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Hungary Economic Index Improved to Seven-Month High in November

Nov. 26 (Bloomberg) -- Hungary’s economic-sentiment index improved to seven-month high in November on rising business confidence and a more optimistic consumer outlook.

The sentiment index rose to minus 22.4 from minus 24.6 in October, the GKI research institute in Budapest said in an e-mailed statement. The business-confidence index advanced to minus 12.4 from minus 14.6 while the consumer confidence gauge jumped to minus 50.7 from minus 53.

The economic index, which has displayed “slight fluctuations” following a plunge in May, still remained below April’s levels, which were the strongest reading this year, GKI said.

Hungary’s economy is mired in its second recession in four years as gross domestic product shrank 1.5 percent from a year earlier in the third quarter. The country requested International Monetary Fund aid a year ago as its credit rating was cut to junk.

Standard and Poor’s lowered its credit score for Hungary to BB on Nov. 23, two steps below investment grade, saying the government’s “unorthodox” policies were eroding medium-term economic-growth prospects.

GKI’s indexes are calculated based on a balance of positive and negative answers to questions about the outlook for the economy.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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