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Hungary consumer confidence improves, purchasing propensity worsens in Q2

Analysis

Although consumer confidence in Hungary rose in the Q2 of 2008, households Purchasing Propensity Index shows a decreasing tendency and reached its second lowest value since 2002, a survey by GfK Hungary shows.

The GfK Hungaria consumer-confidence index rose 4.3 points to 147.1 in Q2 compared to Q1. Gfk’s Consumer Outlook improved 11.2 points to 162.5. GfK Hungaria’s Purchasing Propensity Index fell to 129.9 points in Q2 from 133.3 in Q1, reaching its second lowest level since 2002.

About 93% of consumers said they expected prices to rise, an increase of 6 percentage points from Q1. Consumers put consumer price inflation at 10.8%, down from their 11.7% estimate in Q1.

Hungary’s twelve-month consumer inflation was 7.0% in May, the latest available figures show. About 51% of consumers said they thought Hungary’s unemployment rate would rise. About 59% said they expected real wages to increase less than inflation in the next few years. A total of 24% expect real wages to rise in line with inflation and 7% expect a higher rise in real wages. A total of 23% of households do not have any savings. (MTI-Econews)

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