Hungary’s retail sales grew by 7.8 percent year-on-year in January, official figures reveal.
According to the data, the results show an unbroken upward sales trend of 55 months. This trend in the past four-and-a-half years has been driven, among other factors, by job growth, VAT reductions and real wage growth generated by the six-year wage agreement.
When the figures are compared against January 2010, the volume is up by 27.9 percent, significantly higher than the EU’s average growth of 11.9 percent in the same period.
Every retail sector in Hungary reported increased sales in January which signals a thriving economy and a positive outlook.
The Ministry for National Economy is expecting that the implementation of government measures will result in further wage growth in the coming months and that it should fuel household consumption growth.