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Government Downgrades GDP Expectations in EU Filing

HUNGARY
  • State newswire MTI cites the government as setting 2022 GDP growth at 4.3% as part of their convergence documents submitted to the EU. This is a downgrade from the pre-Ukraine war forecasts of 5.9%. They now see the general deficit dropping to 4.9% this year, with debt-to-GDP dropping to 76.1% at year-end.
  • Hungary has stated it would oppose any European Union effort to ban energy imports from Russia, according to cabinet minister Gulyas, who spoke on HirTV. The comments suggest the European effort to phase out Russian oil by the end of the year may not extend to all EU nations.
  • March PPI accelerated by 4.8% M/M, 25.9% Y/Y – marking a series high for the M/M release, and the highest since 1996 Y/Y. Meanwhile, April manufacturing PMI came in ahead of expectations at 58.9 vs. Exp. 55.0.
  • Today is the first parliamentary session since the early April elections, marking the fourth parliament led by Orban’s Fidesz party. Orban is expected to confirm his cabinet in around two weeks’ time.
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