Personal Spending Increases for 22nd Consecutive Month

Total Croatia News

The good streak continues.

In Croatia in June, the turnover in retail trade in real terms grew by 2.8 percent year on year, which is the 22nd month of continuous growth in personal spending, although slower than a month ago, reports on August 3, 2016.

The Central Bureau of Statistics announced on Wednesday its first assessment according to which the turnover in retail trade generated by all business entities engaged in this activity in June nominally increased by 0.6 percent, and in real terms by 2.8 percent compared to the same month last year. This is a slower growth than the month before, when spending increased by 3.9 percent year on year.

“Although slowed, June confirmed the continued trend of positive annual rates, which dates back from September 2014. The continued solid economic indicators are supported by good results of the current tourist season, and the improvements in the labour market as well”, said analysts of Raiffeisenbank Austria (RBA) in their review of the report.

In June, the strong growth in employment has been recorded for the third consecutive month. According to data, the number of employed persons in that month increased by 1.5 percent, or by about 21,000 people compared to the previous month. The increase of spending is also a consequence of the growth of salaries. According to the data by the Central Bureau of Statistics, in the first five months of this year the average monthly net salary amounted to 5,672 kuna, which is in real terms 3.4 percent more than in the same period last year.

It is expected that the growth of spending will continue. “In the coming months, we expect the continuation of positive trends in turnover in retail trade, and in addition to good indicators in the tourism sector, the growth will also be supported by the continuing negative annual rate of inflation”, concluded the RBA analysts.


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