Retail Sales Climb 6.3% In August
- 4 Oct 2018 9:36 AM
- Hungary Matters
Retail sales in Hungary rose by an annual 6.3% in August, the Central Statistical Office (KSH) said in a first reading of data.
Sales growth accelerated from 5.4% in July. Retail sales rose by 6.8% when adjusted for calendar year effects. Adjusted food sales were up 4.1%, non-food sales climbed by 10.7% and fuel sales rose by 6.2%.
In January-August 2018, retail sales rose an unadjusted 6.6% and an adjusted 6.7% from the same period a year earlier. Adjusted food sales were up 4%, non-food sales climbed by 9.9% and fuel sales increased by 7%.
Growth in retail trade in August outperformed market expectations, auguring well for economic growth in the third quarter, analysts told MTI. Péter Virovácz of ING Bank said after weaker data in July, growth in August significantly outpaced market expectations, and this is likely to be a good omen as far as GDP performance in the third quarter is concerned.
Gergely Suppan of Takarékbank said fast-paced retail sales growth was likely in the coming months thanks to rising real wages this year, buoyant consumer confidence and expansive growth in households’ financial assets.
So, annual growth in retail sales of 5.6% last year may be followed by an increase of 6.2% this year, contributing to faster GDP growth.
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