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 24 Feb till 24 Jan 2021 the value of taxable invoices decreased by 15.96% 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 15.96% YoY (or HRK 29.5bn) in the period from 24 February till 24 January. Meanwhile total taxable invoices in the mentioned period amounted to HRK 155.2bn.

Drop in taxable invoices in wholesale and retail trade in the same period was at 7.75% (or HRK 9.39bn) while drop in accommodation and food services reached 48.3% (or HRK 12.87bn).

The value of taxable invoices in the 3rd week of January 2021, observed a single digit decrease for the second consecutive time this month. To be specific in the 3rd week of November taxable invoices decreased by 5.62% YoY to HRK 167.3bn. Drop in taxable invoices in the wholesale and retail trade was relatively low at -2.18% YoY, while drop in accommodation and food services was at -71.53% YoY. This does not surprise us given the imposed restrictions in Croatia and throughout Europe with efforts to tackle the spread of the virus. There has not been an official announcement regarding the relaxation of the measures, however according to media, we might expect slightly looser restrictions starting February.

If we were to compare it on a WoW basis, the value of invoices has slightly decreased by 3.82% or HRK 111.77m.