December 30 (SeeNews) - Croatia's retail sales increased by a real 2.5% on the year in terms of volume in November, coming below the 3% growth rate expected by analysts at Austria-based Erste banking group, it said on Monday.
Retail trade continued with a positive footprint in November, though showing mild deceleration compared to October's 3.1% growth, Erste said in an instant comment after the country's statistical office published retail sales data earlier in the day.
The statistical office also said that retail trade turnover grew by a real 3.6% year-on-year in the first eleven months of 2019.
Erste expects Croatia's retail sales to maintain similar and steady growth dynamics.
"Improving labour market conditions and better consumer sentiment should support positive pattern ahead, thus reiterating private consumption's role as one of the main pillars of GDP growth," Erste explained.