Retail sales growth in Hungary accelerated to 6.8% year on year in November from 6.2% in the previous month, the Central Statistical Office (KSH) said. Adjusted for calendar year effects, retail sales grew by 7.3%. Adjusted food sales rose by 4.5% while non-food sales jumped by 12.9%. Vehicle fuel sales edged up 1.7%.
ING Bank chief analyst Péter Virovácz said the November retail sales show consumption likely remained strong in the fourth quarter, adding that this boded well for GDP growth. Takarékbank senior analyst Gergely Suppan said the November data was higher than expected and may have been lifted by wage growth and pre-holiday sales.