Chart-pack on recent economic and financial market developments * March As of the th of June, the Magyar Nemzeti Bank (the central bank of Hungary) publishes a comprehensive chart-pack about the latest information in financial markets and the macro-economy. Our aim is to provide analysts and the public with a frequently updated, easy-to-use, clear-cut data set, in order to promote better knowledge and understanding of the current economic and financial market situation. The updated chart-pack is published on the day of each rate-setting meeting at pm. Earlier versions of the chart-pack are accessible on the website of Magyar Nemzeti Bank via the following address. http://english.mnb.hu/kiadvanyok/chartpack Questions and comments are welcome, and should be addressed to info@mnb.hu. * The data sources of this document, in whole or in part, do not fall within the scope of Act XLVI of 99 on statistics, therefore the data contained in the tables and charts are not to be considered as official statistical data. Magyar Nemzeti Bank excludes all liability for any damage caused by the usage of the herein published non-official statistical data.
7 Feb. Feb. 9 Feb. Feb. Feb. Feb. Feb. Feb. 7 Feb. 9 7 9 Jan. Feb. 7 June Dec. Jan. Feb. Aug. 7 9 Dec. Jan. June 7 Aug. 9 Jan. Feb. 7 June Dec. Jan. Feb. 9 Aug. 7 9 Dec. Jan. Interest Rates and Exchange Rates March. Developments in HUF exchange rate HUF 7 HUF 7 9 9 7 7 9 9 EUR/HUF CHF/HUF USD/HUF Notes: reverse scale, daily observations.. Developments in HUF exchange rate (last month) HUF,,,,,,,,,,,, 7, 7,,, 9, 9, HUF,,,,, 7, 7, 7, 7, 7,,,,,, 9, 9, 9, EUR/HUF (left-hand scale) USD/HUF CHF/HUF Notes: reverse scale.
7 Feb. Feb. 9 Feb. Feb. Feb. Feb. Feb. Feb. 7 Feb. 9 7 9 Jan. Feb. June 7 Dec. Jan. Feb. June Aug. Dec. 9 Jan. Feb. 9 7 Aug. 7 Dec. Jan. 9 June 9 Aug. 7 Dec. Jan. Feb. 7 June Aug. 7 Dec. Jan. Feb. 9 Interest Rates and Exchange Rates March. Emerging markets exchange rates - - - - - - - - EUR/HUF EUR/PLN EUR/CZK EUR/RON Notes: January = ; cumulative change. Positive values mean appreciation.. Emerging markets exchange rates (last month),,,,,,,,,,,, -, -, -, -, -, -, EUR/HUF EUR/PLN EUR/CZK EUR/RON Notes: cumulative change, -minute frequency. Positive values mean appreciation.
7 Feb. Feb. 9 Feb. Feb. Feb. Feb. Feb. Feb. 7 Feb. 9 7 9 Jan. Feb. June 7 Dec. Jan. Feb. June Aug. Dec. 9 Jan. Feb. 9 7 Aug. 7 Dec. Jan. 9 June 9 Aug. 7 Dec. Jan. Feb. 7 June Aug. 7 Dec. Jan. Feb. 9 Interest Rates and Exchange Rates March. HUF vis-á-vis emerging market exchange rates - - - - - - CZK PLN RON ZAR TRY Notes: January = ; cumulative change. Positive values mean HUF appreciation.. HUF vis-á-vis emerging market exchange rates (last month) - - - - - - CZK PLN RON ZAR TRY Notes: cumulative change, -minute frequency. Positive values mean HUF appreciation.
Jan. Feb. 9 June Aug. Dec. Jan. 7 Feb. 9 Aug. 7 Dec. Jan. June Aug. 7 Dec. Feb. June 9 9 Dec. Jan. Jan. Jan. Feb. June Aug. 7 Dec. Jan. Jan. 7 Feb. June Aug. Dec. Dec. Jan. Feb. 7 June Aug. 9 7 Dec. Dec. 7 Jan. Feb. 9 June Aug. 9 7 Dec. Jan. Feb. Interest Rates and Exchange Rates March 7. Implied and historical volatilities of the forint-euro exchange rate week (implied) month (implied) Historic (GARCH) volatility (rhs) Source: Bloomberg. Notes: GARCH is weighted volatility calculated using historical data; implied volatility (based on foreign exchange option quotes) can be interpreted as an indicator of risk perceived by the market.. Risk reversal and skewness of exchange rate expectations Risk reversal skewness (right-hand scale) Source: Bloomberg. Notes: based on option quotes for -month D risk reversal; skewness=rr/volatility*. Risk reversal can be regarded as a "nominal" indicator for the skewness of the distribution of exchange rate expectations, while skewness eliminates the effect of changes in volatility.
Interest Rates and Exchange Rates March 9. Implied HUF yields based on FX-swap market trades and quotes. Difference between interbank yields and implied yields based on FX-swap markets basis points basis points - - - 7 Aug. 9 7 Dec. Jan. Feb. 9 June 9 Aug. Dec. Jan. Jan. Feb. June Aug. 7 Dec. Jan. Jan. 7 Feb. Interest rate corridor months O/N - - - Jan. Feb. Dec. Jan. 9 7 June Aug. 9 7 Jan. Feb. June 9 7 Dec. Feb. Aug. 9 7 Jan. months (USDHUF) months (USDHUF) months (EURUSD) months (EURUSD) Source: MNB, Thomson Reuters. Notes: implied forint yields based on USDHUF FX-swap trades in the case of O/N maturity, and based on USDHUF FX-swap quotes provided by Thomson Reuters in the cases of -month maturity. Source: MNB, Thomson Reuters, Bloomberg. Notes: implied yields based on USDHUF and EURUSD FX-swap quotes provided by Thomson Reuters; interbank HUF yields are estimated via spline method based on BUBOR, FRA, IRS data.. Difference between interbank yields and implied yields based on FX-swap markets - - - - June 7 Aug. Dec. Jan. Feb. Feb. 7 June 7 June 7 Aug. 7 Aug. 7 7 Dec. Jan. Feb. Feb. Average spread of month EUR/HUF transactions Average spread of month EUR/HUF transactions Average spread of O/N EUR/HUF transactions Source: MNB, Thomson Reuters. Notes: implied forint yields based on EURHUF FX-swap quotes provided by Thomson Reuters; interbank yields are estimated via spline method based on BUBOR, FRA, IRS data.
