Hungary household savings rate rises to 15% in 2020
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The gross savings rate of households and nonprofits supporting households rose to 15% in 2020 from 12% a year earlier, data released by the Central Statistical Office (KSH) show, according to a report by state news wire MTI.
Quarterly data show the household savings rate rose from 10.9% in Q1 to 18.1% in Q2, around the time of the first pandemic lockdown. The savings rate fell to 13.7% in Q3, then rose again to 16.1% in Q4 as the second wave of the pandemic hit.
Household expenditures on consumption plunged 12% year-on-year in Q2, the data show. Declines in Q3 and Q4 were still over 6%.
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