NGM: Public confidence is apparently starting to return

By: Trademagazin Date: 2025. 01. 10. 14:35

The government is working to improve the economy so that families can manage with more money and thus consume more – this is how the Ministry of National Economy (NGM) commented on the latest statistical report on retail turnover.

The statement recalls that, according to data from the Central Statistical Office (KSH), the trend of retail turnover since January of last year continued in November 2024. Based on data adjusted for calendar effects, the volume of retail turnover increased by 4.1 percent compared to the same period of the previous year, and expanded by a further 0.6 percent compared to October 2024.

In November, significant growth was again observed in the case of food-type mixed stores, which account for 76 percent of food retail trade, where the sales volume increased by 5.3 percent compared to the previous year, exceeding HUF 611 billion.

In the first eleven months of the year, retail sales grew by 2.9 percent overall, and growth is expected to continue in the rest of the year, giving the economy further momentum.

According to the Ministry of Economy, the data highlight that public confidence is increasingly returning, and people are spending more and more boldly. The continuous expansion of retail sales is primarily made possible by the dynamic real wage increase that has lasted for more than a year, most recently by 9.4 percent, and by inflation that has been pushed back to a low level.

The Ministry of Economy highlighted that in the interests of families, the government remains committed to fair and intensified competition in retail, and therefore continues to maintain the operation of the online price monitor. Consumer confidence is further enhanced by the establishment of the National Trade and Consumer Protection Authority, which acts decisively and effectively to ensure product safety and protect Hungarian consumers and families.