Revenue from foreign tourists in the first three quarters of 2025 exceeded 13.4 billion euros, the summer quarter slowed slightly
According to data from the Croatian National Bank (CNB), revenue from foreign tourists in the first nine months of 2025 amounted to 13 billion and 411 million euros. That is 1.7% more than in the same period of 2024, i.e. an additional 223 million euros in revenue. Although this is growth that, on a year-on-year basis, fits the trend of stabilization after very strong seasons, the third quarter – the key period of July, August and September – brought a slight decrease. In that quarter, revenue, according to the same sources, amounted to 9 billion and 37 million euros, which is 0.2% less than a year earlier, i.e. 21 million euros less. At first glance this is a minimal shift, but it is important because it relates to the peak of the season, when Croatia traditionally achieves the largest share of tourist spending.
At the Ministry of Tourism and Sports they say that the combination of growth in the first nine months and a minimal minus at the summer peak does not point to a reversal, but to increasing demand sensitivity. Minister Tonči Glavina, in a statement accompanying the publication of the data, emphasized that the CNB and the eVisitor system confirm stable and sustainable growth in 2025, with a strategic focus on quality and higher added value. He particularly highlighted that Croatia in 2025 for the first time exceeded 110 million tourist overnight stays, which is presented as the result of an extended season and a better distribution of tourist traffic. At the same time, precisely because it is the peak of summer, even the smallest deviation in revenue fuels debate about prices, competitiveness and guests’ expectations. The message is that growth is no longer taken for granted, but must be “earned” with a real ratio of price and quality.
Key figures published by the CNB: plus in nine months, minus in the third quarter
According to the Ministry of Tourism and Sports’ announcement, in the first nine months of 2025 revenue from foreign tourists reached 13.411 billion euros. Compared to the same period of 2024, that is a growth of 1.7%, which in absolute terms means 223 million euros more. In the third quarter of 2025, revenue amounted to 9.037 billion euros, i.e. 0.2% less than in the third quarter of 2024. A difference of 21 million euros at the level of the entire quarter is statistically small, but substantively important because it relates to the peak of the season, when the perception of the destination and “value for money” is formed. Precisely for that reason, it is not ignored in public communication, but used as a signal and a warning.
- Revenue from foreign tourists (I–IX 2025): 13.411 bn euros (+1.7% compared to I–IX 2024)
- Difference compared to I–IX 2024: +223 mn euros
- Tourism revenue (Q3 2025): 9.037 bn euros (–0.2% compared to Q3 2024)
- Difference in Q3: –21 mn euros
The CNB, in the release accompanying the balance of payments data, also stated rounded values confirming the same trend: tourism revenue in the third quarter decreased slightly from about 9.06 to about 9.04 billion euros. In the same document, the CNB states that the surplus on the current and capital account of the balance of payments in the third quarter of 2025 amounted to 4.39 billion euros, which is less than in the same quarter of the previous year, with changes in several items such as goods, primary income and services. This broader picture shows why tourism revenue is monitored beyond the sector: it is an important item of services exports and one of the most visible channels of foreign-exchange inflow. When it shifts in the third quarter even by a fraction of a percentage point, it is immediately felt in overall indicators and in expectations for the next season. That is why the figure of 9.037 billion euros is read not only as tourism statistics, but also as part of the economic “thermometer”.
Message from the Ministry: prices must be realistic, and quality visible
Minister Tonči Glavina linked the decline in the third quarter to a topic the department had been warning about for months: price competitiveness. In his statement, the emphasis is on the fact that appeals about the importance of “realistic and competitive” prices were well-founded, because at the peak of the season even the smallest deviations from expected value are punished faster on the market. The Ministry also states that research indicates weaker interest in travel precisely in that part of the year, so, as they say, it is necessary to avoid a situation in which prices exceed the actual perception of quality. In practice, this means that a price increase must be justified by a new level of service, better content or a clear standard, and not just by “tourist demand”. The message is intended for both the private and public sectors, because the entire chain of services affects the experience of the destination, from accommodation and hospitality to local transport and activities.
A similar message was conveyed by the minister and the director of the Croatian National Tourist Board, Kristjan Staničić, at a conference held on 22 December 2025. It was highlighted there that 2025 is record-breaking with more than 21.6 million tourists and about 110 million overnight stays, but that the key for 2026 is price stabilization. Their statements also emphasize a broader trend: more travel outside summer is expected, shorter stays and more cautious budgets, along with an increasingly pronounced search for destinations that offer clear value. In that context, Staničić emphasized that “value for money” will become decisive and that one should be wise with prices, and not rely on demand inertia. Such an assessment does not mean that a dramatic weakening of the season is expected, but that competition will be fought in nuances and that guests will increasingly choose where they feel they are paying realistically.
Record of 110 million overnight stays: a turning point, but also a question of carrying capacity
At the Ministry of Tourism and Sports, the figure of more than 110 million overnight stays in 2025 is interpreted as a historic result confirming demand stability. This record is also used as evidence that growth is gradually spreading beyond the summer months, which is important for destinations that have been seeking a model of more even development for years. At the conference in December, the minister additionally emphasized that for the first time growth was “more achieved outside summer”, and that Advent events also contributed to a good December, mentioning an increase in arrivals and overnight stays in that month compared to the previous year. This strengthens the argument that the tourist year must not be reduced to two summer months, but that growth can also be built on the pre-season and post-season. In practice, this can bring more stable work, longer duration of seasonal contracts and greater opportunities to invest in quality.
