Hungary’s industry struggling

Hungarian economy GDP export import in march
Photo: FB/Péter Szijjártó

Output of Hungary’s industrial sector dropped by an annual 3.8 percent in June, 6.1 percent when adjusted for the number of workdays, the Central Statistical Office (KSH) said in the 1st reading of data on Friday. Meanwhile, retail sales in Hungary fell by an annual 7.8 percent in June, dropping for the seventh month in a row, data released by the Central Statistical Office (KSH) on Friday show.

Month on month, output edged down by a seasonally and workday-adjusted 0.9 percent. Most branches of manufacturing contributed to the headline decline, KSH said. Among the biggest branches, electrical equipment and automotive production increased, while production of computers, electronics and optical equipment as well as of food, drinks and tobacco declined, it added. For the period January-June, output dropped by an annual 4.8 percent. KSH will release detailed data on output of all industrial sector branches on August 15.

Retail sales fall 7.8 pc in June

Retail sales in Hungary fell by an annual 7.8 percent in June, dropping for the seventh month in a row, data released by the Central Statistical Office (KSH) on Friday show. Retail sales declined by 8.3 percent when adjusted for calendar year effects. Adjusted food sales fell by 4.8 percent, non-food sales dropped by 4.3 percent and vehicle fuel sales were 24.2 percent lower. A detailed breakdown of the data shows adjusted retail sales fell in all types of shops, with the exception of drugstores and pharmacies.

KSH noted that retail sales rose by an adjusted 0.7 percent in a month-on-month comparison. In absolute terms, retail sales came to 1,560 billion forints (EUR 4bn). Food sales accounted for 49 percent of the total, non-food sales for 35 percent and sales at petrol stations for 16 percent. For the period January-June, retail sales dropped by an unadjusted 10.4 percent and an adjusted 10.3 percent year-on-year. Adjusted food sales fell by 7.5 percent, non-food sales dropped by 8.0 percent and vehicle fuel sales were down by 22.0 percent.

Furthermore, more Hungarian shops introduce quantity restrictions after price cap – read our article HERE.

Source:

Tags