Automotive sector output in Hungary edges up 1.6% y/y in February
15 hours ago
Slovak retail sales rose 1.9% y/y in August, bouncing back from July’s fall of 0.6%, which was the first annual decline in 15 months, data from the statistics office showed on October 5.
The return to expansion is good news for an economy that is heavily reliant on consumption for growth in the medium term. Retail sales growth has lacked vigour throughout 2016, despite labour market improvements and low inflation. The latest statistics show turnover increased by just 1.8% in the first eight months of the year.
Growth in August was driven in the first place by a 10% increase in sales of food, beverages and tobacco in specialised stores and a 6.4% rise in sales of other household equipment in specialised stores. Turnover in automotive fuels in specialised stores and non-specialised stores grew 3.3 % and 2.1 %, respectively.
Sales of information and communication equipment, however, decreased 7.8%, albeit a much slower drop than July’s 18%. Car sales leapt 30.0%, although they are not included in the headline figure.
Slovak retail sales gained 1.7% last year, slowing from 3.6% in 2014. The country’s economy grew by 3.6% in 2015, driven by domestic demand, which was mostly due to investment pushed by EU fund absorption.
Consumer confidence is, however, on the rise. The indicator edged up 4 points to reach -5.1 in September.
Related Content
Data
Automotive sector output in Hungary edges up 1.6% y/y in February
Headline industrial output rose 1.8% in February, increasing for the first month in about a year.
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Slovak inflation eased further to 2.3% in March
Prices in the alcohol and tobacco sector increased by 19% y/y, including the 9.1% spike in tobacco prices as a result of the new consumption tax.
Polish inflation eases further to 2% y/y in March
The inflation rate landed within the National Bank of Poland’s target of 1.5%-3.5% for a second successive month
CEE falling inflation trend comes to an end
After spiking to 20-year highs thanks to the pandemic and Europe’s Russian induced energy crisis, inflation rates across the EU have tumbled in recent months. That trend has ended and CEE central banks are expected to hike rates again in 2H24.
Hungary’s CPI edges lower, but price pressures remain in service sector
Consumer prices in Hungary rose 3.6% y/y in March, but services' prices rose almost 10%.
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