Hungarian Q2 GDP contracted more than consensus had expected

Review Hungarian Q2 GDP contracted more than consensus had expected. See comment . Also Romanian Q2 GDP came out much worse than expected when it shrank 8.8% y/y, compared to -6.2% y/y in Q1. Yesterday, the Hungarian central banker Banfi said that Hungry needs more rate cuts. It should be noted that Banfi was the first Hungarian central banker to signal the start of the present easing cycle. Banfi's comments combined with the quite dovish Minutes from the latest MPC meeting are a quite clear