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Hungarian Forint Strengthens as Growth Gains Momentum

November 14, 2013 at 18:45 by Vladimir Vyun

Hungary's coat of arms on a 10,000-forint noteThe Hungarian forint gained today after the report showed that country’s economic growth exceeded forecasts, suggesting that recovery from the last year’s recession is gaining momentum.

The Hungarian Central Statistical Office reported that country’s gross domestic product expanded 0.8 percent in the third quarter of this year from the second quarter. This is compared to expectations of 0.4 percent growth. The annual increase was at 1.7 percent, the fastest since the first quarter of 2011. The data indicates that Hungary will keep the budget deficit below the European Union’s limit of 3 percent per GDP.

USD/HUF was down from 222.10 to 221.63 as of 18:45 GMT today following the drop to 220.98.

If you have any questions, comments, or opinions regarding the Hungarian Forint, feel free to post them using the commentary form below.

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