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 25 Oct 2020 the value of taxable invoices decreased by 17.62% 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 17.62% YoY (or HRK 24.93bn) in the period from 24 February till 18 October. Meanwhile total taxable invoices in the mentioned period amounted to HRK 116.57bn.

Drop in taxable invoices in wholesale and retail trade in the same period was only at 9.2% (or HRK 8.315bn) while drop in accommodation and food services was at 46.33% (or HRK 10.75bn).

The value of taxable invoices in the 3rd week of October 2020, continued to drop, witnessing a double digit decrease for the first time this month. To be specific in the 3rd week of October taxable invoices decreased by 10.47% YoY (or HRK 366.07m). Drop in taxable invoices in the wholesale and retail trade was relatively low at -3.21% YoY, while drop in accommodation and food services was at -41.95% YoY.

If we were to compare it on a WoW basis, the value of invoices is down by 5.8%, which can be attributed to introduction of further epidemiological measures as number of newly infected spiked.