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November Retail Sales Up 6.8 percent

MTI-Hungary Today 2020.01.07.

Retail sales growth in Hungary accelerated to 6.8 percent year on year in November from 6.2 percent in the previous month, the Central Statistical Office (KSH) said on Tuesday.

Adjusted for calendar year effects, retail sales grew by 7.3 percent.

Adjusted food sales rose by 4.5 percent while non-food sales jumped by 12.9 percent. Vehicle fuel sales edged up 1.7 percent.

Hungary Holiday Retail Sales on Track to Hit New Record

ING Bank chief analyst Péter Virovácz said the November retail sales show consumption likely remained strong in the fourth quarter, adding that this boded well for GDP growth.

Takarékbank senior analyst Gergely Suppan said the November data was higher than expected and may have been lifted by wage growth and pre-holiday sales.

Featured photo illustration via pixabay.com