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Hungarian retail sales volume falls 7.2% in August

Retail sales volume in Hungary continued to fall at a sharp calendar year-adjusted 7.2% rate in August, compared to the same month a year earlier, the Central Statistical Office (KSH) said.

The deep twelve-month fall follows a similarly steep 6.6% fall in July and a moderate 2.2% drop in June. Twelve-month retail sales have fallen every month since February 2007.

In a month-on-month comparison, retail sales fell 0.7% according to seasonally- and calendar-year-adjusted figures, similar to a monthly falls prior a 2.3% decline in July. The steeper drop followed a 5%-point increase in the main VAT rate which took effect on July 1.

January-August sales volume fell 4.2% from the first eight months last year.

The retail sales data include turnover of vehicle fuel from January 2009, in line with changes to revised EU statistical classifications.

Hungarian retail sales, at current prices, totaled HUF 638 billion in August and amounted to HUF 4,639 billion in eight months. Food and FMCG sales accounted for 46% of retail turnover in January-August. (MTI – Econews)