According to preliminary data from the month of August 2015, the volume of retail sales rose by 4.7 percent in Hungary, year-on-year. Calendar-effect adjusted data show that the sales volume increased by 3.7 percent at food- and non-specified food retailers, by 4.6 percent at non-food retailers and by 7.4 percent at filling stations, compared to the same period of the previous year. In the period January-August 2015, the volume of retail sales was 6.1 percent higher year-on-year.

This positive trend is attributable to increasing consumer confidence, the record high employment rate and the increase of wages in real terms, Minister of State for Economic Regulation Béla Glattfelder told public news channel M1, commenting on data published by the Hungarian Central Statistical Office (KSH).

As he pointed out, wages in real terms have been up significantly, disposable incomes have grown at households and people are therefore spending more. The Minister of State noted that the upward retail sales trend in place since 2013 shows that the Hungarian economy had been successfully stabilized after the crisis of 2008 and it could be placed on a growth path. He also stressed that while retail sales growth prior to 2010 had been based on more and more public and private sector debt, the recent positive trend is the result of economic expansion.

(Ministry for National Economy)