Consumption in the CEE region: the Hungarians pulled on their belts

RegioPlan Consulting experienced moderately increased consumption expenditure, in some countries, and stagnation or slight decline in others in the ten tested eastern and southern European countries in 2009.

Although both the future growth and economic development, can loose from its tempo in the area of private consumption; the "catching up the Western countries has not finished yet" – said Hanna Bomba-Wilhelmi, CEO of RegioPlan Consulting.
In Hungary, the convergence is paused, but not stopped. Among other things, the high unemployment rate, which reached almost 10 percent last year and the VAT increase forced the Hungarian households to decrease their costs.