Retail sales in Hungary grow by an adjusted 4.2 pc y/y in March

The Central Statistical Office (KSH) said on Tuesday that retail sales in Hungary rose by an annual 3.6 percent in March and by 4.2 percent when adjusted for calendar year effects.

KSH said adjusted food sales increased by 5.7 percent, non-food sales edged up by 0.6 percent, and vehicle fuel sales rose by 3.3 percent.

Month on month, retail sales rose by 2 percent when adjusted for seasonal and calendar year effects.

Between January and March, retail sales rose by an adjusted 2.2 percent from the same period a year earlier.

In March 2024:
Domestic retail sales amounted to HUF 1,586 billion at current prices.

51% of the national retail turnover was generated in specialized and non-specialized food shops, 33% in non-food retail trade, and 16% in automotive fuel stations.

In January–March 2024, compared to the same period of the previous year, adjusted for calendar effects:
The volume of retail trade rose by 2.2%.

The sales volume rose by 3.1% in specialized and non-specialized food shops and 3.9% in automotive fuel retail trade and fell by 0.7% in non-food retail trade.

As we wrote yesterday, Exports and imports are both down in Hungary; official data is here.

The government’s reaction

According to the Ministry of National Economy, retail sales have passed their low point and are now in the recovery phase. The government’s effective and efficient measures to bring inflation down to 3.6% by March 2024 supported this.

They added that the collapse in inflation, the substantial increase in real wages since September, the strengthening of consumer confidence, the easing of the cautionary motive, and the fall in food prices have all contributed to the expansion in retail sales.