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Net household savings 3.9% of GDP in Q1

Seasonally adjusted net household financial savings stood at 3.9% of GDP in the first quarter of 2006, the National Bank of Hungary (MNB) reported on Monday.

The ratio is slightly up from a preliminary figure of 3.7% of GDP published by the bank on May 16.
According to unadjusted figures net household savings totaled Ft 210 billion in the first quarter or the equivalent to 4.2% of GDP, the bank reported. These figures were also revised up from a preliminary Ft 208.8 billion or 3.9% of GDP published in May.
According to unadjusted figures published on Monday, Q1 net financial savings were down Ft 249.3 billion from Q4 last year and dropped Ft 55.4 billion year on year. (Q4 is usually the strongest quarter in net savings.)
Gross savings totaled Ft 246 billion in Q1, down Ft 52.2 billion from a year earlier.