DZS: Consumption in Croatia increases for 14th consecutive month

In May 2024, Croatia’s retail trade turnover increased in real terms by 0.6% on the month and by 8.4% on the year, the national statistical office (DZS) said on Friday.

Retail trade went up for the 14th consecutive month year on year but at a slower pace than in April, when the annual increase was 8.6%.

In May, the retail trade turnover of food, beverages and tobacco increased by 4.6% and that of non-food products (except for automotive fuels and lubricants) by 11.4%.

In this year’s first five months, retail trade went up 8.6% annually.

Since consumption is the biggest component of GDP, the strong growth of the retail trade turnover in April and May points to a continuation of stable GDP growth in this year’s second quarter.

In Q1, Croatia’s GDP went up by 3.9% on the year, mainly thanks to consumption and investment growth, increasing for the 13th consecutive quarter, the DZS said recently.