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Government Press Ahead With Increased Tax on Savings

HUNGARY
  • The government pressed through with a decree late yesterday outlining a rise in the tax levied on savers by 13ppt to 28%. The measure is designed to divert savings to government bonds, which remain tax free and increase budget revenues. The new measures are effective from July 1st and apply to bank deposits, non-government bonds and mutual funds.
  • May manufacturing PMI came in just ahead of expectations at 57.1 vs. Exp. 57.0 (Prev. 61.9). Meanwhile final Q1 GDP data was revised slightly lower, to -0.3% Q/Q vs. Exp. -0.2%. Y/Y was unchanged at -0.9%.

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