ZAGREB, 28 Nov (Hina) – In Croatia, retail consumption in October increased for the 31st consecutive month on a year-on-year basis, and at a faster pace than the previous month, indicating continued stable economic growth.

The Croatian Bureau of Statistics (DZS) published a report on retail trade on Friday, showing that in October, according to seasonally adjusted data, consumption rose by 1.3 % compared to the previous month, and by 4.1% compared to October last year.

Thus, retail consumption has increased for the 31st consecutive month year-on-year, and at a faster pace than a month earlier, when the growth rate was 3.1%.

During this period, retail turnover of food, beverages, and tobacco products rose by 1.6%t, while turnover from retail trade in non-food products, excluding trade in motor fuels and lubricants, increased by 7.7%.

In the first ten months of this year, retail trade turnover grew by 3.6% compared to the same period last year, according to DZS data.

Steady economic growth goes on

As consumption is the largest component of gross domestic product (GDP), the increase in retail trade turnover in October indicates the continuation of stable economic growth in the fourth quarter of this year.

According to DZS data, GDP grew in the third quarter for the 19th consecutive quarter, by 2.3%t year-on-year.