Macroeconomic Forecast Hungary

According to the most recent data, Hungary's current account surplus narrowed slightly towards EUR380.7mn in Q311, down from EUR530.2mn in Q211. Owing to data being revised down in the first two quarters, we now expect the current account to reach a surplus of only EUR1.5bn by end-2011, from EUR2.1bn previously. However, owing to the still weak state of demand in the economy, we have revised up our end-2012 forecast to a surplus of EUR0.4bn from EUR0.3bn previously.

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