Croatia's Retail Consumption Continues Strong Growth for 21st Consecutive Month, Signaling Economic Stability
-
Loading... - Jerome Makris
- 04 Feb 2025
- 32 Views
- 0 Like
- 0 Comment
In December, Croatia experienced a notable rise in retail consumption for the 21st consecutive month on an annual basis, reflecting stable economic growth in the fourth quarter of the previous year. The Croatian Bureau of Statistics released a report on retail trade turnover, highlighting the positive trends in consumer spending.
According to seasonally adjusted data, retail consumption in December increased by 0.7% compared to the previous month and rose by 6.5% compared to December of the previous year. This growth rate is consistent with the previous month, which recorded a 6.7% increase.
- Food, Beverages, and Tobacco: Retail turnover from the sale of food, beverages, and tobacco products saw an increase of 2.6%.
- Non-Food Products: Turnover from non-food products (excluding motor fuels and lubricants) rose significantly by 10.5%.
Throughout the entire previous year, retail turnover increased by 7.3% in real terms compared to the prior year, indicating a robust consumer market.
Economic Implications
Consumption is the largest component of Gross Domestic Product (GDP), and the strong retail trade turnover growth in December, along with previous months, suggests a continuation of stable economic growth in the fourth quarter. In the third quarter of last year, GDP increased for the 15th consecutive quarter, growing by 3.9% on an annual basis.
The sustained growth in retail consumption in Croatia signals a resilient economy, with positive implications for overall economic stability. As consumer spending continues to rise, it reinforces the outlook for ongoing economic expansion, contributing to a favorable environment for businesses and investors alike. The consistent growth in both food and non-food sectors highlights the diverse nature of consumer demand, further supporting the country's economic health.
