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Industrial Output Confirmed to Have Declined 13.7% Y/Y in December

HUNGARY
  • A second estimate of industrial output confirmed that output fell by 13.7% y/y in December 2023, the Central Statistical Office said on Tuesday.
  • Domestic news flow is otherwise light today with local press continuing to focus on the resignations of Katalin Novak and Judit Varga from their roles as president and justice minister. Political fallout for Orban will likely be limited due to the speedy nature of the resignations. Nonetheless, a replacement for Varga will need to be found as she'd been widely touted to lead the Fidesz party at the upcoming European elections.
  • Attention will turn to the US CPI print this afternoon with no economic releases on the local docket. Looking ahead, the release of the January NBH meeting minutes will be closely watched tomorrow after Deputy Governor Virag said the 75bp cut was not made unanimously. The last time the council’s minutes reflected any dissent was in May 2016. Preliminary data for Q4 GDP will cross Wednesday morning (Est: +0.6% y/y; Prior -0.4%).
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