Boston, MA -- (SBWIRE) -- 08/30/2012 -- We see little scope for improvement in terms of Croatian consumer sentiment in the coming months, especially as the economy enters recession. Consumer price inflation is expected to hover at more than 3% in 2012, on the back of the March 2012 increase in VAT to 25%, even though additions have been made to the basket of goods taxed at lower rate, which now includes baby food and sugar.
Headline Industry Data (local currency)
- 2012 per capita food consumption = +0.70%; forecast compound annual growth rate (CAGR) to 2016 = +1.20%
- 2012 alcoholic drinks value sales = +1.24%; forecast CAGR to 2016 = +2.47%
- 2012 soft drinks value sales = +1.05%; forecast CAGR to 2016 = +2.84%
- 2012 mass grocery retail = +3.84%; forecast CAGR to 2016 = +5.03%
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Key Company Trends
Mcdonald's Continues To Invest In Croatia: According to local press reports from June 2012, US fast food chain McDonald's will continue to expand in Croatia over the course of 2012, despite the challenging economic conditions. Between mid-2010 and the end of the current year, McDonald's will have reportedly invested HRK90mn (US$15.1mn) into Croatia. The US major is present in the country through local franchisee Globalna Hrana.
Serbian Confectionery Producer Moving Croatian Production To Bosnia: Local press reported in July 2012 that Serbian confectionery manufactured Swisslion-Takovo will shift its biscuit production from its Croatian site to Bosnia, in a bid to cut costs and avoid custom levies. The Serbian producer reportedly stated that - given Croatia's upcoming EU accession - the production will be moved to circumvent customs duties that will be applied to the countries of the Central European Free Trade Agreement (CEFTA), of which Serbia is a member. Swisslion-Takovo's key export markets are countries within the CEFTA bloc, including Bosnia, Montenegro and Macedonia.
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