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Retail sales continue to increase 7 months in a row

Author: spez
ZAGREB, April 3 (Hina) - Retail in Croatia increased by 1.9% on the year for the seventh month in a row in February, and such a long series of growth has not been recorded since 2007, the State Bureau of Statistics (DZS) reported on Friday.

According to DZS data the working day adjusted figures indicate a nominal increase of 0.5% and a real growth of 1.9% compared with the same month in 2014.

That's a mild slowing down of the growth rate compared with retail in January when retail sales increased 2.1% on the year.

"Even though it has slowed down on the year retail figures in February were as expected, continuing a positive series for the seventh month in a row," Raiffeisenbank Austria analysts said commenting on the DZS report.

The analysts added that this could be due to the Croatian National Bank (HNB) Consumer Perception Index which indicates a growing optimism.

The rise in consumption can be attributed to tax changes at the start of the year which led to a mild increase in wages.

"Nevertheless, significant recovery and reaching retail as recorded in 2008 will be largely limited due to the grave circumstances and lack of recovery on the labour market as consumers mostly spent on meeting basic life needs," RBA analysts concluded.

Most analysts forecast a continuing growth in retails for this year.

(Hina) sp

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