KSH: retail sales grow 6.8% in May
The volume of sales in the Hungarian retail sector saw a 6.8% increase in May compared to the corresponding month of 2015, according to raw data, while retail sales volume was up 5.7% year-on-year adjusted for seasonal effects, Hungary’s Central Statistical Office (KSH) reported today.
(Photo: LaMography/Moni Lazar)
KSH data show that, adjusted for seasonal effects, the volume of sales rose by 4.4% in specialized and non-specialized food shops, by 6.8% in non-food retail shops, and by 9.0% in automotive fuel retail.
In year-on-year terms in May, food, drink and tobacco stores accounted for 47% of all retail sales, while the relevant figures for non-food retail shops and the network of gas stations were 37% and 16%, respectively, KSH added.
The volume of sales grew by 4.7% in non-specialized food and beverage shops, accounting for 77% of food retail, and by 3.6% in specialized food, beverage and tobacco stores, according to KSH.
In the January–May period, compared to the same period of the previous year, the volume of sales in retail shops increased by 5.1%, adjusted for seasonal effects. The volume of sales rose by 2.7% in food, drink and tobacco shops, by 7.9% in non-food retail trade, and by 6.2% in automotive fuel retail, KSH reported.
Hungary’s retail sales have been growing continuously for 35 months and monthly turnover growth is expected to remain substantial this year due to growing employment, dynamic wage growth, low inflation and a personal income tax cut, the Ministry for National Economy said, commenting on the latest retail sales data published by the KSH, Hungarian news agency MTI reported.
The ministry said retail turnover growth well exceeded the European Union average of 2.8% during the period. Compared to the dynamic increase in household income, retail sales growth is moderate, the ministry added, suggesting that the willingness of households to make savings remains quite high, while also indicating that private consumption is expected to grow further as households still have substantial room to maneuver for making purchases put off earlier.
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