Food Retail Sales Increase 5% As Discounters Grab Market Share

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Food retail sales in Hungary increased by 5% in the year to May 31 2009, according to a study by market research company AC Nielsen. As expected, discount retailers performed particularly well as economic weakness led to a steady reduction in consumer spending. BMI's country risk team is currently forecasting that Hungarian GDP will fall by 6.4% GDP in 2009. Consumers are likely to continue trading down during the rest of 2009, but we are forecasting that Hungarian food consumption will rise by 13.1% by 2013, reaching HUF4,487bn. Meanwhile, although the country has one of the most developed food processing