Interest Rates and Exchange Rates March. Implied month forward interest rate curves (based on government securities yields). Implied month forward interest rate curve (based on interbank yields),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 7 9 years later February March 9 March,, 7 9 years later February March 9 March, Source: MNB, ÁKK. Notes: estimated by the MNB using the Svensson-technique. Source: MNB, Thomson Reuters. Notes: estimated by the MNB from interbank money market (FRA) and interest rate swap quotes using the spline technique.. Spread between -month forward yields in EUR and HUF. Segmentation of the difference between the quoted rate of the month FRA and the current base rate - - - - - - - - 7 9 year - - EUR ( ) HUF ( ) EUR ( ) HUF ( ) Forward diff. ( ) Forward diff. ( ) - - x x x x x x x x x..9....9 FRA-BUBOR difference BUBOR-base rate difference FRA-base rate difference Source: ÁKK, ECB, MNB. Notes: estimated by the ECB using the Svensson-technique, based on AAA-rated euro area central government bonds. Notes: based on FRA quotes provided by Tulett & Tokio Liberty on Reuters. Columns represent the difference between the quoted rate of the month forward rate agreement starting from the given date and the base rate.
9 June 7 Aug. Dec. Jan. Feb. June Aug. Dec. Jan. 7 Feb. 7 June 9 Aug. 9 Dec. Jan. Feb. Jan. Aug. Dec. Feb. 7 June 7 7 Jan. 7 Dec. Jan. 9 Dec. Feb. June Interest Rates and Exchange Rates March. Policy rate expectations derived from money market rates 7. Policy rate expectations derived from government bond yields,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, February March 9 March Source: MNB, Thomson Reuters. Notes: estimated by the MNB from interbank interest rates using the splinetechnique. Source: MNB, ÁKK. February March 9 March Notes: estimated by the MNB using the Svensson-technique.. MNB base rate and money market rates 9 9 7 7 O/N interbank Baserate (-week central bank bill) M BUBOR x FRA O/N central bank deposit O/N central bank loan Source: MNB, ÁKK, Thomson Reuters. Notes: O/N interbank yield is the calculated average yield weighted by turnover data, FRA yield is the close mid-quote provided by Thomson Reuters. 7
Jan. Feb. June 7 Aug. Dec. Feb. June 7 Aug. 7 Dec. Feb. 7 June Jan. Jan. Feb. Aug. Jan. 7 June Aug. Dec. Feb. 9 June Aug. Dec. Feb. Jan. Feb. June 7 Aug. Dec. Feb. June 7 Aug. 7 Dec. Feb. 7 June Jan. Jan. Feb. Aug. Jan. 7 June Aug. Dec. Feb. 9 June Aug. Dec. Feb. Interest Rates and Exchange Rates March 9. Short-term interbank yields. Short-term government securities - interbank yield spreads 9,,, 7, 7,,,,,,,,,,,, 9,,, 7, 7,,,,,,,,,,,, - - - - - - month year month year Source: MNB, Thomson Reuters. Notes: swap yields are estimated via spline method based on BUBOR, FRA, IRS data. Source: ÁKK, Thomson Reuters. Notes: the bond yields are estimated via Svensson-, swap yields via spline method.. Long-term interbank yields,, 7, 7,,,,,,,,,,,,,, 7, 7,,,,,,,,,,,,. Long-term government security - interbank yield spreads basis points 7 7 - - -7 basis points 7 7 - - -7 year year year year Source: MNB, Thomson Reuters. Notes: swap yields are estimated via spline method based on BUBOR, FRA, IRS data. Source: ÁKK, Thomson Reuters. Notes: the bond yields are estimated via Svensson-, swap yields via spline method.
7 Feb. Feb. 9 Feb. Feb. Feb. Feb. Feb. Feb. 7 Feb. Mar. Mar. Mar. Mar. Mar. 9 Mar. Mar. Mar. Mar. Mar. Mar. 7 Mar. Mar. 9 Mar. Jan. June Aug. Dec. Feb. 7 7 Jan. 7 June Aug. Dec. 9 7 Jan. Jan. Feb. 9 June Aug. 9 Dec. Feb. June Aug. Dec. Feb. June 7 Jan. 7 Jan. Interest Rates and Exchange Rates March. Short-term yields of benchmark government securities. Long-term yields of benchmark government securities 9 9 9 9 7 7 7 7 M M M Y Y Y Y Source: ÁKK. Source: ÁKK. Notes: daily reference yields provided by Government Debt Agency. Notes: daily reference yields provided by Government Debt Agency.. Yields of benchmark government securities,,,,,,,,,,,,,, Source: Thomson Reuters, FTSE. Notes: intraday -minute frequency data. M M Y Y Y Y Y 9
Jan. 7 Feb. June 7 Aug. Dec. Feb. 7 June Aug. 7 Jan. 7 Jan. Jan. 7 Feb. June 7 Aug. Dec. Feb. 7 June Aug. 7 Jan. 7 Jan. Jan. 7 Feb. June 7 Aug. Dec. Feb. 7 June Aug. 7 Jan. 7 Jan. Jan. 7 Feb. June 7 Aug. Dec. Feb. 7 June Aug. 7 Jan. 7 Jan. Financial Markets March. Spot turnover on the forint currency market 7. Swap turnover on the forint currency market HUF bn HUF bn HUF bn HUF bn 9 9 7 7 -day MA -day MA -day MA -day MA Notes: forint against foreign exchange deals by domestic banks; moving averages calculated based on deal date data. Notes: forint against foreign exchange deals by domestic banks; moving averages calculated based on deal date data.. Forward turnover on the forint currency market 9. Option turnover on the forint currency market HUF bn 9 7 HUF bn 9 7 HUF bn HUF bn 7 7 -day MA -day MA -day MA -day MA Notes: forint against foreign exchange deals by domestic banks; moving averages calculated based on deal date data. Notes: forint against foreign exchange deals by domestic banks; moving averages calculated based on deal date data.
