Hungary Economic Sentiment July 2021

Hungary

Hungary: Economic sentiment improves in July amid higher business confidence

July 27, 2021

The GKI economic sentiment index, a composite indicator, edged up to minus 1.1 in July from minus 2.2 in June, the best result since December 20219. July’s result was driven by stronger business confidence more than outweighing softer consumer sentiment.

Business confidence increased to 4.4 in July from 2.1 in June, marking the strongest reading since November 2019. The print reflected an increase in sentiment in the industrial, services and trade sectors more than offsetting weaker confidence in the construction sector.

Meanwhile, consumer confidence fell to minus 16.9 in July from a 15-month high of minus 14.5 in the previous month due to households’ worsened assessments of their own financial situation.

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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