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KSH: Retail sales increase 5.1% in November

Hungarian retail sales grew by a year-on-year 5.1% in November according to both calendar year-adjusted and unadjusted data, however the figures were revised slightly down from 5.2% in a first reading released on January 8, the Central Statistics Office (KSH) reported today in a second reading of data.

Calendar year-adjusted retail sales growth slowed from the previous month’s 5.2%. According to unadjusted data retail food sales rose by 2.7%, non-food sales rose by 6.4% and vehicle-gas sales increased 8.6%. In the non-food segment, sales of clothing retailers rose by 14.1%, sales of appliance retailers were up by 10.2%, sales of second-hand goods increased by 9.9%, sales at pharmacies were up by 3.2%, cosmetic sales rose by 11.7%, sales of book and computer shops increased by 6.3% and sales were down 1.6% at furniture shops.

In the January-November period, retail sales rose by 5.1% according to both calendar-adjusted and unadjusted data, food sales rose an adjusted by 5.0%, non-food sales were up by 5.2% and vehicle gas sales increased by 5.4%.

Analysts polled by Hungarian news agency MTI believe that the pace of retail sales growth experienced last year can continue in 2015. ING Bank chief analyst András Balatoni said retail sales growth was helped last year by a 6-7% increase in wages, high consumer confidence and the mandatory connection of tills to the tax office. K+H Bank senior analyst Dávid Németh said retail sales growth could remain around 5% this year, as well.