Macroeconomic Forecast Hungary

According to the most recent data released by the Hungarian central bank (MNB), Hungary's current account remained in the black in the first quarter of 2012, to the tune of EUR186.3mn. While the first quarter reading was down on the EUR342.6mn surplus recorded back in Q111, we believe weak domestic demand in Hungary will see to it the current account remains in positive territory over the course of 2012. We hold to our forecast for a full-year surplus of EUR1.13bn (equivalent to 1.1% of GDP) this year, down from EUR1.45bn (1.4% of GDP) the previous year.

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