ING Think
Hungarian retail sales rose remarkably in March 2022. The growth of turnover adjusted for calendar effects came in at 16.2% year-on-year. This double-digit growth is partly due to last year’s low base, but the 7.3% increase on a monthly basis indicates that this is more than just a base effect. In fact, the month-on-month growth rate in March 2022 was even higher than the monthly increase we saw in May 2020, after the full Covid-lockdown was lifted.