- S&P confirmed Hungary’s long-term foreign currency debt rating at BBB- late Friday. The outlook remains stable. "The stable outlook reflects our expectation that Hungary's economic recovery, ongoing disinflation, and stabilising cost of debt will support the government's fiscal consolidation efforts in the medium term, allowing the government's debt burden...to stabilise," the rating agency said.
- S&P's baseline expectation is for inflation to continue to subside and the current account to remain in modest surpluses, allowing the NBH to cautiously normalise monetary policy. They put GDP growth at 1.6pc in 2024, before accelerating to around 3.0pc in 2025.
- Prime Minister Viktor Orban is planning a trip to Georgia as early as this coming Monday, Bloomberg report citing people familiar with the matter. The trip follows an election with high geopolitical stakes, where the ruling Georgian Dream party claimed victory in the vote. According to Bloomberg, opponents say the vote was rigged, and that Orban was quick to congratulate Georgian Dream on X.
- There are no local data releases scheduled for today, preliminary Q3 GDP figures cross on Wednesday (Est: +0.7% Y/Y; Prior: +1.5%). PPI, trade balance and manufacturing PMI will all be released later in the week as well.
HUNGARY: S&P Affirm Hungary at BBB-, Orban Plans Trip to Georgia
Last updated at:Oct-28 08:14By: Hiren Ravji
Hungary
- S&P confirmed Hungary’s long-term foreign currency debt rating at BBB- late Friday. The outlook remains stable. "The stable outlook reflects our expectation that Hungary's economic recovery, ongoing disinflation, and stabilising cost of debt will support the government's fiscal consolidation efforts in the medium term, allowing the government's debt burden...to stabilise," the rating agency said.
- S&P's baseline expectation is for inflation to continue to subside and the current account to remain in modest surpluses, allowing the NBH to cautiously normalise monetary policy. They put GDP growth at 1.6pc in 2024, before accelerating to around 3.0pc in 2025.
- Prime Minister Viktor Orban is planning a trip to Georgia as early as this coming Monday, Bloomberg report citing people familiar with the matter. The trip follows an election with high geopolitical stakes, where the ruling Georgian Dream party claimed victory in the vote. According to Bloomberg, opponents say the vote was rigged, and that Orban was quick to congratulate Georgian Dream on X.
- There are no local data releases scheduled for today, preliminary Q3 GDP figures cross on Wednesday (Est: +0.7% Y/Y; Prior: +1.5%). PPI, trade balance and manufacturing PMI will all be released later in the week as well.
