Hungarian consumer confidence plummets

The quarterly Hungarian consumer confidence index slid 22.7 percentage points to 70.9 percent in the fourth quarter, Ecostat told.

 The index was nevertheless above 66.5
percent recorded in the third quarter of 2006 after the government
announced austerity measures, Ecostat noted.
Fifty-eight percent
of households said their financial situations had worsened in the
past year, and 57 percent said their financial situations would
continue to deteriorate in the coming year.
Ecostat said stricter
lending conditions and falling wages are likely to reduce borrowing
by households in 2009.