Report: Sunday openings could lift GDP
If the Hungarian Parliament today approves yesterday’s proposal to revoke the Sunday closings law, which restricts retailers from opening on Sunday, the Hungarian GDP could grow by two-tenths of a percentage point, András Balatoni, ING Bankʼs chief analyst, told economic daily Világgazdaság today.
If retailers are allowed to resume opening on Sundays, the GDP could grow from the projected 2.3% to 2.5%, while retailers could also add more staff and raise wages as a result of the extra shopping day, Balatoni told the paper.
According to Raiffeisen Bank senior analyst Zoltán Török, the Sunday closings legislation did not support retail sales, however, the size of the restrictions’ impact was impossible to gauge, the paper reported. He added that large-scale wage increases would be needed to address labor shortages in the sector.
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