Jan. 7 Feb. 7 June Aug. 9 Dec. Jan. 7 Feb. 7 June Aug. 9 Dec. 7 Jan. Feb. 7 Aug. 9 Dec. 7 Jan. 7 June Aug. 9 Dec. Jan. Feb. Jan. Feb. June 7 7 7 Jan. Feb. June Aug. Dec. Jan. Feb. 9 June 7 Aug. 9 Dec. Jan. Jan. June Dec. Jan. 7 Aug. 9 9 Jan. Feb. Aug. 9 9 Dec. Feb. Financial Markets March. Net FRA position of non-residents and FRA-base rate spreads. Net Forint forward stock of residents and the exchange rate 7 7 - - -7 - - - -7 - HUF bn 9 7 - - - - -7 HUF bn EUR/HUF 7 7 7 9 9 9 Base rate - x FRA yield differential Base rate - x FRA yield differential net FRA position of foreigners (right-hand scale) net forward stock of residents (inverted scale) exchange rate (right-hand scale, inverted scale) Source: MNB, Thomson Reuters. Notes: Based on FRA yield quotes provided by Tulett & Tokio Liberty on Reuters and daily reporting by domestic banks on interest rate derivatives transactions. The net FRA position aggregates non-residents' FRA-payer (long) and FRA-receiver (short) transactions (at par values). Positive values (long positions) indicate more transactions, where non-residents are paying the fixed FRA yields and receiving the floating rates; the long position has a positive pay off when market yields eventually exceed the FRA-yield. Notes: Based on the daily fx-reports of credit institutions. Due to the nature of the banks' daily report on FX transactions, the components of the statistic do not close to zero. As a result, the information contained in the data series is relevant mainly to evaluate the direction of short-term fluctuations. The MNB does not hold responsibility for the accuracy of the data. Revisions due to reporting errors and nonstandard transactions might lead to significant subsequent modifications of the data series.. Forint FX Swap stock of non-residents HUF billions - - - HUF billions - - - HUF/FX - max W HUF/FX - W-M HUF/FX - M-Y HUF/FX - min Y FX/HUF - max W FX/HUF - W-M FX/HUF - M-Y FX/HUF - min Y Notes: due to the nature of the banks' daily report on FX transactions, the components of the FX transactions statistic do not close to zero. As a result, the information contained in the data series on net forint purchase of non-resident investors - and its components - is relevant mainly to evaluate the direction of short-term fluctuations. An increase in the swap stock stands for swaps with a long forint spot leg. Based on the daily fx-reports of credit institutions.calculated from swap transactions between credit institutions and non-resident investors. The MNB does not hold responsibility for the accuracy of the data. Revisions due to reporting errors and non-standard transactions might lead to significant subsequent modifications of the data series.
Jan. 7 Feb. 7 June Aug. Dec. Jan. Feb. June Aug. Dec. 9 Jan. Feb. 9 7 Aug. 7 Dec. Jan. 9 June Dec. 9 Jan. Feb. nov. nov. dec. dec. 9 dec. dec. jan. 9 jan. jan. jan. jan. febr. febr. febr. 7 febr. márc. márc. Financial Markets March. Non-residents' open FX-position in HUF Billion HUF 9 7 - - - - - - -7 - -9 - HUF/EUR 7 9 9 9 9 97 99 7 9 7 9 Long HUF - Short FX Short HUF - Long FX Total net position EURHUF exchange rate (right-hand, inverted scale). Non-residents' cumulated position in HUF and the EURHUF exchange rate Mrd Ft forint/euro 7-9 - - - Cumulated position EURHUF (right, reverse scale)
Jan. Feb. 7 June Aug. 7 Dec. Jan. 9 9 June Jan. Feb. 7 9 Aug. 7 Dec. Jan. 7 June Jan. Feb. Aug. Jan. Feb. 9 June 7 Aug. 7 Dec. Feb. June 9 Dec. Jan. June Aug. 9 Jan. Feb. 7 June Aug. Dec. 7 Jan. Feb. June 9 Dec. Jan. 7 Aug. Jan. Feb. Financial Markets March. Forint FX Swap stock of non-residents HUF billions - - HUF billions - - - - total net FX swap stock of foreigners cumulated HUF purchase of foreigners Notes: due to the nature of the banks' daily report on FX transactions, the components of the FX transactions statistic do not close to zero. As a result, the information contained in the data series on net forint purchase of non-resident investors - and its components - is relevant mainly to evaluate the direction of short-term fluctuations. An increase in the swap stock stands for swaps with a long forint spot leg. Based on the daily fx-reports of credit institutions.calculated from swap transactions between credit institutions and non-resident investors. The MNB does not hold responsibility for the accuracy of the data. Revisions due to reporting errors and non-standard transactions might lead to significant subsequent modifications of the data series.. Forint financial assets held by non-residents HUF billions - - - - - - HUF billions - - - - - - government securities central bank (two-week) bills equity Source: MNB, KELER. Notes: January = ; cumulative change. Equity data are not comprehensive, it contains data for large- and mid-cap stocks quoted on the Budapest Stock Exchange.
Jan. Feb. June Aug. Dec. Jan. Feb. June Aug. Dec. Jan. Feb. June Aug. Dec. Jan. Feb. Jan. Jan. Jan. Feb. 7 Feb. 7 7 June June 9 Aug. Aug. 7 Dec. Dec. Jan. Jan. Feb. 7 Feb. 7 Financial Markets March 7. Change in government securities of non-residents by tenor HUF Bln 9 - - -9 - HUF Bln 9 - - -9 - - - Total amount Maturing before Dec. Maturing between Jan. and Dec. Maturing later than Jan. 9 Auctions, redemptions Notes: January = ; cumulative change without central bank bills.. Government securities held by non-residents HUF bln - - - - - - HUF bln - - - - - - - - T-Bill redemption T-Bond redemption T-Bill auction T-Bond auction Secondary market Total Notes: monthly change. The last month contains information on available data.
