“Retail turnover has been continuously increasing for 75 months, which means that people are now realising their postponed purchases, and thanks to the increase in incomes this trend will be continuing in the upcoming period”, State Secretary Péter Cseresznyés from the Ministry for Innovation and Technology said on Hungarian M1 current affairs television on Wednesday with relation to the latest data published by the Central Statistical Office (KSH).
According to the report published on Wednesday by the KSH, the turnover realised by retail businesses in September achieved a year-on-year increase of 5.8 percent taking into account calendar effects, similarly to the August period, increasing by 6.3 according to the raw data.
Mr. Cseresznyés added that since 2013-2014 the increase in retail turnover has been founded on the purchasing of consumer durables.
He highlighted the fact that this can be explained by several factors. “The Hungarian economy is performing better year-by-year, achieving around 5 percent annual economic growth over the past two years. Employment is increasing, and there are currently 800 thousand more people working in Hungary than in 2010. In addition, wages and salaries are also increasing, with the average wage having increased by 80 percent compared to 2010”, he explained.