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KSH: Hungary’s retail sales up 6.2% in February

Analysis

Retail sales in Hungary climbed by a year-on-year 6.2% in February, but the increase slowed from an 8.2% rise in the previous month, preliminary data released by the Central Statistics Office (KSH) today reveal.

Adjusted for calendar effects, the volume of sales rose by 3.3% in food, drinks and tobacco stores, by 7.9% in non-food retail trade and by 11% in automotive fuel retailing, KSH said. In January-February 2015, the volume of sales – also according to calendar adjusted data – was 7.4% higher than in the corresponding period of the previous year, KSH added.

TakarékBank analyst Gergely Suppan told Hungarian news agency MTI that the settlement of compensation from lenders under borrowers’ relief legislation would boost householdsʼ disposable income and support the increase in retail sales.

Head of the Hungarian Trade Association (OKSZ), György Vámos, attributed much of the increase in retail sales to the mandatory use of tills that are electronically connected to the tax office, MTI said. Vámos projected the pace of growth slowing from previous months.
KSH is scheduled to publish a second reading of the data on April 24.

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