Retail Sales Growth Accelerates To 6% In May

  • 25 Jul 2017 8:20 AM
Retail Sales Growth Accelerates To 6% In May
Retail sales in Hungary climbed an annual 6% in May, the Central Statistical Office (KSH) said in a second reading of data. Retail sales rose by 5.5% when adjusted for calendar year effects. The pace of retail sales growth accelerated from an unadjusted and adjusted 3.2% and 1.8%, respectively, in April. Retail sales growth in May was highest since June 2016.

The unadjusted figure for May was revised upwards from 5.4% and the adjusted figure was unchanged from the first reading published on July 5. Adjusted food sales were up by 2.3% in May, non-food sales climbed 10.3% and fuel sales increased by 4.3%.

In the non-food segment, unadjusted sales of clothing retailers rose by 8.7%, sales of second-hand goods increased by 2.9% and sales at chemists were up by 5.4%.

Sales of book and computer shops combined rose by 14.5%. Sales in furniture shops rose by 8.2%. Retail sales of vehicles and spare parts, which are not part of European retail trade statistics, were up 6.1%.

Adjusted sales of clothing retailers were also up 8.7%, sales of second-hand goods edged up by 0.4%, sales at chemists rose by 4.2%, sales of book and computer shops climbed by 13.8%, sales of furniture shops rose by 6.9%.

In the first five months of the year compared with the same period a year before retail sales were up by 3.7% according to unadjusted figures and rose by 3.5% according to adjusted data. Adjusted food sales for January- May were up by an annual 2%, non-food sales climbed 6% and fuel sales rose by 3%.

Commenting on the data, economy ministry state secretary István Lepsényi told public television that retail sales growth is expected to remain stable, in part thanks to government measures to hike wages.

The ministry said in a statement that retail sales have been growing for 47 months in a row.

It attributed this to a six-year agreement signed last year between the government, unions and employers to increase the minimum wage and cut payroll taxes.

This has increased households’ incomes, resulting in growing consumption, the ministry said.

Republished with permission of Hungary Matters, MTI’s daily newsletter.

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