Hungary Economic Sentiment August 2022

Hungary

Hungary: Economic sentiment falls to over one-year low in August

August 29, 2022

The GKI economic sentiment index, a composite indicator, fell to minus 14.3 in August from minus 9.4 in July. August’s result was the lowest reading in 17 months and was driven by worsening business and consumer sentiment.

Business confidence decreased to minus 2.1 in August from 2.0 in July. The print reflected a decline in sentiment in the industrial, constructions, trade and services sectors.

Meanwhile, consumer sentiment tanked to minus 49.2 in August from minus 41.7 in July due to households’ deteriorated assessments regarding their own financial situation, their savings capacity and their future possibility of purchasing big-ticket items.

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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