Hungarian retail sales growth weakened more than anticipated following a temporary boost from Easter, highlighting challenges in Prime Minister Viktor Orban’s strategy to prevent a recession ahead of upcoming elections.
Official data released on Monday by the Budapest-based Central Statistical Office showed that retail sales increased by 2.1% year-on-year on a workday-adjusted basis in May. This was below the median economist forecast of 3.7% in a Bloomberg survey, with all estimates predicting gains above 3%. On a monthly basis, retail sales declined by 1.3% from April.
— news from Bloomberg.com
— News Original —
Hungarian Retail Sales Slow in Blow to Orban’s Recovery Plan
Hungarian retail sales slowed more than expected after an Easter bump, underscoring the fragility of Prime Minister Viktor Orban ’s efforts to avoid a recession before elections.
Store receipts rose an annual workday-adjusted 2.1% in May, the Budapest-based statistics office reported on Monday. The median estimate of economists in a Bloomberg survey was 3.7%, with all forecasts exceeding 3%. Sales fell 1.3% from April.