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Hungarian leasing market contracts 1.5% in 2008

Hungary's leasing market contracted 1.5% in 2008, chairman of the Hungarian Leasing Association György Mészáros said.

The value of leases fell to HUF 1,203 billion in 2008 from HUF 1,220 billion in 2007.

In Q4, as Hungary suffered the effects of the global financial crisis, the leasing market contracted 26%, Mészáros said.

The market is expected to continue to contract in 2009. The value of leases for new assets could drop as much as 30%, he said. (MTI – Econews)