- 24 Aug 2017 8:50 AM
In absolute terms, retail sales came to 872 billion forints (EUR 2.9bn) in June. Food sales accounted for 47 percent of the total, non-food sales for 38 percent and fuel sales for 15 percent.
In January-June, retails sales rose by 3.9 percent in both unadjusted and adjusted terms.
Commenting on the data, economy ministry deputy state secretary István Zoltán Marczinkó told public television that growing wages were behind the retail sales growth rate, which was more than double the EU average.
In a statement on Wednesday, the ministry said the May and June data greatly boosted annual growth, with non-food products driving the sector.
A further increase in consumption is forecast in the coming months, with the November wage agreement and VAT cuts further boosting the sector and GDP growth, the statement said.
Republished with permission of Hungary Matters, MTI’s daily newsletter.