Consumption increases 3.2% in November

Retail sales in Croatia in November 2015 grew by 3.2% in real terms from the same month of 2014, which is a much higher growth rate than expected and makes November the 16th consecutive month to see an increase in retail sales.

The national statistical office on Thursday published its preliminary estimate showing that according to working-day adjusted statistics, retail sales in November this year grew 2% in nominal terms and 3.2% in real terms from the same month of 2014.

The growth rate is faster than the month before, when consumption grew 1.5% on the year, and it is much higher than expected.

Four economic analysts polled by Hina had predicted that consumption would increase by 1%, and their estimates ranged from 0.7% to 1.2%.

November was the 16th consecutive month to see an annual increase in consumption, which has not been recorded since 2007, two years before the start of the six-year recession.

One of the polled analysts said that consumption continued to be positively impacted by a low inflation, continued positive trends in consumer confidence, and by changes to the income tax that went into force at the beginning of the year and that continued to positively affect net salaries.

Last update: Thu, 31/12/2015 - 13:33
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