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Hungary retail sales to drop 1.5% in 2012, says analyst

Retail sales in Hungary are expected to drop 1.5% in average in 2012, an analyst told MTI on Thursday, after the Central Statistics Office (KSH) published fresh data on the period.

 Retail sales in Hungary fell a calendar-adjusted 2.5% year-on-year in May, slipped a seasonally and calendar-adjusted 0.1% from the previous month and contracted 1.0% in the first five months yr/yr, KSH said Tuesday morning.

Magyar Takarékszövetkezeti Bank chief analyst Gergely Suppan said the 2.5% decrease was bigger than expected and a minimal improvement over 2.8% yr/yr drop in April.

The National Retail Association (OKSZ) said the most disconcerning sign of the drop in retail sales is that the sum spent on industrial goods fell even in nominal terms, dropping by HUF 8 billion, from a year before. OKSZ said further outlook depends on the general state of the economy.