Hungarian retail-sales rise slower as austerity measures felt
Hungarian retail-sales growth slowed in September from the month before as affects of the government's austerity program began to show, denting sales of products such as food and furniture.
Retail-sales rose 0.4% in the month and 4.5% from the same period a year ago, the Budapest-based statistics office said in an e-mailed statement today. The figures compare with an annual rate of 5.1% and a monthly increase of 0.6% in August. Prime Minister Ferenc Gyurcsány’s government raised taxes and cut subsidies to trim the European Union's widest budget deficit.
The measures increased the price of natural gas, electricity, drugs and public transport and drove the annual inflation rate to a two-year high. In September, sales of food products were unchanged from the previous month after a 0.4% gain in August. Furniture and home improvement product sales growth slowed to 0.9% from 1.1%. (Bloomberg)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.