Consumption in January Increased for the 22nd Consecutive Month

In Croatia, in January retail consumption increased for the 22nd consecutive month on an annual basis, but at a slower pace than the previous month, which is, among other factors, a result of the boycott of stores due to high prices.

The Croatian Bureau of Statistics (DZS) has published a report on retail trade, which shows that in January, according to seasonally adjusted data, consumption fell by 1.4 percent compared to the previous month, while it increased by 4.4 percent compared to January of last year.

Thus, retail consumption has increased for the 22nd consecutive month on an annual basis, but at a slower pace than the previous month, when the growth was 6.5 percent. Meanwhile, the turnover from the sale of food, beverages, and tobacco products increased by 1.1 percent, while the turnover from the sale of non-food products (excluding motor fuels and lubricants) increased by 8.7 percent.

Boycott ‘Hello Inspectors’

The slowdown in retail trade growth is, among other things, a result of the boycott of stores due to high prices, which was organized in Croatia by the platform ‘Hello Inspectors’.

This boycott of stores is conducted every Friday since January 24, and on that day, according to data from the Tax Administration, the total amount of issued receipts in retail trade was about 50 percent lower compared to the previous Friday, when there was no boycott. On Friday, January 31, the total amount of issued receipts was, however, about 40 percent lower compared to that Friday when there was no boycott.

Stable Economic Growth Continues

As consumption is the largest component of gross domestic product (GDP), the growth of retail trade in January indicates a continuation of stable economic growth in the first quarter of this year. Recently, the DZS announced that in the fourth quarter of last year, gross domestic product (GDP) increased for the 16th consecutive quarter, by 3.7 percent on an annual basis.