KSH: Retail sales in Hungary up 7.0% in July

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Retail sales in Hungary saw a year-on-year rise of 7.0% in July, with the same increase when adjusted to calendar year effects, while the unadjusted rise was slightly down from 7.2% in June, Hungary’s Central Statistical Office (KSH) reported today in the release of preliminary data.

KSH data suggest that adjusted food sales climbed 6.3% in July, non-food sales were up 7.2% and fuel sales increased 8.3%.

KSH noted that legislation requiring most big retailers to remain closed on Sundays came into force in the middle of March, but said that more time and data were needed to gauge the effects of the new rule.

KSH is scheduled to publish a second reading of the July data on September 24.

Takarékbank chief analyst András Oszlay told Hungarian news agency MTI that the July retail sales growth was over the 5.8% consensus as well as the bankʼs 6.3% estimate. A crackdown on the shadow economy could play a significant role in the increase, he added. ING senior analyst András Balatoni projected a full-year retail sales growth of 5.8%.

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