026 - Resilient Growth, Slowing Momentum
Growth across the Adria region remained resilient in 2025 but lost momentum with clear divergence across economies. Domestic demand was the main pillar, supported by strong real wage growth and tight labour markets, while external demand remained weak and net exports dragged on growth across most countries.
23.03.2026.
Still Solid Demand – Are we at the Pricing Peak?
Construction remains one of the key pillars of the Adria region’s economies, accounting on average for 5.5% of GDP, with Croatia leading at 6.7% in 2025, supported by EU funds, post-earthquake reconstruction and strong infrastructure investment. In recent years, the sector has strengthened its macroeconomic importance and productivity, with average value added per construction worker rising to €32,000 in 2024, €9,000 more than in 2019, lifting regional productivity to 52% of the EU27 average.
12.02.2026.
Commodity Report - Metals and Oil&Gas
2026 will likely see energy markets grappling with oversupply and transition pressures, while metals - precious and industrial - continue to ride structural demand trends and supply limitations, reinforcing their role as strategic assets in a volatile macro environment.
29.12.2025.
Markets Report - Equity & Bonds
The global bull market continued in 2025; however, rising geopolitical and macroeconomic risks further underline the importance of portfolio diversification. In this environment, the Adria region stands out as an attractive investment alternative, offering more favorable valuations and solid fundamental support compared with most developed markets.
19.12.2025.
Macro Quarterly 1Q2026 - Domestic Demand Carries the Adria Region Forward
Growth across the Adria region remains resilient but uneven toward the end of 2025, with domestic demand and construction acting as the main pillars, while external demand and investment dynamics remain mixed.
16.12.2025.
Macro Quarterly 4Q 2025 - Stable Growth Ahead, External Headwinds Remain
We expect the Adria region to remain on a stable growth path in 2025, supported by resilient domestic demand, rising real incomes, and firm labour markets. Croatia and North Macedonia posted 3.4% y/y GDP growth in Q2, led by household spending and construction. Bosnia and Herzegovina, and Slovenia benefited from strong consumption, though Slovenia's rebound remains fragile due to falling retail sales and weak EU trade. Serbia’s Q2 growth accelerated to 2.1% y/y, lifted by consumption and services, while construction and investment lagged. Across the region, labour shortages remain structural constraints.
22.09.2025.
