Hungary’s retail sales growth slows to 1 pc in February

Budapest, April 4 (MTI) – February retail sales in Hungary rose by an annual 1 percent, the slowest rate of growth in several years, according to Central Statistical Office (KSH) data published on Tuesday.

KSH noted that the slowdown was in part due to a high base.

Adjusted for calendar year effects, retail sales were up by 1.2 percent. Food sales edged up by 0.2 percent, non-food sales rose by 3.1 percent and vehicle fuel sales increased by 2.1 percent.

In January-February, retail sales rose by an unadjusted 2.9 percent and an adjusted 2.5 percent.

The economy ministry’s deputy state secretary for business affairs told public television that whereas retail sales had expanded at a more moderate pace in February, this came after 44 months of continuous growth. Zoltán Marczinkó said among the reasons for the slowdown was the especially high base. In February last year retail sales grew by an exceptional annual rate of 7.6 percent.