The upward trend of retail sales growth, in place for several months, continued in October, as the sector expanded by 2.5 percent year-on-year. Besides the increase, which was the highest in six months, over the past period some other outstanding results were achieved such as constantly rebounding foreign trade, growing investment, GDP growth of 1.7 percent in the third quarter, better-than-expected industrial and construction sector data as well as record-breaking employment figures.

In October 2013, changes were positive in each retail division: according to the flash report of the Hungarian Central Statistical Office (KSH), in light of data adjusted for calendar effects retails sales were 2.5 percent higher in comparison to the corresponding period of the previous year. With regard to the retail trade of food, beverages and tobacco products and of non-food products sales were up by 1.2 percent and 3.3 percent, respectively.

The retail sales volume of fuels increased by 3.7 percent which is the seventh increase in as many subsequent months. Reviving retail sales turnover has been the consequence of increasing real wages, improving consumer confidence and rebounding household consumption. Recent data confirm that an economic trend reversal is taking place in Hungary which is based on a sounder structure, thanks to which the country is expected to enter a lasting and balanced growth path.

(Ministry for National Economy)