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Wednesday, October 22, 2008

Hungary's Retail Sales Continue To Fall In August

Hungary's central bank doesn't have an exchange-rate goal and considers the recent slide of the country's currency unwarranted in terms of Hungary's economic fundamentals, according to bank governor András Simor.
Hungarian retail sales remained stationary month on month in August, following a 0.1% drop in July from June, according to calendar and seasonally adjusted data out today (Wednesday) from the Central Statistics Office (KSH). According to calendar adjusted data there was a fall over August 2007, versus a 1.8% decline in July and a 3.5% drop in August 2007. Basically sales continue to fall even if the rate of decline is slowing, due in part to the low-base effect.

The seasonally adjusted index was unchanged at 137, and if we look at the course of sales over the last 18 months in the chart below, we will see that the decline is now continuous. If the underlying fundamentals of the Hungarian economy really are sound, then I personally don't know where I should be looking to find them, I really don't.

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