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 27 Sep 2020 the value of taxable invoices decreased by 18.4% 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 18.4% YoY (or HRK 23.35bn) in the period from 24 February till 27 September. Drop in taxable invoices in wholesale and retail trade in the same period was only at 9.97% while drop in accommodation and food services was at 46.6%.
The value of taxable invoices has also dropped in the 4th week of September 2020, continued to drop, which could to some extent be attributed to a lower performance in tourist arrivals in post season. Each week of September observed double digit decreases in taxable invoices while in the 4th week of September taxable invoices decreased by 15.8% YoY. Drop in taxable invoices in the wholesale and retail trade was 6.9% YoY, while drop in accommodation and food services was at 45.4% YoY.
