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Trade Surplus Widens in March; Utility Price Caps to Be Maintained Through 2023

HUNGARY
  • Hungary's preliminary trade surplus widened to EUR899m in March from +EUR581m in February when the nation posted a positive trade balance for the first time just over a year and a half. Exports rose 16.5% y/y to EUR14.11bln, while imports increased 2.1% to EUR13.21bln.
  • The government is maintaining retail utility price caps for the whole year, the energy minister said yesterday. Subsidies on household gas and electricity, which cover average consumption, were set to expire at the end of May. Csaba Lantos said on Facebook that the country would "certainly have sufficient gas" for the next heating season.
  • The government yesterday modified a concession contract for the operation and development of motorways signed in 2022 to save costs. The move is part of “several measures aimed at strengthening financial stability”. Recently, the government’s 2024 deficit target was increased to 2.9% of GDP from 2.5%.
  • CPI data is the key release of the week, with base effects expected to drive disinflation further. Prices are expected to cool from 25.2% y/y in March to 24.1% in April. The monthly figure is seen at 0.7%. Data crosses tomorrow morning at 0730. Budget balance data is on the docket later this morning (1000BST/1100CET).
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