Croats continue to spend: Croatia ranks high in the EU in retail sales growth in October

Croatia maintained its position near the top of the EU in retail sales growth in October, following Luxembourg and Romania, according to data from the European statistical office released on Thursday.

On a year-on-year basis, seasonally adjusted retail sales in the eurozone increased by 1.9 percent in October, following a revised 3.0 percent increase in the previous month. Retail sales in the EU rose by 2.1 percent, after a revised 2.9 percent growth at the beginning of autumn.

The largest increase in both areas in October was recorded in the sales of non-food products in general merchandise stores, up 2.7 percent in the eurozone and 3.0 percent in the EU. This was followed by gas stations with a sales increase of 1.9 percent in the eurozone and 0.6 percent in the EU. Sales in food, beverage, and tobacco stores were also higher by 0.6 percent in both the eurozone and the EU compared to last October.

Luxembourg leads

Among the countries for which Eurostat had data, Luxembourg recorded the highest year-on-year increase in sales in October, at 15.4 percent. Romania also recorded a double-digit sales jump of 10.2 percent.

Croatia follows with a retail sales growth of 6.7 percent in October compared to the same month last year. In September, it increased by 7.1 percent and also lagged behind only the ‘double-digit’ Luxembourg-Romania pair. The strongest decline in sales was recorded in Finland in October, at 2.9 percent. Belgium also saw a decrease of 2.5 percent, according to Eurostat’s report. Statisticians did not have data for the Czech Republic, Greece, and Italy.

Diminished purchases

Seasonally adjusted retail sales in the eurozone decreased by 0.5 percent in October compared to the previous month when it recorded the same percentage increase, calculated Eurostat. At the EU level, it decreased by 0.3 percent, according to October data, following a revised 0.4 percent increase in September.

The largest decline in October was in the sales of non-food products in general merchandise stores, down 0.9 percent in the eurozone and 0.7 percent in the EU. Gas stations also recorded a sales decline in both areas, down 0.5 percent in the eurozone and 0.4 percent in the EU. Sales of food, beverages, and tobacco remained more or less at the September level, statisticians determined.

Among the countries for which Eurostat had data, the largest monthly decline in sales in October was recorded in Belgium, at 1.7 percent. Germany followed with a decrease of 1.4 percent, while Denmark and Cyprus were close with a sales decline of 1.1 percent.

The strongest sales growth was recorded in Luxembourg, at 2.4 percent, while Poland was close with a jump of 2.2 percent.

In Croatia, retail sales in October increased by only 0.6 percent compared to September when it jumped by 2.1 percent. Latvia and Portugal are close to Croatia with retail sales growth in October of 0.5 and 0.7 percent compared to September, according to Eurostat data.