Hungary Economic Sentiment October 2022

Hungary

Hungary: Economic sentiment tanks in October

October 26, 2022

The GKI economic sentiment index, a composite indicator, plunged to minus 21.9 in October from minus 14.5 in September. October’s result was the lowest reading in 22 months and was driven by worsening consumer and business sentiment.

Consumer sentiment fell to minus 55.4 in October from minus 52.6 in September due to households’ deteriorated assessments regarding their own financial situation, their savings capacity and their future possibility of purchasing big-ticket items.

Meanwhile, business confidence slumped to minus 10.1 in October from minus 1.1 in September. The print reflected a decrease in sentiment in the industrial, trade and services sectors.

FocusEconomics panelists forecast fixed investment to expand 7.2% in 2023, which is unchanged from last month’s projection. For 2024, the panel sees fixed investment growing 5.8%. Panelists project private consumption to increase 4.8% in 2023, which is unchanged from last month’s projection. For 2024, panelists see private consumption expanding 3.7%.


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