Hungary: Economic sentiment plummets to over decade low in April
The GKI economic sentiment index, a composite indicator, nosedived from minus 4.5 in March to minus 33.1 in April reflecting the economic impact from the Covid-19 pandemic and marking the worst reading in over a decade.
Business confidence plunged to minus 27.2 in April from minus 1.8 in March, marking the lowest reading since June 2009, due to a drastic fall in confidence across all sectors, particularly in the services sector.
Meanwhile, consumer confidence plummeted to minus 49.8 in April from minus 12.1 in the month prior as households’ assessment of their personal finances in the coming year as well as of the future of the Hungarian economy worsened markedly. Moreover, consumers became increasingly worried over job losses ahead, while their inflationary expectations jumped.