Commenting on the latest retail sales data published by the Hungarian Central Statistical Office (KSH), Minister of State for Economic Regulation Béla Glattfelder pointed out that although many people had feared a retail sales slump following the introduction of restrictions on Sunday shopping and the subsequent loss of billions in tax revenues, the volume of sales actually increased in March 2015.

Data show volume growth which was outstanding even from a European perspective and these statistics were also confirmed by data compiled through on-line cash registers by the National Tax and Customs Administration, he stressed.

The Minister of State said that the main factors behind this growth were the rebounding economy and improving employment. In addition, he stated, the trust of people in the future is another key factor, as confident consumers dare to spend more.

Béla Glattfelder emphasised that people can loosen their purse strings as the phasing out of forex lending has cut instalments payable by borrowers and they have also recently received bank refunds, but higher family tax allowances have also left more money at families.

Economic growth has been underpinned by economic output and domestic consumption growth which in turn is generating new jobs, he said.

(Ministry for National Economy)