Retail sales rose 8.2pc when adjusted for calendar year effects.

Adjusted food sales increased 2.6pc, non-food sales climbed 8.4pc and turnover at petrol stations rose 20.6pc.

Online and mail-order sales volume, which accounted for 8.8pc of retail turnover, rose 10.5pc.

In a month-on-month comparison, retail sales were up 1.9pc, adjusted for seasonal and calendar year effects.

In absolute terms, retail sales came to HUF 1,799bn in March. Food sales accounted for 48pc of the total, non-food sales for 36pc and sales at petrol stations for 16pc.

In January-March, retail sales rose an unadjusted 6.0pc and an adjusted 5.3pc from the same period a year earlier. Food sales increased an adjusted 2.0pc, non-food sales rose 6.1pc and motor fuel sales were up 11.2pc.

ING Bank chief analyst Peter Virovacz said the March increase in retail sales "exceeded all expectations". He added that the trend was persistent, increasing since the end of 2023 and gradually approaching the 2022 peak.

Virovacz augured full-year retail sales growth of around 6.0-6.5pc, supported by improving consumer confidence, low inflation and strong wage growth.

Erste Bank macro analyst Janos Nagy said the March retail sales growth "vastly surpassed" the consensus. He added that higher inflation and peaking consumer confidence could slow consumption growth in the second half of the year, but household consumption would remain the driver of GDP growth in 2026.

Full report available here

Photo: Rowpixel.com
 

Source: MTI – Hungary’s national news agency since 1881. While MTI articles are usually factual, some may contain political bias, and readers should be aware that such content does not reflect the position of XpatLoop, which is neutral and independent.

Since the goal of XpatLoop is to keep readers well briefed, right across the spectrum of opinions, MTI items are shared to ensure readers are aware of all narratives within the local media.

XpatLoop believes in empowering readers to form their own views through complete and comprehensive coverage. To facilitate this XpatLoop has a balanced range of news partners, as you can see when you surf around XpatLoop.com

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