Hungary Economic Sentiment June 2021

Hungary

Hungary: Economic sentiment improved further in June

June 21, 2021

The GKI economic sentiment index, a composite indicator, edged up to minus 2.2 in June from minus 2.6 in May, the best result since December 20219. June’s result was driven by stronger consumer sentiment outweighing softer business confidence.

Consumer confidence rose to a 15-month high of minus 14.5 in June from minus 18.3 in the previous month due to households’ improved assessments of their own financial situation as well as stronger willingness to buy high-value durables.

Meanwhile, business confidence decreased to 2.1 in June from 2.9 in May, which had marked the strongest reading since November 2019. The print reflected a decline in sentiment in the industrial sector more than offsetting stronger confidence in the construction and trade sectors. Meanwhile, sentiment in the services sector was unchanged.

FocusEconomics panelists forecast fixed investment to expand 5.4% in 2021, which is down 0.4 percentage points from last month’s projection. For 2022, the panel sees fixed investment growing 6.2%. FocusEconomics panelists project private consumption to increase 4.2% in 2021, which is unchanged from last month’s projection. For 2022, panelists see private consumption expanding 3.9%.


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