The European Commission has published their Economic Sentiment Indicator (ESI) today.
The ESI increased by more than five percents in Hungary in December. That’s the second biggest improvement in all of Europe after Croatia.
However having charted the data for the last half year for Hungary and Croatia, it appears that the November data for Croatia is really more like a glitch. On the other hand we can see a steady trend-like increase for Hungary.
According to William Jackson, an economic analyst at Capital Economics, one of the biggest analyst houses in the City of London, the new Economic Sentiment Indicator used in Brussels, which has hit a record high value for Hungary since October 2002, would correspond to a 5 percent GDP growth, so caution is required. However this may still indicate that our two percent GDP growth forecast for Hungary is too pessimistic, economic analyst Jackson said.
The London economic analyst department of Bank of America Merrill Lynch announced yesterday that they confirm their 2.6% GDP growth forecast for Hungary this year. Morgan Stanley has recently revised their forecast to 2.2% from 1.5%. JP Morgan has increased their forecast to 2.3% from 2.0% earlier.
Hungary is onto a winner with the much attacked “unorthodoxy”. 🙂