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Nagy Sees Growth Potentially at 5% in 2023

HUNGARY
  • MTI report that the government is working to protect Hungarian companies and the economy, citing the Minister for Economic Development. Insisting that the sanctions imposed on Russia in response to the war in Ukraine had "hobbled European economy and driven it into the ground", Nagy said on Monday that Hungary's government had protected growth which may come to 5% in 2022 and aims to avoid recession in 2023.
  • The government is committed to raising the wages of teachers as steeply as possible over the next three years, a state secretary of the interior ministry said on Monday. This follows protests in 2022 over low pay, which spiraled into some of the largest seen in Hungary in over a decade after teachers were dismissed for threatening to strike.
  • Hungary's PMI rose to 63.1 vs. Exp. 52.0, in the biggest beat on expectations for 12 months, data on Monday showed. December has historically proved a volatile month for the index, with Dec'21's reading at 65.5 vs. Exp. 52.3. There are no major economic releases or speakers scheduled for today.
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