Net lending of the household sector totals HUF 1.8 trillion
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 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.