Hungary Economic Sentiment November 2020

Hungary

Hungary: Economic sentiment weakens in November

November 23, 2020

The GKI economic sentiment index, a composite indicator, dropped to minus 23.7 in November from minus 18.8 in October. November’s result was driven by deteriorated business confidence and marked the worst reading since May.

Business confidence fell to minus 20.4 in November from minus 13.4 in October. The print mainly reflected less favorable assessments of the future of the Hungarian economy and weaker willingness to employ.

Meanwhile, consumer confidence ticked up to minus 33.0 in November from minus 34.2 in the previous month due to households’ improved 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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Hungary Economic Sentiment November 20 20

Note: Consumer confidence, business confidence and economic sentiment indicators.
Source: GKI Economic Research Co.


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