Net household savings drop to 2.9% of GDP in Q2

Analysis

Seasonally adjusted net household financial savings stood at 2.9% of GDP in the second quarter of 2006, dropping from 3.9% in Q1, preliminary figures published by the National Bank of Hungary (MNB) on Wednesday show.

Net household financial savings totaled 4.2% of GDP in 2005, based on net savings of Ft 919.9 billion and a preliminary annual GDP figure of Ft 21,802 billion. Unadjusted net household financial savings were the equivalent of 1.4% of GDP in Q2 2006, down from 4.2% in Q1. According to unadjusted preliminary figures, Q2 net financial savings totaled Ft 79.2 billion, down Ft 131 billion from Q1 and down Ft 92.6 billion from Q2 2005.
Gross savings almost doubled from Q1 to Ft 463.9 billion, but gross borrowing rose even more sharply, almost tenfold, to Ft 384.7 billion. Households saved slightly less in Q2 than they did in Q2 2005, but borrowed some 25% more.

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