Slow growth in Europe, stagnation in Hungary: mixed picture in retail trade

By: Trademagazin Date: 2024. 09. 05. 12:58

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The European retail turnover increased barely perceptibly compared to June, while stagnation is observed in Hungary, according to the latest Eurostat report. European Union data showed an increase of only 0.2 percent in July, and in the euro area, store turnover increased by only 0.1 percent. In the case of Hungary, there was no change on a monthly basis, but on an annual basis, the country produced significant growth.

Moderate growth in Europe

In the Eurozone and the European Union, there was a slight increase compared to the previous month in July, which, however, was only a moderate improvement compared to the decrease in June. In June, a 0.4 percent drop in retail sales was measured in both the euro area and the EU, so the current growth could only partially correct the previous negative trend.

European shoppers spent more on food and drinks during the month, while demand for fuel fell. In the euro area, purchases of food, beverages and tobacco products increased by 0.4 percent, while purchases of fuels decreased by 1 percent. In the European Union, the difference was even greater: food consumption increased by 0.5 percent, while fuel turnover decreased by 1.4 percent compared to June.