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Hungary Retail Sales Growth Slows to 3.8 pc in June

Hungary Retail Sales Growth Slows to 3.8 pc in June

Budapest, August 5 (MTI) – Retail sales in Hungary rose by 3.8 percent in June from the same month a year earlier, slowing from a 4.9 percent increase in May, preliminary calendar year adjusted data released by the Central Statistical Office (KSH) today show.

Retail sales were also up 3.8 percent according to unadjusted data.

Retail food sales rose by an adjusted 6.1 percent. Non-food sales were up 0.5 percent and vehicle-fuel sales increased by 4.6 percent.

Analysts told MTI that retail sales growth could continue to slow down as the discrepancy between the latest data and the base figures is eliminated from next month.

The figures for January-July 2014 are not comparable with those for the same period of 2013 as KSH has been using different data sources since Hungary introduced a state monopoly on retail tobacco sales in July 2013. For the sake of comparison, KSH has also published data from its earlier sample-based estimates.

In January-June, retail sales rose 6.1 percent according to both unadjusted and adjusted data. Food sales rose by an adjusted 7.7 percent, non-food sales were up 4.6 percent and vehicle-fuel sales increased by 4.9 percent.

Gergely Gabler of Erste Bank Hungary said that, based on the old methodology, retail sales growth slowed to 1.3 percent in June from 2.4 percent in May and 6.5 percent in April. He noted that this is the last month when the changes in the measuring of retail sales data must be taken into account.

Zoltan Reczey of Buda-Cash Brokerage also said that the June retail sales growth was well below both expectations and the previous month’s figure. He said the slowdown would probably continue in the coming months.

Source: http://mtva.hu/hu/hungary-matters

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