Turnover in the retail sector is to increase significantly in the Christmas shopping season, but also in coming months and years, Deputy State Secretary for Priority Enterprise Relations Zoltán Marczinkó said, commenting on the latest retail sales data released earlier today by the Hungarian Central Statistical Office (KSH).

Retail sales growth expected in coming years will stem from the wage hike agreement concluded recently by the Government and wage negotiation partners. Higher wages generated by the deal will substantially boost the income of families, the bulk of which is believed to be spent on consumption in general and retail sales in particular, he noted.

The latest KSH report shows that in October 2016 the volume of retail sales grew by 2.6 percent year-on-year, according to both unadjusted and calendar-effect-adjusted data.

(Ministry for National Economy)