NGM: retail turnover grew dynamically again, by 4 percent

By: Trademagazin Date: 2024. 12. 05. 12:28

According to the latest data from the Central Statistical Office, the strong expansion of retail trade turnover since January continued in October 2024. Following the temporary slowdown caused by the September flood, the volume of retail trade turnover – in line with government signals – showed significant growth again. In the tenth month of the year, retail trade turnover increased by 4 percent compared to the same period of the previous year (3.6 percent according to calendar-adjusted data), while it also increased significantly compared to the previous month, by 1.2 percent – the Ministry of National Economy (NGM) drew attention in its Thursday statement sent to MTI.

As noted, the data once again refuted the political and expert whining, the recovery in consumption is lasting and dynamic. The retail and tourism data highlight that the strong cautious motive is over, the population is becoming bolder and spending more.

In October, the growth in turnover was exceptionally strong in food and food-related mixed retail trade, where the turnover volume increased by 4.8 percent. Moreover, the growth was even higher in food-related mixed stores, which account for 76 percent of food retail trade, with their sales volume increasing by 5.1 percent.

In the first ten months of the year, retail turnover expanded by 2.8 percent overall, and accelerated growth can be expected in the rest of the year, which will give further impetus to the Hungarian economy. The growth seen in our country until October can also be assessed as strong at the EU level, and the rate of expansion is at the top of the EU mid-range. This means that the turnover of stores in our country is growing at a higher rate than in Austria, Germany, Poland or Slovenia.

The consumption of goods and services is one of the most important driving forces of Hungarian economic performance, and this may remain the case in the future. The government has curbed inflation, with real wages currently rising by more than 9 percent for more than a year. The historic three-year wage agreement guarantees that the purchasing power of families’ incomes will continue to increase significantly in the coming years, they emphasized.