According to the latest announcement from the Tax Administration of the Republic of Croatia the value of last week’s taxable invoices (06th Sept – 12th Sept) increased by 11.4% YoY compared to the same period in 2019. This is in line with the fact that Croatia is experiencing strong tourist results due to the late start of high season and favourable epidemiological conditions. So value of taxable invoices from accommodation and food services activities is up 34.7% compared to the same period in 2019.
The weekly data issued by the Croatian Tax Administration, a department of the Ministry of Finance, stated that the total value of taxable invoices issued last week is up by 36.9% YoY (or HRK 1.3bn), reaching HRK 4.9bn. Compared to the same period in 2019 the value of taxable invoices is up by HRK 509m or 11.4% leading up to HRK 4.9bn. This is in line with the fact that Croatia is experiencing strong tourist results due to late start of high season and favourable weather conditions.
Strong hospitality results are evidenced in the value of taxable invoices from accommodation and food services activities which in the 2nd week of September increased by 147.5% YoY (HRK 580m) to 974m. The reasons behind such a significant raise could arguably seen in a low base effect (travel restrictions and epidemiological measures which were in place in Croatia last year) as well as Croatia being one of the safer countries to travel to this summer as per European Centre for Disease Prevention and Control. Comparing the same period in 2019 the value of invoices increased by 34.7% (or HRK 251m). We note that the accommodation and food services activities in Croatia are flourishing (on a YoY basis) as a result of more favourable epidemiological situation compared to other popular holiday destinations and because of more lenient travel restrictions.
Increase in taxable invoices in wholesale and retail trade in the 2nd week of September was at 18.2% (or HRK 457m) which amounted to HRK 2.9bn. Compared to the same week in 2019, value of invoices is up by 5.8% (or HRK 163m). Longer period that is being tracked for pandemic purposes is 22 Feb – 12 Sep, which also shows that taxable invoices in wholesale and retail trade are up 27% YoY, and are 5.6% higher compared to the same period in 2019. Total value of taxable invoices in the period 22 Feb – 12 Sep is 27% higher YoY, which is expected due to low base imposed by pandemic conditions. Overall spending in the period from 22 Feb to 12 Sep of 2021 due to pent-up demand surpassed 2019 spending level by 3%.