Leasing outlays fall 23% in Q1-Q3

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Leasing outlays in Hungary reached HUF 425 billion in Q1-Q3, down 23p% from the same period a year earlier, the Hungarian Leasing Association said on Monday, according to a report by state news wire MTI.

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The association said the decline was not as steep as the 28% year-on-year drop in Q2 caused by the coronavirus crisis, pointing to a recovery.

Leasing outlays for cars and light commercial vehicles dropped 17% to HUF 164 billion, although outlays for used vehicles were close to flat.

Farm machinery lease volume was little changed at HUF 71 bln, while outlays for construction machinery fell 14% to HUF 51 bln.

The association noted that about HUF 100 bln of outlays were linked to the Funding for Growth Scheme (FGS) of the National Bank of Hungary (MNB).

The association projects a full-year drop in outlays of 25%.

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