No stopping: Hungarian forint hits another record low after weak GDP report
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The Hungarian forint has taken a new hit, falling to a record low against the euro following the release of disappointing GDP data. The data paints a bleak picture of Hungary’s economy, showing a slowdown that has once again tipped the nation into a technical recession. According to reports from Portfolio.hu, the euro reached HUF 405.8 by 9 AM today, a level unseen since November 2022.
The latest currency drop follows an overnight spike, where the euro-forint exchange briefly surged to 405.7, setting a fresh low not experienced since January 2023, Portfolio reports. The downturn in the forint coincides with the announcement of Hungary’s third-quarter GDP figures, which revealed an economic contraction and an official return to technical recession status. Analysts are bracing for further fluctuations as additional data from the EU and the U.S. are set to be released, likely impacting market dynamics. For instance, Spanish economic data already spurred a rise in the euro, which in turn saw the forint gain slightly against the dollar.
Shocking GDP data signals technical recession for Hungary
Data from Hungary’s Central Statistical Office confirmed a 0.7% quarterly drop in GDP during Q3, a contraction much steeper than experts had predicted. Forecasts collected by Portfolio suggested only a minor dip of 0.2%.
However, the reality proved far worse, as Hungary’s economy has now experienced back-to-back quarters of decline, putting it squarely back in a technical recession.
On an annual basis, GDP shrank by 0.7% after seasonal and calendar adjustments, and the raw data showed a larger 0.8% decline. For comparison, analysts had expected a modest growth of around 0.3%.
The last time Hungary faced such economic difficulties was during the energy crisis of late 2022. Since then, GDP growth has been inconsistent, with the economy shrinking in six out of the last nine quarters.
Fidesz brings the old Chinese curse to Hungary: “May you live in interesting times”.
Fidesz does promise Hungarians spectacular economic growth next year along with unicorns and fairies.
On-Wards we SURGE – keeps being EXHIBITED the BLUDGEONING – inflicted on us – Hungary, over the 15 years of this Orban – Fidesz Government.
FAILURES of PRIORITIZATION.
Failures of Economic and Financial Policies.
FAILURES of asking – firstly – what’s BEST for ALL Hungarians then secondly – what’s BEST for Hungary.
Orban – the Fidesz Government personify in being a SELFISH Government.
Orban factually he and his Fidesz Government have NEVER been a GOVERNMENT of the People, but driven by Greed, Corruption and the Abuse, the Explotation of Hungarians.
The Orban – Fidesz Government – have FACTUALLY exhibited to Hungarians – they are a Government, that through there decision making – placing them-selves over and above the Citizens of Hungary, that have been of constant HEINOUS acts.
What have they DELIVERED us ?
Chaos – a country that is DESIMATED – Financially and Economically, with Infrastructure CRUMBLING.
The forint, it’s on-going DEVALUEATION – devastating.
BRACE ourself fellow Hungarians – we are in for WORSENING times.
Solidarity – growing in numbers of Hungarians that LOUDEN our Voices – fighting Orban – his Fidesz Government with Truth & Facts – that will DEEPEN there HUMILIATION – MORTALLY wound and FINISH them off – under the leadership of the “pressurized” current Prime Minister of Hungary – Victor Mihaly. Orban and his “ill-fated” Fidesz Government.
If you don’t like the government, just vote them out, however, you can walk around at 3 am in budapest and not worry about your life, extremely safe, no immigrants. The EU is fasly devaluation the hungarian forient, electric battery plants, car manufacturers , tourism..all doing well, the EU has yet to release 20 billion dollars because hungarian is not dancing to their tune.
About infrastructure, all bridges have been rebuild, the castle is also being restored, new homes are being constructed.
What a pessimistic load of garbage. It only brings out the usual gloom-and -doom commenters listed above. Germany’s economy is in the toilet, yet you only mention Spain’s slight increase in GDP.
Your previous hysterical projections re Hungary’s economy have all proven to be incorrect as will this.