Retail sales data was relatively strong in April

HUNGARY - In Brief 04 Jun 2021 by Istvan Racz
Retail sales fell 1% mom but rose 12.2% yoy, sda, in volume terms in April. The mom number was depressed by this year's Covid lockdown, whereas the yoy figure was greatly lifted by last year's lockdown, which resulted in an extremely big, 13.7% mom drop in April 2020.The conclusion from this dataset is easy and obvious: this year's lockdown had a very substantially smaller negative impact on consumer demand than last year's. This sounds great news for annual GDP growth, even though this April's monthly retail sales growth number was quite weak in itself.By the way, the April actual appears to be largely in line with analysts' (quite optimistic) expectation on Q2 GDP growth (double-digit growth on yoy basis).

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