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Hungary Economic Confidence Drops to Two-Year Low in December

Dec. 19 (Bloomberg) -- Hungary’s economic sentiment index dropped to a two-year low in December as the outlook for businesses and consumers deteriorated.

The sentiment index fell to minus 24.6, the lowest since December of 2009, from minus 23.2 the previous month, the Budapest-based GKI research institute said today in an e-mailed statement. The business confidence index dropped to minus 14.5 from minus 14 in November, while the consumer confidence fell to minus 53.3 from minus 49.5.

Hungary asked for financial assistance last month from the International Monetary Fund and the European Union, reversing more than a year of shunning international aid, after the forint weakened to a record against the euro and the government struggled to raise planned amounts at debt auctions. The country’s sovereign credit grade was cut to junk at Moody’s Investors Service last month.

The forint has dropped 13 percent against the euro since June 30, the worst performance in the world.

To contact the reporter on this story: Zoltan Simon in Budapest at zsimon@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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