Hungary Economic Outlook
July 31, 2018
Available data for Q2 points to another quarter of strong growth. This follows a remarkable economic performance in the first quarter on the back of buoyant domestic demand. Extremely tight labor market conditions and improved consumer sentiment seem to have buttressed household spending, as shown by surging retail sales in the first two months of the quarter. Construction activity also continued to climb in both April and May, supported by the rise in real estate prices, while growth in industrial production regained some steam after decelerating throughout Q1. Moreover, upbeat business confidence throughout Q2 suggests fixed investment remained quite strong. In the political arena, however, relations between Hungary and EU institutions continue to sour. In mid-July the European Commission decided to refer the country to the European Court of Justice after the government passed a law that threatens to criminalize some forms of support to undocumented migrants.Hungary Economic Growth
Private consumption is set to remain buoyant this year, supported by robust wage hikes, a tight labor market and rising consumer confidence. Additionally, fixed investment should continue to soar, benefiting from strong inflows of EU funds, still-low interest rates and lower corporate taxes. On the other hand, weaker demand from the Eurozone will weigh on export growth; nevertheless, the current account will remain firmly in surplus. The main downside risks stem from potential capital outflows due to the Fed’s tightening cycle and the introduction of tariffs on car imports from the EU by the U.S. FocusEconomics panelists see the economy expanding 4.0% in 2018, up 0.1 percentage points from last month, and 3.1% in 2019.Hungary Economy Data
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Hungary Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 3.53 | 0.0 % | Aug 15 |
| Exchange Rate | 285.9 | -0.68 % | Aug 15 |
| Stock Market | 35,826 | 0.04 % | Aug 15 |
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Hungary Economic News
Hungary: Economic growth continues to accelerate in Q2
August 14, 2018
The Hungarian economy continued to expand robustly in the second quarter.
Hungary: Second estimate confirms industrial output growth moderated in June
August 13, 2018
According to revised data released by the Hungarian Central Statistical Office (KSH) on 13 August, industrial output rose a working-day adjusted 3.1% year-on-year in June.
Hungary: Inflation hits over five-year high in July
August 8, 2018
Consumer prices rose 0.3% month-on-month in July, matching June’s print.
Hungary: Industrial production growth loses steam in June
August 7, 2018
According to preliminary data released by the Hungarian Central Statistical Office (KSH) on 7 August, industrial output rose a working-day adjusted 3.1% year-on-year in June, below the 3.8% increase recorded in May. In month-on-month seasonally- and working-day adjusted terms, industrial production contracted 1.2% in June, strongly contrasting the 1.8% rise recorded in May. Meanwhile, annual average growth in industrial production declined from 4.8% in May to 4.4% in June. A second estimate will be released on 13 August.
Hungary: Central Bank stands pat in July
July 24, 2018
At its latest monetary policy meeting held on 24 July, the Monetary Council of the Hungarian National Bank (MNB) decided to leave the base rate unchanged at its current record low of 0.90%, while also holding steady all other monetary policy instruments.
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