Page 95 - SE Outlook Regions 2024

The largest impact on the increase in the nominal turnover in October compared to the same month of the previous year came from non-food products with a rise in turnover of 10.7%, as well as from the food, beverages and tobacco with a rise in turnover of 8.1%.
Meanwhile, in 2023 Croatian retail saw a significant surge on Black Friday, with spending reaching €76.7mn – a 17.2% increase year on year. According to data released by the Tax Administration, there were 4mn fiscalised receipts, a 0.9% rise from the last Black Friday.
The shopping momentum continued throughout the week from November 21 to 27, with 22.93mn fiscalised receipts indicating a total expenditure of €393.5mn in the retail sector. This surpassed the corresponding week in November 2022, which recorded 22.88mn receipts totaling €333mn.
5.4.2 Banks
Croatian banks remained stable during 2023 despite the economic crisis caused by the Russian war in Ukraine thanks to the prudent measures of the central bank. The accession of the country to the EU’s banking union in 2020 and the eurozone in 2023 were additional guarantees for the stability of the sector since then.
Meanwhile, Croatian commercial banks remained profitable through 2023. According to the latest available central bank data, profits increased to €1.1bn in the first three quarters of 2023 compared to €660mn a year earlier.
The total assets of Croatian banks increased by 3% compared to end-December 2022 to €78.2bn through September. The key indicators of banking system capitalisation remained high, with the banking system capital ratio standing at 23.3%. All credit institutions boasted total capital ratios above the minimum prescribed of 8%.
Non-performing loans (NPLs) and advances decreased by 10.6% and total loans and advances increased by 1.4%, compared to end-2022. The share of NPLs in total loans and advances fell to 2.7% at the end
95 SE Outlook 2024 www.intellinews.com