Retail shops see accelerated sales in August
Image by Pixabay
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.
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.