Hungary Economic Outlook
March 10, 2020The economy lost steam in the fourth quarter of last year, expanding at the weakest pace since Q3 2017 due to a faltering external sector. Particularly, export growth slowed markedly on weaker manufacturing output amid challenging demand conditions in the EU. Robust domestic demand, however, cushioned the overall moderation as quickening private consumption—propped up by low unemployment and buoyant wage growth—outweighed a significant loss of momentum in fixed investment. Turning to this year, available data is mixed. In January, retail sales jumped despite consumers turning more pessimistic, hinting that household spending continues to fare strongly. On the other hand, business confidence has deteriorated since November and fell to its lowest point in over six years in February, boding ill for capital outlays in the quarter.
Hungary Economic GrowthGDP growth is forecast to ease this year. Investment is seen rising at a more moderate pace amid lower absorption of structural funds, while slowing real wage gains will restrain private consumption growth. The coronavirus impact on global supply chains and thus on the all-important automotive sector poses a key risk to the outlook, as do labor shortages owing to poor demographics. FocusEconomics analysts see growth at 3.3% in 2020, which is unchanged from last month’s forecast, and 2.8% in 2021.
Hungary Economy Data
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|Bond Yield||2.08||0.0 %||Dec 31|
|Exchange Rate||295.1||-0.68 %||Jan 01|
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Hungary Economic News
March 12, 2020
According to a second estimate by the Statistical Institute, industrial production increased a working-day-adjusted 2.7% year-on-year in January, matching the first estimate and contrasting December’s revised 3.6% fall (previously reported: -3.7% year-on-year).
March 10, 2020
bet360备用网址Consumer prices rose 0.3% over the previous month in February, after increasing 0.9% month-on-month in January.
March 6, 2020
bet360备用网址Industrial production rose a working-day-adjusted 2.7% year-on-year in January, contrasting December’s 3.7% fall, according to a first estimate by the Hungarian Central Statistical Office.
February 28, 2020
A second GDP release published by Hungary’s Statistical Office on 28 February confirmed that growth, in annual terms, softened to 4.5% in the fourth quarter of 2019 from 5.0% in Q3, marking the weakest reading in over two years.
February 25, 2020
On 25 February, the Monetary Council of the Hungarian National Bank (MNB) kept the base unchanged at the historical low of 0.90% and held all other existing instruments steady.