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Hungary retail sales up 3.5 pc in April

Hungary retail sales up 3.5 pc in April

Retail sales in Hungary rose by an annual 3.5 percent in April, accelerating from a 3.3 percent increase in the previous month, the Central Statistical Office (KSH) said on Tuesday.

Adjusted for calendar year effects — notably the impact of the Easter holiday — retail sales increased by 2 percent, slowing from a 5.3 percent rise in the previous month.

Adjusted food sales edged up 0.6 percent and non-food sales climbed 5.2 percent, while vehicle fuel sales grew by 1.1 percent.

Retail sales were up an unadjusted 3.1 percent year on year in January-April.

Takarékbank analyst Gergely Suppán said retail sales growth could continue to accelerate in the coming months, lifted by real wage growth, improved consumer confidence and growing household wealth. He forecast the full-year increase at 4.0-4.5 percent.

ING Bank chief analyst Péter Virovácz said the adjusted slowdown in retail sales growth could reflect bigger purchases of services, which are not included in the data, or an increased propensity to make savings because of growing demand for homes.

Source: MTI

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