Hungary strong fundamentals remain, econ policies to normalize - Macro outlook from Concorde Securities
The economic outlook of the Hungarian economy remains stable, with international factors (Brexit, trade disputes, Italy) carrying the most important threats to the outlook.
A slowing EU fund absorption and hence a slower pace of investment growth could weigh on growth, with the budget also backing away from its expansive nature in recent years. Consumption growth could remain strong.
The recent correction in global crude prices could help bring down the elevated rate of headline inflation, though the underlying strength in inflation developments tells a continuation of the reflation story.
The budget has started taking back the fiscal impetus of recent years, with special attention to the slowdown of investment-related expenditure.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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