REGIONAL ECONOMIC GROWTH AND TOURISM: A PANEL DATA APPROACH

Masa Trinajstic, Suzana Baresa and Sinisa Bogdan
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Masa Trinajstic: University of Rijeka, Croatia
Suzana Baresa: University of Rijeka, Croatia

UTMS Journal of Economics, 2018, vol. 9, issue 2, 145-155

Abstract: Tourism is currently one of the largest and most dynamically developing sectors of the world. In many countries, including Croatia, has an extremely important role in the economy. The aim of this paper is to analyse complex links that exist between the tourism industry and processes of economic growth and development on regional level. Croatia has been divided into 20 counties and the capital city of Zagreb. The purpose is to investigate the impact of tourism on the economic growth of Croatian counties. In the research, two variables have been used, GDP as one of the main tools for measuring the economic growth, and overnight stays as a proxy variable for tourism. The obtained results show positive correlation between economic growth and tourist overnight stays. Panel model shows that regional economic growth is influenced by tourism. But research shows also the differences between the counties. Based on conducted analysis, authors suggest that the investment and development should be encourage and in other Croatian counties. Local and regional authorities have to create conditions for increasing competitiveness in tourism, that will in ultimately stimulate economic growth and development. Empirical findings in this study may provide guidance for private, local and government tourism policy makers and authorities in Croatia.

Keywords: economic development; GDP; tourist overnights; Croatian counties; panel data analysis (search for similar items in EconPapers)
JEL-codes: C33 L83 O40 Z32 (search for similar items in EconPapers)
Date: 2018
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