Household savings decreases to 6.1% of GDP in Q1

MNB

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The rolling four-quarter net household savings ratio of Hungary decreased to 6.1% of GDP in Q1, said the National Bank of Hungary (MNB) today, according to Hungarian news agency MTI.

The ratio fell from a reported 7.4-7.9% range in the last four quarters, according to MNB’s newly released data. 

Total savings for the four-quarter period were HUF 2.065 trillion in Q1, the lowest reported amount since Q4 of 2014, the data showed.

During Q1, households created net saving of HUF 445 bln, for 5.8% of quarterly GDP, the report said. They primarily increased their savings in short- and long-term government securities.

Over the same period, households were net sellers of bonds issued by lenders, listed shares, and mutual fund units – as savings in bonds fell.

For liabilities, stock of household loans further decreased in Q1 while retail borrowers made net repayments on property as well as consumption loans, MNB said, according to MTI.

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