The volume of retail sales has been rising steadily for the 49th consecutive month, Deputy State Secretary for Priority Enterprise Relations Zoltán Marczinkó told public news channel M1, commenting on the latest data published by the Hungarian Central Statistical Office (KSH) earlier today.

According to the first estimate, in light of unadjusted and calendar-effect adjusted data the volume of sales at retailers grew in July by 4.1 percent year-on-year. In the period January-July 2017, raw data show sales growth of 4.0 percent, while data adjusted for calendar effects signal a year-on-year increase of 3.9 percent.

These increases are in line with prior expectations, Zoltán Marczinkó said. Preliminary data show that non-food retailers registered the largest growth, but the volume of sales was also up at filling stations and food retailers.

GDP data, adjusted for seasonal and calendar effects, also signal an increase of 3.5 percent in the second quarter. This growth was mostly driven by employment and household consumption growth. As a result of these, some economic experts have already upwardly revised GDP growth expectations; Morgan Stanley, for example, upped their prognosis to 3.8 percent for the year, Marczinkó stated.

Investment, construction sector and tourism growth are all pointing to further expansion, he noted.

(Ministry for National Economy)