Hungary Retail Sales Up 1.6% In January

  • 4 Mar 2016 8:00 AM
Hungary Retail Sales Up 1.6% In January
Retail sales in Hungary climbed by an annual 1.6% in January 2016, preliminary data released by the Central Statistical Office (KSH) show. Retail sales rose by 2.1% when adjusted for calendar year effects. The unadjusted rise was down from 5.0% in December 2015.

Adjusted food sales were down by 1.5% in January, non-food sales climbed by 5.7% and fuel sales increased by 4.4%. In 2015, retail sales were up by 5.7% according to unadjusted and rose by 5.8% according to adjusted data.

KSH noted that legislation requiring most big retailers to remain closed on Sundays came into force in the middle of March 2015, but said that more time and data were needed to gauge the effects of the rule.

Analysts told MTI that although the January retail data remained below expectations, retail turnover growth could accelerate in the remaining part of the year.

Gergely Ürmössy of Erste Bank said the January slowdown could be a temporary effect probably related to the high base, and forecast fullyear growth of 4% in the sector in 2016.

Dávid Németh of K&H Bank said he expected retail trade growth to accelerate to around 5% in the remaining part of the year, in part thanks to employment and wage growth.

Gergely Suppan of Takarékbank forecast a retail trade growth rate of 3.5% for the full year compared to 5.8% in 2015.

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