Retail sales in Hungary growth accelerates to 8.4 pc in February

Retail sales in Hungary grew by an annual 8.4 percent in February, the Central Statistical Office (KSH) said on Wednesday.

Growth picked up from 5.4 percent in January, reaching the highest level in just over a year.

Adjusted for calendar year effects, sales in February also rose by an annual 8.4 percent.

Adjusted food sales were up 4.8 percent, non-food sales grew by 10.8 percent and vehicle fuel sales by 13.8 percent.

In Jan-Feb, sales increased by an annual 6.9 percent based both on adjusted and unadjusted data.

Adjusted food sales increased by 4.4 percent, non-food sales by 8.5 percent and vehicle fuel sales by 10.4 percent.

The increase in retail sales over February was fuelled by rising wages which in turn are largely connected with the current labour shortage, market analysts told MTI after the KSH data release. Domestic consumption remains the driving force of economic growth, they said.