By: The Quinnipiac University Economics Research Team, Nicholas Ciampanelli
This past July, retail sales in Hungary rose by 2.5% year-over-year, perpetuating the industry’s four month-long growth. According to the Ministry of Innovation & Technology, this economic boom within the retail industry created 4.7 million jobs enabling average wages to rise above 400K Forints (1,100 Euros) and increasing household disposable income throughout the nation. Despite these promising developments, the industry’s growth is progressively slowing, as evident from retail sales falling from a 6.2% increase in the previous month to its aforementioned growth rate. Additionally, the ING Bank Chief Analyst Péter Virovácz states this growth is largely driven by households’ preference to spend more on retail-based services during the summer months.
This article is based upon: https://hungarymatters.hu/2021/09/03/retail-sales-at-3-0-in-july/