Modest retail sales growth in Hungary, decreasing trade surplus, but ministry still celebrates
The performance of the Hungarian economy remains questionable, but the ministry is positive about the future:
Data released by the Central Statistics Office (KSH) on Monday show that retail sales in Hungary rose 4.1pc year-on-year in August, adjusted for calendar year effects.
According to KSH, adjusted food sales increased 7.5 percent, non-food sales rose 2.9 percent, and vehicle fuel sales edged down 1.2 percent.
Unadjusted retail sales increased 3.2pc.
Retail sales rose 0.8pc in a month-on-month comparison, adjusted for seasonal and calendar year effects.
In August, retail sales reached HUF 1,668bn. Food sales accounted for 50% of the total, non-food sales 34%, and sales at petrol stations 16%.
For January-August, retail sales rose an adjusted 2.8pc and an unadjusted 3.1pc from the same period a year earlier.
read also – Hungary’s economic update: rising government deficit, PMI growth, and trade surplus increase
National Economy Ministry comment
Commenting on the fresh data, the National Economy Ministry said the upward trend that started in January continued in August. It added that a dynamic increase in real wages had supported retail sales growth.
The ministry augured continued growth in the sector as consumers’ caution eased. It added that higher retail turnover and the dynamic increase in tourism will be the “engine of economic growth”, it added.
Hungary trade surplus reaches EUR 671m in August
Exports fell 4.1pc year-on-year to EUR 10.898bn. Imports dropped 4.2pc to EUR 10.227bn.
Trade with other European Union member states accounted for 75 percent of Hungary’s exports and 70 percent of its imports during the month.
For January-August, Hungary had a trade surplus of EUR 8.608bn. Exports fell 4.3pc to EUR 96.043bn, and imports declined 7.9pc to EUR 87.435bn.
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