Jan. 9 Jan. June 9 Aug. Dec. Feb. 7 June Aug. Feb. Jan. 9 9 7 9 Jan. Jan. 9 Aug. Dec. 9 Dec. Dec. Feb. 9 9 Dec. 7 Dec. 9 9 9 Dec. Jan. 7 Feb. Dec. 9 Feb. 9 9 Feb. June Feb. June 7 June 9 Aug. 7 Aug. 7 Dec. 9 Dec. 9 Jan. Jan. Feb. Feb. Financial Markets March 9. Government securities held by non-residents and the proportion to the total amount outstanding. Government securities held by non-residents and the proportion to the total amount outstanding HUF bn 7 7 7 7 7 HUF bn stock (right-hand scale) percentage of total amount outstanding Notes: MNB calculations excluding central bank bills. stock (right-hand scale) percentage of total amount outstanding Notes: MNB calculations excluding central bank bills.. The average time to maturity of residents' and nonresidents' government security portfolio year,,,,,,,,,,,,, year,,,,,,,,,,,,,. The relative average time to maturity of residents' and non-residents' government security portfolio month 9 - - -9 - month 9 - - -9 - total non-residents residents non-residents residents Notes: MNB calculations including T-Bonds and T-Bills and excluding central bank (two-week) bills. Notes: MNB calculations; including T-Bonds and T-Bills, and excluding central bank (two week) bills.
Jan. Jan. Feb. June June 9 Aug. 9 Aug. 7 7 Dec. 7 Dec. Jan. Feb. Feb. June June Aug. Aug. Dec. Dec. Jan. Jan. 9 Feb. 9 June 9 9 Aug. 7 7 7 Dec. Jan. Jan. Feb. June Aug. Dec. Dec. Jan. 9 Feb. 7 Feb. Feb. 9 Feb. 9 9 Feb. 9 9 Feb. 9 Financial Markets March. The turnover and yield data of the Hungarian primary t-bill and t-bond issues HUF billions month T-bill 7 month T-bill year T-bond year T-bond year T-bond,,,, 7,,,, Source: ÁKK. Announced (billion HUF) Total bid (billion HUF) Accepted (billion HUF) Max yield ( - rhs) Avg yield ( - rhs) Min yield ( - rhs) Notes: the turnover and yield data of the Hungarian primary t-bill and t-bond issues. In case of floating rate bonds the yield data are not be plotted. HUF bn - - - - - - - - -. Government securities issues, buybacks, redemptions HUF bn - - - - - - - - - T-bond issuance Net T-bill issuance Bonds bought back Bonds matured Net change Source: ÁKK.
Jan Feb Mar Apr 9 June Aug Sep Oct Nov Dec Feb Mar 7 Apr June Aug 9 Sep Oct Nov 7 Dec Feb Mar Apr June Sep Oct Nov 9 Dec 9 Jan Mar Jan. Jan. 9 Feb. June Aug. 9 Jan. Jan. June Aug. Dec. Jan. Feb. June Aug. Dec. Jan. Feb. Jan. Jan. 9 Feb. June Aug. 9 Jan. Jan. June Aug. Dec. Jan. Feb. June Aug. Dec. Jan. Feb. Financial Markets March. Turnover on the forint unsecured interbank market. Turnover on the forint FRA market HUF bn HUF bn HUF bn HUF bn 7 7 7 7 7 7 7 7 7 7 -day moving averages -day moving averages -day moving averages -day moving averages Notes: deal dates, based on reporting by domestic banks; central moving averages. Notes: deal dates, based on reporting by domestic banks; central moving averages. 7. Turnover on the secondary market of government securities HUF bln HUF bln 7 7 7 7 7 7 7 7 less than year to years to years more than years Source: KELER Notes: -day moving averages. 7
Jan.. June 9 Aug. 7 Dec. Feb. June Aug. Dec. 9 Feb. 9 June Aug. 7 Dec. Jan. Feb. June Aug. Dec. Jan. 9 Dec. Feb. June Aug. Dec. Jan. 7 International and Regional Environment March. ECB policy rate expectations,,,,,7,7,,,,,, -, -, -, -, February March March Source: ECB. Notes: estimated by the ECB using the Svensson-technique, based on AAA-rated euro area central government bonds. 9. Fed policy rate expectations,,,,,7,7,,,,,, 7 February March 9 March Notes: derived from Fed funds futures contracts.
Jan. Feb. 9 June Aug. Dec. 7 Jan. Feb. Aug. Dec. 9 Jan. June Aug. 9 Jan. Feb. 7 June Dec. Jan. 7 Feb. Jan. 9 Feb. June 7 Dec. Jan. Feb. June 7 7 Dec. Jan. 7 June 9 Aug. 7 Dec. Jan. Feb. June 9 Aug. 7 9 Jan. 7 Feb. 7 June Aug. 9 Dec. Jan. 7 Feb. June 7 Aug. Dec. Feb. International and Regional Environment March. Policy rates of the ECB, Fed, Swiss National Bank and the -month money market interest rates,,,,,,, -, -, -, -, -,,,,,,,, -, -, -, -, -, ECB EUR yield SNB CHF yield Fed funds target rate USD yield. month interbank and treasury yield spreads 7 7 7 7 EUR USD 9
Jan. Feb. 9 June Aug. Dec. Jan. 7 Feb. Aug. 7 9 Dec. Feb. 9 June Jan. 7 Feb. June Aug. 9 Dec. Jan. Jan. Feb. 9 June Aug. 9 Dec. Jan. 7 June Aug. Dec. Jan. Feb. June Aug. Dec. Jan. Feb. 7 June 7 Aug. Dec. Jan. Feb. International and Regional Environment March. month LIBOR - OIS spreads 7 7 EUR USD. Long-term EUR and USD benchmark yields,,,,,,,,,,,,,,,,,, -year EUR -year USD Notes: based on benchmark yield data provided by Thomson Reuters.
Jan. Jan. 9 Feb. 9 7 June Aug. 9 Dec. 7 Jan. Feb. June Aug. 9 7 Dec. Jan. Feb. June Aug. 7 Dec. Jan. Feb. Jan. Jan. Feb. June Aug. Dec. Jan. Jan. Feb. 7 9 June Aug. 7 Dec. Jan. Jan. 7 Feb. 7 9 June 7 Aug. 7 Dec. Jan. Jan. 7 Feb. 7 9 June Aug. Dec. Jan. Feb. International and Regional Environment March. Major currencies versus the dollar - - - - - - - - - - - - - - - - - - - - USD/EUR USD/GBP USD/CHF USD/JPY Notes: January = ; cumulative change. Positive values indicate USD depreciation.. Commodity benchmarks USD/barrel; index values USD/ounce 9 7 Brent crude oil (USD/barrel) S&P GSCI agricultural and livestock index* S&P GSCI main index* Gold bullion (USD/troy ounce, right-hand scale) Notes: Brent crude oil and gold buillon: nominal values, *Standard&Poor's Goldman Sachs Commodity index: January =.
