Leasing outlays fall 23% in Q1-Q3

Photo by Shutterstock.com

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.

Image by Shutterstock.com

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%.

Deals

Hungary to Acquire Controlling Stake in GySEV

Construction

Hungary’s Construction Activity Falls in July

Government

Hungarian Economy on ‘Cusp of Recovery’, Orbán Says

Politics

Magyar Opposes Allowing Illegal Migrants Into EU

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.