Europe

Hungary’s March retail sales up 16.2%

March retail sales increased 16.2% annually from the low Central Statistics Office Ireland (KSH). Said on Wednesday.

Calendar year data also showed 16.2 percent growth.

Food sales increased 0.2% and non-food sales increased 29.7%, while automotive fuel sales increased 51.4%.

Analysts commented on the data, saying retail sales grew on the back of bonuses and tax refunds paid in February, fuel tourism caused by government price caps, low levels and inflation expectations.

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Gergely Suppan of Magyar Bankholding said retail sales in March were higher than expected. Temporary government measures such as PIT refunds to families raising children, 13-month pensions, and military allowances have already boosted solid wage growth, at around 13 percent, he said. Retail sales have grown against the backdrop of near-border fuel and basic food price caps, boosting shopping tourism, he said. Given these trends, he said Bankholding expects retail growth to exceed 10% this year.

ING Bank’s Péter Virovácz said retail sales increased by double digits after a 7.3 growth in 2021. This indicates other factors such as fuel tourism, aid and consumption for Ukrainian refugees, as well as a low pandemic-related base. And inflation expectations may have played a role. He said March data is likely to indicate blip rather than structural change, but growth at this level is “clearly unsustainable” and significantly boosts GDP in the first quarter. He said he would pull it up.

Featured photo illustrations via pixabay.com



https://hungarytoday.hu/hungary-march-retail-sales-up-16-2/ Hungary’s March retail sales up 16.2%

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