Hungary Economic Sentiment February 2021

Hungary

Hungary: Economic sentiment weakens in February

February 24, 2021

The GKI economic sentiment index, a composite indicator, dropped to minus 19.6 in February from minus 16.3 in January. February’s result was driven by weaker business and consumer confidence.

Business confidence decreased to minus 11.5 in February from minus 10.1 in January. The print mainly reflected weaker sentiment in the industrial and trade sectors more than offsetting less downbeat sentiment in the construction and services sector.

Meanwhile, consumer confidence fell to minus 34.9 in February from minus 33.8 in the previous month due to households’ deteriorated assessments of their own financial situation and increased willingness to buy high-value durables.

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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