Retail sales up by 5.1pc in September

Budapest, November 7 (MTI) – Retail sales in Hungary grew by an annual 5.1 percent in September, slowing from 5.8 percent in August, the Central Statistical Office said on Monday.

Retail sales were also up by 5.1 percent from a year earlier according to calendar-adjusted data, picking up from a 4.3 percent increase in August.

Adjusted food sales rose by 3.9 percent, non-food sales climbed by 5.4 percent and fuel sales increased by 7.7 percent.

For January-September, unadjusted retail sales rose by 5 percent and adjusted sales increased by 4.9 percent. Food sales rose by 2.8 percent, non-food sales increased by 7.5 percent and fuel sales were up by 5.7 percent during the period.

Analysts interviewed by MTI said they expected retail sales growth to continue in the coming months thanks to rising wages, improving employment conditions and stable consumer confidence.

Erste Bank chief analyst Gergely Urmossy said high employment, increasing real wages and stable consumer confidence could lift full-year retail sales over 5pc.

Takarékbank analyst Gergely Suppán also said retail sales growth could be around 5 percent for the year before slowing to 3.5 percent in 2017.

Source: MTI