ING: Hungary starts fourth quarter on a bad footing

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By Peter Virovacz is a Senior Economist with ING in Hungary The many economic challenges have begun to surface and become measurable. The performance of industry and retail sales was subpar in October, suggesting a tough fourth quarter. The Hungarian Central Statistical Office released its latest set of data on retail sales and industry in the past few days. Both brought significant negative surprises despite the already muted expectations. This strengthens our view that Hungary is in a technical recession and facing a significant quarterly drop in real GDP in the fourth quarter after a mild s…

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