Hungary Economic Sentiment November 2021

Hungary

Hungary: Economic sentiment declines in November amid tumbling consumer sentiment

November 22, 2021

The GKI economic sentiment index, a composite indicator, dropped to plus 0.2 in November from plus 2.5 in October, which had marked the best result since November 2019. November’s result was driven by plunging consumer confidence.

Consumer confidence fell to minus 25.1 in November from minus 15.2 in October due to households’ deteriorated assessments regarding their own financial situation and the willingness to buy high-value consumer goods.

Meanwhile, business confidence increased to 9.1 in November from 8.7 in October, marking the strongest reading since May 2019. The print reflected increases in sentiment in the construction, industrial and trade sectors more than offsetting weaker sentiment in the services sector.

FocusEconomics panelists forecast fixed investment to expand 7.2% in 2022, which is unchanged from last month’s projection. For 2023, the panel sees fixed investment growing 5.8%. Panelists project private consumption to increase 4.8% in 2022, which is unchanged from last month’s projection. For 2023, panelists see private consumption expanding 3.7%.


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