In Croatia, retail consumption increased in July for the 16th consecutive month on a year-on-year basis, and at a faster pace than a month earlier, indicating stable economic growth at the beginning of the third quarter.
The Croatian Bureau of Statistics (DZS) published a report on retail trade on Friday, showing that in July, according to seasonally adjusted data, consumption increased by 2.9 percent compared to the previous month, while on a year-on-year basis, it rose by 7.9 percent.
Thus, retail consumption increased for the 16th consecutive month on a year-on-year basis, and at a faster pace than a month earlier, when the growth was 5.5 percent.
At the same time, the turnover from the sale of food, beverages, and tobacco products increased by 5.6 percent, while the turnover from the sale of non-food products (excluding motor fuels and lubricants) rose by 12.9 percent.
In the first seven months of this year, retail turnover increased by 8 percent compared to the same period last year.
Stable Economic Growth Continues
As consumption is the largest component of gross domestic product (GDP), the strong growth in retail trade in July indicates the continuation of stable economic growth at the beginning of the third quarter.
The DZS recently announced that, thanks to the growth of consumption and investments, the Croatian economy grew for the 14th consecutive quarter in the second quarter of this year, by 3.3 percent year-on-year.