Jan. Feb. June Aug. Dec. Jan. Feb. 7 June Aug. 7 Dec. Jan. Feb. 7 June Aug. Dec. Jan. Feb. June 7 Aug. Jan. Feb. Jan. Feb. 9 June 9 Aug. 9 Dec. 9 Jan. Feb. June Aug. Dec. Jan. Feb. 7 June Aug. Dec. Jan. Feb. 7 9 June Aug. 9 Dec. Jan. Feb. International and Regional Environment March. Developed market stock indices 9 7 - - - 9 7 - - - DJ STOXX S&P FTSE NIKKEI Notes: January = ; cumulative change. 7. Emerging market stock indices - - - - - - - - BUX (Hungary) PX (Czech Rep.) Shanghai Composite WIG (Poland) RTS (Russia, right-hand scale) Notes: January = ; cumulative change.
Jan. Jan. Feb. June Aug. 7 Dec. Jan. Jan. 7 Feb. June Aug. Dec. Dec. Jan. Feb. 7 June Aug. 9 7 Dec. Dec. Jan. Feb. June Aug. Dec. Dec. Jan. Feb. Jan. Jan. Feb.. Jun. Jul. Aug. 7 Dec. Jan. Jan. 7 Feb.. Jun. Jul. Aug. Dec. Dec. Jan. Feb.. 7 Jun. Jul. Aug. 9 7 Dec. Dec. 7 Jan. Feb. 9. Jun. Jul. Aug. Dec. 9 Dec. Jan. Feb. International and Regional Environment March. Major risk aversion indicators VIX index EUR/USD month implied volatility EMBI Global (right-hand scale) Source: Thomson Reuters; JP Morgan. Notes: increases indicate declining risk appetite or increasing risk aversion. VIX is the implied volatility of S&P index. 9. Key CDS composite indices 9 7 itraxx Europe itraxx Europe HiVol CDX investment grade itraxx Crossover (right-hand scale) CDX high yield (right-hand scale) Notes: itraxx Europe index is composed of the most liquid CDS referencing European investment grade names. itraxx HiVol is a subset of the main index consisting of the most risky constituents. Crossover index comprises the most liquid sub-investment grade entities. CDX North American Investment Grade index consists of names, CDX North American High Yield index comprises names.
Dec. Dec. Dec. Jan. Jan. Jan. 9 Feb. 9 Feb. Jan. Feb. 9 June Aug. Dec. Jan. 7 Feb. Aug. Dec. 9 Jan. June 7 Aug. 9 Dec. Feb. International and Regional Environment March. year sovereign CDS spreads in emerging markets 7 7 Hungary Romania Bulgaria Croatia CEEMEA SovX Source: Thomson Reuters, Bloomberg. Notes: CEEMEA is a composite index calculated from the most liquid sovereign CDS-speads in the CEEMEA region.. year sovereign CDS spreads in emerging markets (last months) Hungary Romania Bulgaria Croatia CEEMEA SovX Source: Thomson Reuters, Bloomberg. Notes: CEEMEA is a composite index calculated from the most liquid sovereign CDS-speads in the CEEMEA region.
Dec. Dec. 7 Jan. Jan. Feb. Feb. Jan. Feb. 9 June Aug. Dec. Jan. 7 Feb. 9 Aug. 7 Dec. Jan. June Aug. 7 Dec. Feb. June Dec. Jan. Feb. International and Regional Environment March 9 7. year sovereign CDS spreads in peripherial eurozone countries 9 7 Source: Thomson Reuters, Bloomberg. Spain Italy Ireland WE SovX Portugal WE SovX is a composite index calculated from the most liquid sovereign CDS-speads in the Western European region.. year sovereign CDS spreads in peripherial eurozone countries (last months) Spain Italy Ireland WE SovX Portugal Source: Thomson Reuters, Bloomberg. WE SovX is a composite index calculated from the most liquid sovereign CDS-speads in the Western European region.
Jan. Feb. June Aug. Dec. Jan. Dec. Feb. 7 June Aug. 7 Dec. 7 Jan. 9 9 Dec. Feb. Jan. Feb. June Aug. Dec. Jan. Dec. Feb. 7 June Aug. 7 Dec. 7 Jan. 9 9 Dec. Feb. 7 Jan. Jan. Feb. Feb. 9 7 June June Aug. 9 Aug. 9 Dec. Dec. Jan. Jan. Feb. 7 Feb. 7 International and Regional Environment March. year sovereign CDS spreads in emerging European countries. year sovereign CDS spreads in emerging European countries (last months) 7 7 basis basis points points Poland Czech Republic Russia Poland Czech Republic Russia Turkey Estonia Turkey Estonia. Emerging market sovereign foreign currency bond spreads 9 7 7 9 7 7 Hungary all emerging Latin America CEE Asia Notes: calculated from JP Morgan Euro EMBI data. The series are differences between euro denominated (liquid) foreign currency bond yields and euro zero coupon yields of the corresponding maturities.
