KSH: Hungary’s retail sales up 7.2% in June

Telco

jessica fejos

Retail sales in Hungary saw a year-on-year rise of 7.2% in June, following a y.o.y. increase of 4.4% in May, preliminary data released by the Central Statistical Office (KSH) reveal today.

(Photo: Jessica Fejos)

KSH data suggest that after being adjusted for calendar year effects, retail sales were up 6.2% year-on-year in June. Food sales increased 4.5%, non-food sales were up 8.1% and fuel sales increased 9.0%.

Takarékbank analyst Gergely Suppan told Hungarian news agency MTI that retail sales could continue to grow in the coming months, lifted by higher employment and real wages as well as stable consumer confidence.

K&H Bank chief analyst Dávid Németh told MTI that retail sales growth could remain around 5-6% in the coming months, adding that it was still too early to draw any conclusions from the strong June data.

Although the Sunday closure law, which requires retailers to stay closed on Sundays, came into effect on March 15, KSH said that more time and data were needed to gauge the effects of the new legislation.

The second reading of data is scheduled for August 27.

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