Hungary Economic Sentiment July 2022

Hungary

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

July 28, 2022

The GKI economic sentiment index, a composite indicator, fell to minus 9.4 in July from minus 7.5 in June. July’s result was the lowest reading in 16 months and was driven by worsening business and consumer sentiment.

Business confidence decreased to 2.0 in July from 3.7 in June. The print reflected a decline in sentiment in the industrial sector.

Meanwhile, consumer sentiment tanked to minus 41.7 in July from minus 39.4 in June due to households’ deteriorated assessments regarding their own financial situation, their savings capacity and their current 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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