Macroeconomic Forecast Hungary

Hungarian external debt has spiralled higher in the first quarter, rising by 34.6% y-o-y to hit a record EUR115.4bn. While government debt liabilities fell to EUR32.3bn, private sector debt spiked higher by a whopping 55.6%. Large rises were recorded across the board with banking sector external debt growing by 27.4% y-o-y to EUR34.0bn and non-bank corporate debt expanding by 35.2%. The largest increase though, was recorded in the direct investment debt liabilities, which increased by more than double from EUR15.0bn to EUR33.2bn. On the back of the latest data, we have revised our external debt forecasts through the long term.

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