In Croatia, retail consumption increased for the 20th consecutive month on an annual basis, indicating stable economic growth in the fourth quarter of this year. The Croatian Bureau of Statistics (DZS) published a report on retail trade turnover on Monday, showing that in November, according to seasonally adjusted data, consumption increased by 0.8 percent compared to the previous month, while it rose by 6.7 percent compared to November of last year.
Thus, retail consumption has increased for the 20th consecutive month on an annual basis, at the same rate as the previous month. Meanwhile, turnover from the retail trade of food, beverages, and tobacco products increased by 6.6 percent, while turnover from the retail trade of non-food products (excluding motor fuels and lubricants) rose by 8.8 percent. In the first eleven months of this year, retail trade turnover increased by 7.4 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 turnover in November indicates the continuation of stable economic growth in the fourth quarter of this year. Recently, the DZS announced that in the third quarter, gross domestic product (GDP) increased for the 15th consecutive quarter, by 3.9 percent on an annual basis.
