In the period from July 2021 till July 2022 the value of taxable invoices increased by 27.1% YoY amounting to HRK 257.6bn, yet again indicating positive sentiment. The spending amount is 62.4% higher than spending in a comparable period in 2019/2020. The value of last month’s taxable invoices is up 27.7% YoY, while compared to the month before in, a strong increase of 25.6% is reported due to higher invoices in accommodation and food service.

By looking at the latest announcements from the Tax Administration of the Republic of Croatia, in the period from July 2021 to July 2022, a 12-month period, the value of taxable invoices increased by 27.1% YoY amounting to 257.6bn. This growth in taxable invoices represents positive sentiment in consumption, especially taking into consideration that consumption is yet again, 26.7% higher than in the 2019/2020 comparable period (July 2019 – July 2020). Taxable invoices in wholesale and retail trade in the period from July 2021 till July 2022 grew by HRK 22.2bn YoY (an increase of 15.7%), amounting to HRK 164.2bn. It is also 19.3% above the value of spending level in this segment in the same period in 2019/2020.

The value of taxable invoices in all segments only in July witnessed double-digit growth of 27.7% YoY. Compared to the same month in 2020 consumption increased by 62.4%, clearly beating pandemic spending. This growth, which amounted to HRK 11.6bn compared to July 2020, was primarily driven by an increase in spending in wholesale & retail trade and providing accommodation & food, which reported an increase of HRK 2.51bn and 2.23bn, respectively.

The value of taxable invoices in all segments in the July 2022, compared to the month before (June 2022) was up 25.6%, mostly driven by the value in accommodation and food service, which increased by HRK 2.95bn MoM and amounted to 9.8% of the value of all taxable invoices. This increase in accommodation and food service is followed by an increase in wholesale and retail, which amounted to HRK 2.1bn.