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Fitch, S+P Affirm Hungary ‘BBB’ Ratings with Stable Outlooks

MTI-Hungary Today 2020.08.15.

Fitch Ratings and S+P Global Ratings both affirmed Hungary’s ‘BBB’ sovereign ratings with stable outlooks at scheduled reviews on Friday.

“In the absence of further significant COVID-19-related shocks, Hungary’s economy will rebound and reach pre-pandemic real GDP levels by early 2022, sooner than most other Central and Eastern European economies,” S+P said.

Second Quarter GDP Falls 13.6% on Pandemic Impact
Second Quarter GDP Falls 13.6% on Pandemic Impact

Hungary’s GDP fell by an annual 13.6% in the second quarter, impacted by the coronavirus crisis, a first reading of data released by the Central Statistical Office (KSH) on Friday shows. KSH said the crisis impacted services as well as industry. Adjusted for seasonal and workday effects, GDP declined by 13.5%. GDP for the first […]Continue reading

Fitch expects Hungary’s economy to contract by 5.9% this year, but it projects GDP growth of 5.4% in 2021.