Industry and retail sales all remained normal in September

HUNGARY - In Brief 06 Nov 2025 by Istvan Racz
The preliminary Q3 GDP growth data was reported already a week ago (0% qoq, +0.6% yoy), but the September monthly industry and retail sales numbers are still something to be noticed, at least as a matter of regular housekeeping. Industrial output grew 1.3% mom and fell 1.7% yoy in volume terms, seasonally and day-adjusted as usual. In Q3, it was down by 2.6% yoy, following -3.3% yoy in Q2. The fixed-base chart (Dec 2010 = 100) changed as follows: Retail sales remained unchanged in September but rose 3.1% yoy, also in volume terms and on sda basis. In Q3, sales growth decelerated marginally, to 2.5% yoy, from 3.1% yoy in the previous quarter. Once again, the fixed-base chart looks as follows: Conclusion: this report was pretty uneventful. Neither output, nor sales could break out of their respective trend ranges in September. Both fit well to the bleak overall picture offered by the preliminary GDP data. 

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