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 7 Feb 2021 the value of taxable invoices decreased by 15.59% 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 15.59% YoY (or HRK 29.7bn) in the period from 24 February 2020 till 7 February 2021. Meanwhile total taxable invoices in the mentioned period amounted to HRK 160.79bn.

Drop in taxable invoices in wholesale and retail trade in the same period was at 7.39% (or HRK 9.25bn) while drop in accommodation and food services reached 48.65% (or HRK 13.2bn).

The value of taxable invoices in the 1st week of February 2021, observed a decrease by 3.52% YoY or HRK 103.6m. On the contrary, taxable invoices in the wholesale and retail trade increased by 4.2% YoY or HRK 86.4m. Drop in accommodation and food services was at -69.66% YoY or HRK 168m, which does not surprise us, given the imposed restrictions in Croatia and throughout Europe with efforts to tackle the spread of the virus.

There is some positive news after all, if we were to compare the figures on a WoW basis. To be specific, the value of invoices has increased by 3.3% or HRK 91.1m.