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Nagy Targets Growth at 1.5-2.0ppts Above EU Average

HUNGARY
  • Speaking to Magyar Nemzet this morning, Economy Minister Nagy outlined that the government want to reduce the budget shortfall without resorting to austerity measures, pointing to the main drivers of the economy this year being retail sales, tourism and fading caution among consumers. Nagy targets a national GDP growth rate of 1.5 - 2ppts above that of the EU for this year.
  • Following yesterday's NBH rate decision, Deutsche Bank see year-end rates at 6.00%, reaching a terminal rate of 5.00% next year.
  • According to an NBH survey, a quarter of local banks have sensed a pick-up in demand for consumer credit over the past six months, with over half of respondents seeing a further pick-up in the coming months. This leaves the banking sector expecting a slight improvement in the overall economic situation, with increased credit demand and risk appetite the key drivers, according to bne IntelliNews.
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