Leasing outlays up 9% in 2016, may mark ʼturnaroundʼ

Automotive

Hungarian companies’ new leasing outlays were up by 9% compared to the preceding year in 2016, to HUF 518 billion, Zoltán Tóth, general secretary of the Hungarian Leasing Association, announced today, according to reports.

Assets of leasing companies operating on the Hungarian market exceeded HUF 1.1 trillion over 2016, up by 6% compared to the preceding year, and increasing for the first time since 2010, Tóth said, according to reports. Although the level is still well below the HUF 2 tln threshold measured before the financial crisis, he said he believes last year’s figures mark a turnaround.

Vehicle financing remained the driver of the leasing market in 2016. Passenger car financing was up by 9% and commercial vehicle financing rose 19%, while outlays for heavy commercial vehicles were up 19%, according to Hungarian news agency MTI.

In the case of means of production, the financed amount increased by 6.5% in 2016.

Online economic news portal vg.hu notes that the Funding for Growth Scheme of the National Bank of Hungary played an important role on the leasing market last year, accounting for 26% of the financed amount, although this proportion is somewhat lower than the 29% recorded in 2015.

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