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Hungarian Retail Sector Struggling on Several Fronts
The recession in Hungary is also affecting the Hungarian retail sector. A weak labour market combined with declining purchasing power is dampening consumer spending, a development which is reflected in weak retail sales.
Hungarian Retail Sector Struggling on Several Fronts / Picture: © Vindobona.org
The increase at the start of 2012 in already very high VAT rates from 25% to 27%, affecting most everyday items, led to higher prices. Retail sales are also being taxed with the introduction of a “crisis tax”. All large companies, e.g. Tesco or Spar, are affected by this tax of up to 2.5% of annual sales.
Around 10 million people live in Hungary. Like many European countries,…
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