The retail sector’s growth of 2015 was unprecedented in the past more than ten years, Deputy State Secretary for Domestic Economy Áron Márk Lenner told public news channel M1, commenting on the latest retail sales data published by the Hungarian Central Statistical Office (KSH) earlier today.

The KSH reported that in December 2015 the volume of retail sales in Hungary grew by 5.0 percent year-on-year. In the December 2013-December 2014 period the sector expanded by 5.2 percent. Data adjusted for calendar effects show a year-on-year increase of 4.5 percent in December 2015 and 5.6 percent for the entire year.

Áron Márk Lenner pointed out that December data were in line with prior expectations. Sales of food and small-ticket consumer goods saw smaller growth than those of durable goods and this signals that consumer confidence has been strong.

The Deputy State Secretary highlighted massive sales growth in e-retailing, as this sector recorded some 20 percent growth for several months.

Áron Márk Lenner said the retail sector has been assisted by record-high employment growth and sizable real wage growth. Expectations are also high for 2016: a lower personal income tax rate and the extension of family tax allowances are set to result in further real wage growth, and about 5 percent retail sales growth.

(Ministry for National Economy)