KSH: Retail sales in Hungary grow in July

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The volume of retail sales in Hungary was up 2.7% in July, compared to the same month a year earlier, according to raw data, while it grew by 3.8% adjusted for calendar effects, the Central Statistical Office (KSH) reported today in a first reading of data.

Adjusted for calendar effects, the volume of sales rose by 1.5% in specialized and non-specialized food shops, by 6.4% in non-food retail shops and by 2.5% in automotive fuel retail, the KSH reported. 

In the period January–July, the volume of sales – also according to calendar-adjusted data – was 5.0% higher than in the corresponding period of the previous year, the KSH added.

Analysts interviewed by Hungarian news agency MTI said the slowdown in retail sales growth is only temporary and the earlier momentum could return in the coming months. 

Gergely Ürmössy of Erste Bank told MTI that he expected retail sales growth to accelerate again from August. He said consumer confidence in Hungary is stable and therefore the 5% growth seen in the January-July period can be expected to continue in the remaining part of the year, MTI reported.

Gergely Suppan of Takarékbank predicted 5% average growth in the sector for the full year of 2016. 

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