By looking at the latest announcement from the Tax Administration of the Republic of Croatia, being tracked for Covid-19 pandemic purposes, in the period from 1 Mar till 7 Mar 2021 the value of taxable invoices decreased by 1.27% YoY.

A higher frequency data is compiled by Croatian Tax Administration, a department of the Ministry of Finance, who stated that the value of taxable invoices dropped by 1.27% YoY (or HRK -40.9m) in the period from 1 March till 7 March compared to same week last year. Meanwhile total taxable invoices in the mentioned period amounted to HRK 3.18bn.

Increase in taxable invoices in wholesale and retail trade in the same period was at 5.29% (or HRK +117m) to HRK 2.33bn while drop in accommodation and food services reached 40.4% (or HRK – 97m).

The value of taxable invoices increased by 4.69% in the first week of March compared to last week of February. Mostly, it was driven by increase in accommodation and food services of 58.67% while wholesale and retail trade increased by 2.86%. The increase was expected due to relaxation of restrictions in Croatia on March 1st 2021. Furthermore, we might expect continuations of relaxation of restrictions in Croatia thanks to lower numbers of hospitalizations.