Hungary may lose top spot in European CPI ranking in July
The shortened week will start off slow, with no major macroeconomic data coming on Monday. By the time this piece is published, statistics from China and Japan will have been released already.
Tuesday, on the other hand, promises to be a cracker. In the morning, the National Bank of Hungary (MNB) will release financial accounts statistics, which will show the debt to GDP ratio at the end of June. Interestingly, this figure will be released half an hour after the GDP itself, which will be published Tuesday morning by the Central Statistical Office (KSH). According to analyst’s expectations, GDP will have grown in the double digits year on year, largely as a result of the low base, and about 2% compared to the preceding quarter as the economy re-opened. Later in the morning, Eurostat will also publish preliminary GDP data, which will tell us how Hungary performed compared to other European nations. In the afternoon, the latest U.S. retail trade statistics will be released.
The MNB will publish the latest statistics on international reserves Wednesday morning, preceded by data from the UK and followed by Eurostat’s July inflation figures. It is now very likely that Hungary will lose the top spot in Europe after several months and may eve miss the podium this time as Poland and Romania have posted 5% preliminary CPI, while Hungary’s was 4.6%.
The Finance Ministry will publish detailed general government balance Thursday morning. The MNB’s one-week deposit tender is now of little impact as the interest rate is nearly certain to remain at 1.2%. In the afternoon, the U.S. will release the weekly unemployment figures.
Cover photo: Getty Images
