Retail Sales In Hungary Up 4.7% In Aug

  • 5 Oct 2015 4:00 AM
Retail Sales In Hungary Up 4.7% In Aug
Retail sales in Hungary climbed by 4.7% in August from the same month a year earlier, preliminary data released by the Central Statistical Office on Monday show. The increase was the same when adjusted for calendar year effects. The unadjusted rise was down from 6.8% in July. Adjusted food sales climbed by 3.7% in August, non-food sales were up 4.6% and fuel sales increased by 7.4%. In January-August 2015, retail sales were up an unadjusted 6.0% and an adjusted 6.1%.

KSH noted that legislation requiring most big retailers to remain closed on Sundays came into force in the middle of March, but said that more time and data were needed to gauge the effects of the new rule.

It is thanks to a combination of growing consumer confidence, record employment and a higher number of employees in the retail sector that retail turnover continued to expand, Béla Glattfelder, state secretary of the economy ministry, told public news channel M1.

He added that real personal incomes had grown by a significant degree and people had more money to spend. Analysts asked by MTI said retail sales growth remained strong in August in spite of a slowdown from the previous months.

The analysts added that lower vehicle fuel prices continue to support retail sales growth. Erste Bank analyst Gergely Ürmössy attributed the August slowdown to weaker sales of clothing, furniture and electronics.

György Vámos, general secretary of the National Commerce Association, said retail sales growth is supported by real wage growth as well as by the mandatory use of tills that are connected directly to the tax office.

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