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Retail Sales Plunge 10.1% y/y; Trade Balance Moves to Surplus

HUNGARY
  • Prime Minister Orban’s government is seeking to extend emergency rule by six months, citing the war in neighbouring Ukraine, Bloomberg report. The legislation would extend Orban’s ability to rule by decree beyond the end of the month. It’s expected to pass since Orban’s Fidesz party has more than a two-thirds majority in the chamber.
  • Retail sales fell 10.1% y/y (Est: -5.9%) in February compared to -4.5% in January, according to data released by the Central Statistical Office this morning. Food sales dropped by 8.6%, while non-food sales were 9.8% lower. The disappointing data follows yesterday’s 4.6% yearly drop in industrial production (Est: -1.5%).
  • Meanwhile, Hungary's preliminary trade balance moved to a surplus of EUR513m in February from -EUR413m in January. Exports rose by an annual 10.5% while imports increased by 3.8%. Prior to this reading, Hungary had recorded trade deficits since June 2021.
  • Cabinet Minister Gergely Gulyas will hold a regular briefing at 0900BST/1000CET following yesterday’s government meeting.
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