Central European Daily

The Hungarian forint extended its previous losses on Friday and fell to an 11-month low against the euro on worries about next moves of the central bank that had cut interest rates to a new all-time low earlier last week. Meanwhile, revised data from the Polish Statistical Office (GUS) on GDP growth in the third quarter of the year confirmed the flash forecast released in the middle of November (+1.9 % Y/Y) as well as our hypothesis that household consumption had also significantly contributed to growth for the first time after a long while. Household consumption, along with a slightly positive contribution of investment, was likely the most positive information, which placed Polish recovery (with GDP growing about 1.4 % Y/Y in 2013) on solid footing. The figures had, however, no immediate impact on trading.