Analysts: the lack of foreign tourists can also be reflected in the decline in retail sales

By: Trademagazin editor Date: 2020. 10. 06. 11:45

The high base data of the previous year and the lack of foreign tourists were mainly reflected in the moderate decline in retail data in August, but the massive wage outflow and the reorganization of the labor market encourage a rise in turnover, analysts told MTI.

According to data released by the Central Statistical Office (KSH) on Monday, in August, according to raw data, the turnover of retail stores decreased by 1.2 percent and adjusted for calendar effects by 0.7 percent, compared to the same period of the previous year.

According to Virovácz Péter, senior analyst at ING Bank, the August retail performance came as a negative surprise. The market consensus expected a significant increase – he indicated in a comment sent to MTI. (MTI)