Hungary: Wage figures thwart retail turnover

In Hungary

Slowing real wage dynamics have apparently left their mark on retail turnover, as shown by the latest data published by the Central Statistics Office (KSH).

Real wages dropped 6.2% year-on-year during the first seven months. After a slight growth in January, stagnation in February, KSH found a steady decline in retail turnover from March onward. In July, with Ft 530 billion (€2.12 billion, $2.98 billion) in commodities sold, retail turnover decreased 4.2% year-on-year and 0.4% month-on-month. Food market, which seemed to be virtually unaffected by wage decrease in H1, saw a 0.4% decrease in the January-to-July period.

The non-food sector produced a 6.6% year-on-year decline in July and a 3.2% year-on-year decline in the first seven months. Q3 is likely to be the worst period for retailers, said György Vámos, secretary-in-chief of the National Trading Association (OKSz). Interestingly, none of the chain stores Reál, Tesco, or Coop experience the decrease shown by KSH data. Tesco is outperforming its business plans, as is Coop. (Napi Gazdaság)

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

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.