Daily News Hungary economy

Budapest, September 5 (MTI) – Retail sales in Hungary climbed by an annual 2.7 percent in July, preliminary data released by the Central Statistical Office (KSH) on Monday show.

Retail sales rose by an annual 3.8 percent when adjusted for calendar year effects.

The pace slowed from the previous month when both the unadjusted and the calendar-adjusted figure was 5.7 percent.

Adjusted food sales were up by 1.5 percent in July, non-food sales climbed by 6.4 percent and fuel sales increased by 2.5 percent. The increases slowed from the previous month in all three categories.

In January-July, retail sales saw an unadjusted rise of 4.9 percent.

Adjusted figures show retail sales rising by 5.0 percent, food sales by 2.7 percent, non-food sales by 8.0 percent and fuel sales by 5.1 percent in the first seven months of the year.

KSH will publish a second reading of the July data on September 23.

Analysts interviewed by MTI said the slowdown in retail sales growth is only temporary and the earlier momentum could return in the coming months.

Gergely Ürmössy of Erste Bank said he expected retail sales growth to accelerate again from August. He said consumer confidence in Hungary is stable and therefore the 5 percent growth seen in the January-July period can be expected to continue in the remaining part of the year.

Gergely Suppán of Takarékbank predicted a 5 percent average growth in the sector for the full year of 2016.

Source: MTI

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