Jan. Jan. Feb. 9 June 7 Aug. Dec. Jan. Jan. Feb. June 7 Aug. Dec. Jan. Feb. Feb. 7 June June 9 Aug. 7 Dec. Dec. Jan. Feb. 7 June Aug. 9 Dec. 7 Jan. 9 Jan. Feb. Jan. Feb. June Aug. 9 Dec. Jan. June 9 Dec. Jan. 7 June 7 7 Jan. Feb. 9 Aug. 9 Feb. International and Regional Environment March 7. Policy rates and -month interbank deposit rates in CEE countries Hungary Poland Czech Republic Romania HUF interbank depo PLN interbank depo CZK interbank depo RON interbank depo Notes: interbank deposit rates based on Reuters quotes.. -month interbank deposit rates in some Central European and Baltic counties Lithuania Latvia Bulgaria Ukraine (right-hand scale) Notes: -day moving averages. 7
Jan. Feb. 9 June Aug. Dec. Jan. 7 Feb. Aug. Dec. 9 Jan. June 7 Aug. 9 Dec. Feb. Jan. Feb. 9 June Aug. Dec. Jan. 7 Feb. Aug. Dec. 9 Jan. June 7 Aug. 9 Dec. Feb. International and Regional Environment March 9. Spreads of -year CEE foreign currency bond yields over benchmarks 7. Spreads of Baltic and Eastern European foreign currency bond yields over benchmarks basis 7 points basis points 7 9 9 7 7 Hungary () Poland () Slovenia () Latvia () Czech Republic () Romania () Lithuania () Turkey (9) Notes: spreads of -year Eastern European foreign currency bond yields over the appropriate German benchmark yields. Notes: spreads of -year Eastern European foreign currency bond yields over the appropriate German benchmark yields. 7. Benchmark yield curves of Hungary, Poland, Italy and Germany - Y M Y Y Y Y Y 7Y Y 9Y Y Y Y Y Hungary 9 Mar Poland 9 Mar Italy 9 Mar Germany 9 Mar Hungary Feb Poland Feb Italy Feb Germany Feb -
Jan. 7 Feb. 7 June Aug. 9 Dec. Jan. 7 Feb. 7 June Aug. 9 Dec. 7 Jan. Feb. 7 Aug. 9 Dec. 7 Jan. 7 June Aug. 9 Dec. Jan. Feb. Jan. Jan. Feb. June Aug. 7 Dec. Jan. Jan. 7 Feb. June Aug. Dec. Dec. Jan. Feb. 7 June Aug. 9 7 Dec. Dec. 7 Jan. Feb. 9 June Aug. Dec. 9 Dec. Jan. Feb. International and Regional Environment March 7. Spreads over year euro spot zero coupon yields 7 7 - - HUF CZK PLN Notes: zero-coupon yields provided by Reuters. 7. year implied spreads over euro rates in year's time - - - - HUF CZK PLN Notes: based on swap rates provided by Reuters. 9
Feb. Feb. Feb. 7 Feb. 9 Feb. Feb. Feb. Feb. 7 Feb. 9 Feb. Feb. Feb. Feb. 7 Feb. 7 9 7 9 Jan. Jan. Feb. June Aug. Aug. 9 9 9 Dec. Dec. 7 Jan. Feb. Feb. 7 7 7 June June Aug. Aug. Dec. Dec. Jan. Feb. Feb. June June Aug. 9 9 9 Dec. 7 Jan. 7 Jan. Feb. Liquidity Position of the Banking Sector March 7. Developments in central bank balance sheet HUF billions 7 - HUF billions 7 - reserve balances net stock of O/N instruments main monetary policy instrument FX-swap instruments two-week loan six-month loan two-year loan total HUF liquidity 7. Recourse to central bank instruments HUF billions HUF billions - - - - net stock of O/N instruments FX-swap instruments six-month loan two-year loan two-week loan
Jan. Jan. Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. Jan/ Sep/ / Jan/ Sep/ / Jan/ Sep/ /7 Jan/ Sep/ /9 Jan/ Sep/ / Jan/ Sep/ / Jan/ Sep/ Inflation March 7. The CPI and the Core CPI 77. Developments in underlying inflation indicators 9 9 9 9 7 7 7 7 - - - - - - - - - - - - - - Range of underlying inflation indicators Core Consumer Price Index Consumer Price Index Core inflation excluding indirect tax changes Source: HCSO, MNB Notes: seasonally adjusted year-on-year growth rates (HCSO adjustments); The time series of core inflation have changed due to the change in the calculation method. Source: HCSO, MNB. Notes: The range is constructed of the median, weighted median, trimmed mean and Edgeworth-index indicators. Weight - Weight - Dec Jan Febr Consumer Price Index,, -,9 -, -, thereof 7. Decomposition of the Consumer Price Index Unprocessed food,9, -, -, -, Processed food,, -,7 -,7 -, Manufactured goods,9,9,,, Market services,,,,,7 Non-regulated household energy,, -, -, -,7 Alcohol, tobacco 9, 9,7,,,9 Gasoline prices,, -, -, -, Regulated prices 9, 7, -, -,9 -,9 Core Consumer Price Index,,,9,7, CPI without Tax Changes,, -,9 -, -, Source: HCSO, MNB decomposition Notes: annual growth rates (); The time series of industrial products, market services, regulated prices have changed because the method of the core inflation developed by the CSO and the NBH has broken down several items (like pharmaceutical products, the telephone, the other travels, the TV fee) from 9.
Jan. Jan. Feb. June Feb. 9 June Jan. 7 Jan. 7 Jan. 9 9 7 Jan. 7 Jan. 9 Dec. 7 June Dec. June 7 Dec. 7 June Dec. June 7 Dec. Jan. June Dec. Feb. 9 Aug. 7 Jan. 9 Dec. June 7 Feb. Aug. Jan. 7 Dec. 9 June Feb. Aug. Jan. Inflation March 79. The HUF/EUR exchange rate and the analysts' expectations HUF/EUR HUF/EUR 7 7 Mean of analysts' expectations (inverted scale) Source: Thomson Reuters, MNB. Notes: inverted scale, projected band with a central exchange rate taken to be fixed at 7, from October, and at, from June. The thin continuous line represents analysts' average exchange rate expectations according to the most recent Reuters CEE FX Poll.. The Brent crude oil price and market expectations USD/barrel USD/barrel Historical Analysts' expectations* Futures** MNB technical assumption*** Source: Bloomberg, Consensus Economics. Notes: Consensus Economics Forecast (latest survey); the original forecasts refer to the WTI crude oil, and were corrected by the average difference between WTI and Brent to derive figures for the Brent crude oil; ** Based on the latest available futures prices ***Technical assumption underlying the MNB's inflation forecast published in the most recent Quarterly Report on Inflation.
