Hungary: Retail Sales Weather The November Storm

After weak October data, November was better than expected amid the stricter containment measures and a gloomier outlook in retail sales. No, we are not out of the woods yet, especially as the retail sales data don’t say anything about the services sector which was hit the most by the second wave and related lockdown. Against this backdrop, we maintain our call of a W-shaped recovery with economic activity shrinking on a quarterly basis in the last part of 2020. The latest retail sales data just provides a positive footnote, but this is still no game-changer in that respect.
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