In November 2019, the retail trade turnover was higher in real terms at both the monthly and the annual level, with October's annual growth of 3.1% slowing down to 2.5%, the Croatian Bureau of Statistics said on Monday.

On the month, the retail trade turnover was higher in real terms by 0.3%.

The retail trade turnover of non-food products (except automotive fuels and lubricants) increased by 5.6%, while the retail trade turnover of food products decreased by 0.2%.

In November 2019, as compared to the same month of the previous year, the retail trade turnover was 2.5% higher in real terms, reflecting a continuation of positive trends in retail, although the annual growth rate slowed down.

Annually, the retail trade turnover of food, beverages and tobacco increased by 3.4% and of non-food products (except of automotive fuels and lubricants) by 5.5%.

At the annual level, the retail trade turnover in real terms has kept increasing since June 2019. After May, when there was an annual decrease (-1.9%) after 56 months of growth, in June consumption jumped 5.9%. In July it went up 3.7%, in August 1.2%, in September 3.5% and in October 3.1%.

In the first 11 months, the working-day adjusted retail trade turnover in real terms increased by 3.6% compared to the same period of the previous year.

Commenting on the data, Raiffeisenbank Austria (RBA) analysts said the improvement of the consumer confidence index, at its highest level to date, indicated that positive annual retail trade growth rates would continue.

Moderate inflation, salary growth, relatively strong consumer lending and a high inclination towards spending confirm expectations that this year’s retail trade will record solid results, mirroring the positive trends in personal consumption, RBA said, adding that personal consumption would be the main GDP growth generator this year.