Retail shops see accelerated sales in August
In August 2017, the volume of sales in retail shops, according to both raw and calendar-adjusted data, grew by 4.6% compared to the same month of 2016, according to a first release of monthly data from the Central Statistical Office (KSH) on Wednesday.
The volume of sales in August, adjusted for calendar effects, rose by 2.9% in specialized and non-specialized food shops, by 7.7% in non-food retail shops, and by 2.6% in automotive fuel retail.
The pace of growth accelerated from July, when both unadjusted and adjusted growth was 4.2%. Sales growth accelerated from the previous month in the food and non-food categories, but slowed for fuel sales.
In January–August 2017, the volume of sales – also according to calendar-adjusted data – was 4.0% higher than in the corresponding eight-month period of the previous year, as food sales climbed 2.3%, non-food sales increased 6.8%, and fuel sales were up 3.2%.
The KSH will publish a second estimate of August retail data on October 24.
Speaking to state news agency MTI, K&H Bank senior analyst Dávid Németh said retail sales could rise by around 5% in the coming months, and put the full-year increase at 4%-4.5%.
ING Bank chief analyst Péter Virovácz said the data finally reflect the existing favorable economic conditions. Based on the prospect of further wage rises and improving consumer sentiment, the retail sector could perform well for the remainder of the year, he added.
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