Retail sales growth slows in July
Retail sales in Hungary rose 4.1% year-on-year in July, the Central Statistical Office (KSH) said in a first reading of data released on Tuesday. Growth slowed from 6.0% in May and 5.2% in June.
The July increase in the volume of sales in retail shops was also 4.1% when adjusted for calendar effects.
The volume of sales, also adjusted for calendar effects, rose by 2.1% in food, drink and tobacco shops, by 7.1% in non-food retail shops, and by 3.4% in automotive fuel retail.
In January–July 2017, the volume of sales – also according to calendar-adjusted data – was 3.9% higher than in the corresponding period of the previous year. Adjusted food, drink and tobacco sales were up 2.3%, non-food sales climbed 6.5%, and fuel sales rose 3.4%.
A second estimate of July retail data is due to be released by the KSH on September 22.
Speaking to state news wire MTI, ING Bank chief analyst Péter Virovácz said retail sales growth has been stable for three months and forecast full-year growth of at least 4.7%. A low base poses an upside risk in the second half, he added.
TakarékBank analyst Gergely Suppan put full-year retail sales growth at 4.5%, noting a big increase in real wages, improved consumer confidence and a steep rise in householdsʼ financial assets.
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