Retail sales growth slows in July

Figures

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.

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

Budapest leaders make public transport free for under-14s City

Budapest leaders make public transport free for under-14s

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.