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 22 Dec 2020 the value of taxable invoices decreased by 16.4% 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 16.4% YoY (or HRK 27.1bn) in the period from 24 February till 22 December. Meanwhile total taxable invoices in the mentioned period amounted to HRK 138.2bn.

Drop in taxable invoices in wholesale and retail trade in the same period was only at 8.2% (or HRK 8.76bn) while drop in accommodation and food services reached 46.5% (or HRK 11.64bn).

The value of taxable invoices in the 2nd week of December 2020, observed a double digit decrease for the second time this month. To be specific in the 3rd week of November taxable invoices decreased by 11% YoY to HRK 3.14bn. Drop in taxable invoices in the wholesale and retail trade was relatively low at -1.4% YoY, while drop in accommodation and food services was at -76.9% YoY. This does not surprise us given the newly imposed restrictions in Croatia and throughout Europe with efforts to tackle the spread of the virus.

If we were to compare it on a WoW basis, there is some positive news after all, as the value of invoices has increased by 3.2% or HRK 95.9m.