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Net lending of the household sector totals HUF 1.8 trillion

Analysis

Net household financial savings or net lending of the household sector totaled HUF 1.8 trillion, which is the 6% of GDP in the four quarters to Q3, the National Bank of Hungary (MNB) said in a second reading on December 31, 2014. Net lending of households came to HUF 369 bln, or 4.5% of quarterly GDP, in Q3. 

The raw quarterly figures show that the savings ratio dropped after reaching a more than two-year peak at 7.2% of GDP in Q1 this year. The seasonally-adjusted ratios reveal, however, that households stabilised slightly over 6%-of-GDP in the first three quarters, after moving between 5% and 5.5% between Q2 2012 and the end of 2013.

The adjusted ratios were the highest since the late 90s, except at the turn of 2011-2012, when net savings were boosted by a government scheme that allowed retail borrowers to repay their FX loans in full at preferential exchange rates.

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