9 Q Q Q Q Q Q Q Q 7 Q Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. Inflation March. Monetary conditions 9 7 7 - -year real interest rate* (left-hand scale) CPI-based real exchange rate** (right-hand scale) Source: Reuters, KSH, Eurostat, ÁKK, MNB. Notes: * calculated from the -year zero-coupon yield and analysts' corresponding -year forward inflation expectations derived from the Reuters-poll by the MNB. ** Monthly depreciation of the forint relative to the euro (until April the pre-announced rate of devaluation), adjusted by the corresponding Hungarian CPI and the EMU's HICP ( January 997 = ; increase represents appreciation).. Fan chart of the inflation forecast 7 7 - - - - Source: MNB, HCSO. Notes: the fan chart represents the uncertainty around the central projection. Overall, the coloured area represents a 9 per cent probability. The central area containing the central projection for the consumer price index illustrated by the dotted line (as the mode of distribution) refers to per cent of the probability. The horizontal line shows the value of the announced inflation target.
Jan. Feb. June Aug. Dec. Jan. Feb. Jan. Feb. June Aug. Dec. Jan. Feb. June Aug. Dec. Jan. Feb. Inflation March. Analysts' expectations for the inflation rate in,,,,,,,,,,,, -, -, Notes: the thin continuous line represents the trimmed mean calculated by cutting off the lowest and the highest value. The flat line indicates the medium-term inflation target.. Analysts' expectations for the inflation rate in,,,,,,,,,,,,,,,,,,,, Notes: the thin continuous line represents the trimmed mean calculated by cutting off the lowest and the highest value. The flat line indicates the medium-term inflation target.
Inflation March. The latest central projection of the MNB compared to other prognoses Consumer Price Index (annual average growth rate, ) MNB (December ) -,,9,9 Consensus Economics (February )¹ -, -.7 -. -.. -. -. European Commission (February ),,, IMF (October ),,, OECD (November ) -,,, Reuters survey (February )¹ -, -.7 - -. -.9. -. -.9 GDP (annual growth rate, ) MNB (December ),,, Consensus Economics (February )¹,. -. -.. -. -. European Commission (February ),,,9 IMF (October ),,, OECD (November ),,,7 Reuters survey (February )¹,.9 -. -.. -. -. Current account balance³ MNB (December ),,, European Commission (February ),,,9 IMF (October ),,,7 OECD (November ),9,,7 Budget deficit (ESA-9 method), MNB (December ),,,9 Consensus Economics (February )¹,. -. -.. -. -. European Commission (February ),,7, IMF (October ),9,, OECD (November ),9,, Reuters survey (February )¹,. -. -.. -. -. Forecasts on the size of Hungary's export markets (annual growth rate, ) MNB (December ),,7, European Commission (February )²,,7, IMF (October ),,, OECD (November )²,,7, Forecasts on the GDP growth rate of Hungary's trade partners (annual growth rate, ) MNB (December ),,, European Commission (February )²,,7, IMF (October ),,, OECD (November )²,,7, For Reuters and Consensus Economics surveys, in addition to the average value of the analysed replies (i.e. the median value), we also indicate the lowest and the highest values to illustrate the distribution of the data. Values calculated by the MNB; the projections of the named institutions for the relevant countries are adjusted with the weighting system of the MNB, which is also used for the calculation of the bank s own external demand indices. Certain institutions do not prepare forecast for all partner countries. As a percentage of GDP. With complete cancellation of free reserves. Sources: Eastern Europe Consensus Forecasts (Consensus Economics Inc. (London), February ); European Commission Economic Forecasts (February ); IMF World Economic Outlook Database (October); Reuters survey (February ); OECD Economic Outlook (November ).
Inflation March. Consumer price index and the core inflation excluding indirect taxes per cent 9 7 - - 7 9 per cent 9 7 - - Core inflation excluding indirect taxes Consumer price index Source: HCSO and MNB calculation 7. Sticky price inflation and the demand sensitive inflation per cent per cent 7 9 Sticky price inflation Demand sensitive inflation Source: HCSO and MNB calculation
Q 7 Q Q 9 Q Q Q Q Q Q Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q External Balance March. Net financing capacity of the household sector - - - - - - - - - - Net lending Assets Liabilities Seasonally adjusted, as a percentage of GDP. Time series data displayed above are seasonally adjusted using direct alignment methodology therefore the difference of assets and liabilities is not necessarily equal to the seasonally adjusted value of net savings. 9. Net financing capacity of the non-monetary corporate sector - - - - Net lending Liabilities Assets Notes: seasonally adjusted; as a percentage of GDP. 7
Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q Jan. Jan. Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. External Balance March 9. Net borrowing of the household sector HUF billions HUF billions 7 7 - - - - -7-7 Consumption and other loans Mortgages (in HUF) Mortgages (in foreign currency) Total amount of loans Notes: monthly change, seasonally adjusted data. 9. Change in export and import volumes (goods and services) - - - - - - - - - - Export Import Notes: annual growth rate.
9 Q Q Q Q Q Q Q Q 7 Q Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q Domestic Business Cycle March 9. Annual GDP growth rate 9. Quarterly GDP growth rate,,,,,,,,,,,, -, -, - - -, -, -, -, - - -, -, - - -, -, -, -, - - -, -, Source: HCSO. Source: HCSO. Notes: annual growth rate. Notes: seasonally adjusted quarterly growth rate. 9. Fan chart of the GDP forecast - - - - - - - - - - - - -7-7 - - Source: MNB, HCSO. Notes: the fan chart represents the uncertainty around the central projection. Overall, the coloured area represents a 9 per cent probability. The central area containing the central projection for the GDP illustrated by the dotted line (as the mode of distribution) refers to per cent of the probability. 9
Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q 99 Q 99 Q 997 Q 99 Q 999 Q Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q 7 Q 7 Q 9 Q 9 Q Q Q Q Q Domestic Business Cycle March 9. New dwelling trends 9. Developments in home prices 7 7 9 9 - - - - 9 - - - - 7 - - - - HCSO second hand home price index Constructed dwellings (seasonally adjusted) Issued construction permits (seasonally adjusted) HCSO new home price index FHB real home price index-rhs Source: HCSO. Notes: year-on-year volume indices of trend-estimates. Source: KSH, FHN. Notes: =, real home price indices; CPI deflated. 97. Household consumption and the accumulation of gross fixed assets - - - - - - Household consumption Gross fixed capital formation Source: HCSO. Notes: annual growth rates.
Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. Domestic Business Cycle March 9. Industrial production and the output of the manufacturing sector - - - - - - - - - - - - Industrial production Manufacturing sector Source: HCSO. Notes: year-on-year volume indices of seasonally adjusted data. 99. New orders in selected branches of the manufacturing sector - - - - - - New domestic orders New export orders Source: HCSO, MNB. Notes: year-on-year volume indices of seasonally adjusted data.
Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q Domestic Business Cycle March. European Commission household confidence index (reweighted). Quarterly growth rates of automobile sales level level - - - - - - - - - - - - - - - - - - - - -7-7 Automobile sales month moving average Source: European Commission Source: Association of Hungarian Motor Vehicle Importers. Notes: the re-weighted consumer confidence index takes into account those subindices of the European Commission survey which are the most highly correlated with the time series of household consumption expenditure. (For more details see: MNB Background Studies /). Total volume of retail trade - - - - - - - - - - - - - - - - Total retail sales -month central moving average Source: HCSO. Notes: seasonally adjusted annualised monthly growth rates. The data of total retail sales contain beyond the narrow retail sales the turnover of motor vehicles and automotive fuel as well.
H H H H H H H H H 7 H 7 H H H 9 Q 9 9 9 Q Q Q Q Q H (e.) H 9 Q Q H H H 9 Q Q H H 7 H 9 Q 9 Q H (e.) Domestic Business Cycle March. Creditworthiness standards and credit conditions in corporate sector 9 7 - - - - - - 9 7 - - - - - - Large and medium-sized enterprises Small and micro-sized enterprises Commercial real estate loans Notes: credit conditions estimated by lending officers. Negative value indicates easing, positive indicates tightening compared to the last quarter (before 9 to previous half a year).. Creditworthiness standards and credit conditions in corporate sector - - - - - - - - Credit conditions - consumer loans Credit conditions - housing loans Notes: credit conditions estimated by lending officers. Negative value indicates easing, positive indicates tightening compared to the last quarter (before 9 to previous half a year).
Jan. Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. Labour Market March. Wage growth in the manufacturing sector Average gross wage ex-bonus payments Average gross wage Source: HCSO, seasonally adjusted by NBH Notes: annual growth rates.. Wage growth in the market service sector - - Average gross wage ex-bonus payments Average gross wage Source: HCSO, seasonally adjusted by NBH. Notes: annual growth rates.
Jan. 99 Jan. 999 Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan.. I. n. év III. n. év. I. n. év III. n. év. I. n. év III. n. év. I. n. év III. n. év. I. n. év III. n. év. I. n. év III. n. év. I. n. év III. n. év 7. I. n. év III. n. év. I. n. év III. n. év 9. I. n. év III. n. év. I. n. év III. n. év. I. n. év III. n. év. I. n. év III. n. év. I. n. év III. n. év. I. n. év III. n. év Labour Market March 7. Wage growth in the private sector. Unit labour cost in the private sector - - - - - - Average gross wage ex-bonus payments Average gross wage Versenyszféra ULC évesített q/q quarter-moving average Source: HCSO, seasonally adjusted by NBH. Notes: annual growth rates. Source: HCSO. Notes: seasonally adjusted, annualised quarterly growth rates. 9. Activity and unemployment thousand persons 7 thousand persons 9 7 number of employed economically active unemployed (right-hand scale) Source: HCSO. Notes: levels, seasonally adjusted.
Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. 999 7 9 e f f Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. International and Regional Environment March. -year government benchmark yields in CEE countries. Budget deficit in the CEE countries 9 9 9 9 7 7 7 7 Hungary Poland Czech Republic Maastricht reference value Hungary (-month average) Hungary Poland Czech Republic Source: Eurostat. Source: Eurostat, Consensus Economics forecasts. Notes: as a percentage of GDP. In the case of Poland and the Czech Republic privatisation revenues are not included.. Harmonised Index of Consumer Prices - - Hungary Poland Czech Republic Maastricht reference value Hungary (-month average) Source: Eurostat Notes: annual growth rate.
Q Q Q 7 Q Q 9 Q Q Q Q Q Q Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q International and Regional Environment March. GDP growth rate in CEE - - - - Hungary Poland Czech Republic Slovakia Source: Eurostat. Notes: same period of previous year = ; seasonally adjusted data.. External financing capacity in the CEE countries - - - - - - - - - - - - Hungary Poland Czech Republic Slovakia Source: Eurostat, MNB, CNB, NBP. Notes: seasonally adjusted, as a percentage of GDP. 7
Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q International and Regional Environment March. Business climate indices in the EMU. The annual growth rate of the volume of imported goods and services,,,,, 7,,,,,,,,, 97, 9,,, 9, 9, -, -, 7, -, - -, -,, -, - -, 77, -, -, - - 7, -, - - IFO Source: IFO; European Committee. EABCI (right-hand scale) Eurozone United States Japan Notes: IFO: Business Climate Index of the German Institut für Wirtschaftsforschung (Average of year = ); EABCI: Business Climate Index of the European Committee (deviations from the long-run average), seasonally adjusted. Notes: seasonally adjusted data. 7. GDP growth rate in the EMU, US and Japan,,,,,,, -, -, -, -, -, -, -, -, -,,,,,,,, -, -, -, -, -, -, -, -, -, EMU USA Japan Source: EUROSTAT. Notes: seasonally adjusted quarterly growth rates
Jan. 99 Jan. 999 Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 7 Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. Q Q Q Q Q Q Q 7 Q Q 9 Q Q Q Q Q Q Real Exchange Rates March. ULC based real effective exchange rate of the HUF 9 9 9 9 7 7 Source: HCSO. Notes: average of year =. 9 9 7 7 9. CPI and PPI based real effective exchange rates of the HUF 9 9 7 7 CPI based PPI based Source: HCSO, MNB, ECB Notes: average of year =. 9
Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 9 Jan. Jan. Jan. Jan. Jan. Jan. Monetary aggregates March. Real growth rate of monetary aggregates (year-on-year basis) - - - - M M M. Real growth rate of monetary aggregates (annualized from quarterly rates) - - - - - - - - - - - - M M M