Fuel consumption and retail sales of Hungarians have plummeted – latest data

Retail sales in Hungary fell by an annual 5.4 percent in November, the Central Statistical Office (KSH) said on Monday.

Retail sales dropped at the same rate when adjusted for calendar year effects. Adjusted food sales edged down by 0.6 percent, non-food sales dropped by 3.9 percent and vehicle fuel sales by 21.4 percent.

Month on month, retail sales grew by a seasonally and calendar-year-adjusted 0.8 percent.

Between January and November 2023, retail sales fell by an adjusted 8.7 percent.

Commenting on the data, the national economy ministry said the November data were the most promising since retail sales had hit bottom in April 2023. The volume of retail sales in January-November was up by nearly 1,300 billion forints (EUR 3.4bn) year on year, the statement said. The sales of mixed retail stores, which account for 77 percent of food sales, were up at 2022 levels in November, it said.

The government aims to restore growth in 2024, the statement said. Part of that work is to strengthen the public’s trust in the economy, thus raising consumption, which may contribute to achieving the target growth of 4 percent, the statement said.

As we wrote before, Hungary’s gas and electricity consumption fell significantly, details here.

Also, we wrote earlier, the Hungarian government’s financial calculations failed in 2023, details HERE.