Hungarian Government: Retail sales on the rise for 33 months in a row
OREANDA-NEWS. In March 2016, the volume of retail sales grew by 5.5 percent year-on-year. Since 2010, retail sales have increased by 15.1 percent in Hungary, well above the average growth of the EU (6.5 percent), and it is also one of the best figures in the region.
In March 2016, data adjusted for calendar effects show sales volume growth of 4.2 percent year-on-year, while unadjusted data signal an increase of 5.5 percent. The largest increase was registered within the non-food sector, which reflects the improvement of consumer confidence and the fact that households can and want to purchase durable consumer goods. This growth is believed to be mainly driven – in line with international trends – by soaring sales volumes at mail-order service providers.
In March, the sales volume of food and non-specialized food retailers grew by 1.9 percent.
The Ministry is expecting this high growth rate to continue this year, thanks to dynamic wage growth coupled with employment growth, low inflation and certain Government measures, such as the reduction of personal income tax rate or lower VAT on pork, eggs and milk.