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ING Think
Latest retail sales data in Hungary caused a severe disappointment with the 2.6% year-on-year calendar adjusted growth posted in May. The slowdown itself is not surprising, but its extent certainly is. It is the slowest pace of growth since February 2017, and the data raises questions about the sustainability of the strong performance seen in the sector in the first quarter of this year. The latest numbers fit into the trend of a deceleration which started at the end of 2017. More...