The minimal minus in the third quarter further intensifies that discussion. It suggests that a large number of overnight stays does not have to automatically mean stronger revenue growth in the most important part of the year, especially if the structure of spending changes. In practice, this can mean more shorter stays, more careful on-site spending or greater sensitivity to prices in restaurants, transport and additional activities. In such conditions, a strategy that relies only on “one more record year” becomes risky, because the market reacts faster and demand more easily spills over to the competition. That is why it is increasingly heard that the goal is to increase added value, and not only the number of arrivals and overnight stays.
Comparison with 2016: long-term revenue growth, but also a different market
In his statement accompanying the data, Minister Tonči Glavina also recalled the comparison with 2016: revenue in the first three quarters increased by 83%, and in the third quarter alone by 72%. Such comparisons highlight how much the sector has strengthened in the last decade, in terms of total spending, capacity and international recognition. However, they also show that today’s market has different dynamics and different expectations than about ten years ago. The guest is better informed, compares offers more easily and changes destination choice faster, especially when they feel that the price “runs away” from the experience. That is why even the 1.7% growth in nine months is interpreted as a signal of stability, but also as a warning that the period of “automatic growth” is behind the sector.
In the same public framework, at the conference in December, Glavina also spoke about tourism reform, especially in the part of the accommodation structure. He emphasized that the goal is to stop the boom of family accommodation in order to achieve a more sustainable structure in the long term, and that in 2025, for the first time, a reduction in the number of beds in that segment is recorded, with an expected decline by the end of the year. In the same context, he mentioned an increase in average occupancy and the idea that this encourages more efficient use of existing capacities and opens space for long-term rental. Public announcements also mention amendments to regulations related to the workforce and the preparation of a new Hospitality Act, with an emphasis on suppressing unregistered activities in households. These are all topics that, according to the department’s messages, should influence the quality of the offer and the sustainability of development, and indirectly also the revenue side of tourism.
Tourism in the balance of payments: why tourism revenue is read as a macroeconomic indicator
Tourism revenue published by the CNB is monitored also because it is part of the balance of payments, i.e. a data system that shows transactions between residents and non-residents. Spending by foreign guests in Croatia in this statistic is treated as an export of services, so it directly affects the current account balance. In periods when tourism grows, this can mitigate the negative effects of import growth and other adverse movements, because foreign-exchange inflow through services improves the overall external position. When growth slows or a minus appears in the third quarter, it is also seen in macroeconomic indicators, so the figures become part of a broader debate about competitiveness. That is why tourism revenue is often read as an indicator that goes beyond the boundaries of the sector itself.
The CNB’s release for the third quarter of 2025 shows that the overall picture cannot be reduced only to tourism, because the explanation mentions changes in several items, including primary income and merchandise trade. Still, tourism revenue remains the most visible part of services exports, especially because most of the revenue is realized precisely in the third quarter. That is why even minimal changes in that period receive strong attention, because they signal the direction of demand and potential changes in the perception of the destination. For decision-makers, this is important data, because tourism in Croatia is often viewed as one of the key sources of stability of the external account. For the sector, it is a message that quality and price cannot be separated, because in the end the balance of payments statistics records the result of the collective offer and the collective perception of the guest.
What is expected in 2026: price stabilization and strengthening “value for money”
At the conference in December 2025, minister Glavina, answering a question about expected revenue for the whole of 2025, said that the CNB’s estimate still stands according to which revenue from foreign tourists could rise to about 15.5 billion euros. At the same time, it was said that 2026 can be similar in volume, but that the key will be price stabilization and adapting the offer to guests’ expectations. In the same public appearances, topics were also mentioned that will affect the season: workforce, regulation of unregistered activity and the need to justify raising prices with new quality. Staničić announced stronger promotion and an emphasis on digital channels, with the message that special work will be done on markets where a decline was recorded in 2025. In summary of those messages, the goal is clear: keep the volume, but strengthen the reputation of a destination that offers a fair ratio of price and experience.
For readers and the sector, the most important conclusion that arises from the available data is that Croatia enters 2026 with high expectations, but also with a clear test. Total revenue in the first nine months of 2025 increased, which confirms that interest in the destination remains strong. At the same time, a slight minus in the third quarter shows that summer is becoming more sensitive to prices and competition, and that the ratio of price and quality will be a key criterion. If the focus truly shifts toward a more even season and higher added value, then the 0.2% minus in the third quarter will be an important lesson, and not just a footnote in statistics. Ultimately, Croatian tourism will enter 2026 with high expectations, but also with a clear test: can it keep record figures while ensuring that value matches price.
Sources:- Ministry of Tourism and Sports of the Republic of Croatia – announcement on revenue from foreign tourists in the first nine months of 2025 (link: mint.gov.hr)- Croatian National Bank – release “Slight decrease in tourism revenue in the third quarter of 2025.” (link: hnb.hr)- HRT/Hina – report from the conference of the Ministry of Tourism and Sports and the CNTB (22/12/2025) on tourism in 2025 and the emphasis on price stabilization (link: vijesti.hrt.hr)
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Creation time: 05 January, 2026