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GKI Economic Sentiment At Lowest Since January

HUNGARY
  • Hungary’s business sentiment index dropped to -11.8 in June, the lowest level since late 2020, according to GKI research institute. Consumer sentiment remained deeply negative too at -44.8, pushing the overall GKI economic sentiment index to -20.4, the lowest since January. As a reminder, the government announced earlier this year that they will be extending windfall taxes which they had initially said would be phased out after this year. There are also extra levies on interest earned on bank deposits, while the cabinet is cutting spending by delaying state investments.
  • See the full report here: https://www.gki.hu/wp-content/uploads/2023/06/GKI_...
  • Hungary's long-term foreign currency debt rating was affirmed by Fitch at BBB on Friday evening, the second-lowest investment grade score. The outlook remains negative.
  • Prime Minister Orban is set to attend a meeting of the Visegrad group that also includes Poland, Slovakia and Czech Republic.
  • There are no major economic releases scheduled for today. Current account data (-EUR495m) and PPI data is on the docket this week.
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