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Industrial Production Records Deepest Plunge Since 2020

HUNGARY
  • Hungary’s industrial production fell 5.8% y/y in April (Prior: -4.0%), significantly missing expectations of a smaller 1.1% contraction and marking the biggest drop since the onset of the Covid lockdown in 2020. The monthly figure fell 2.5% versus a revised 0% in March.
  • MTI report that the government on Tuesday submitted its draft laws on taxes for next year to parliament, with the national assembly expected to vote on the proposals before its summer recess, as per a statement released by the finance ministry. As a reminder, one of the government’s fiscal goals is to bring the budget deficit below 3% of GDP in 2024.
  • Minutes of the central bank’s latest meeting will be published at 1300BST/1400CET. There are no other economic releases on the docket today ahead of CPI (Est: 22.3% y/y), trade balance and budget balance data crossing tomorrow morning.

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