1. on the top? Dávid Németh chief economist 27 November 2014

2. growth outlook 2

3. development of investments

4. stagnation of investment in 2015

5. annual growth rate of lending to non-financial corporates

6. how consumption may develop?

7. contribution to GDP growth (demand side) Forrás: KSH, K&H

8. inflation 8

9. infláció a fejlett gazdaságokban

10. 10 inflációs várakozások a régióban

11. inflationary development Forrás: KSH, MNB, K&H market priced goods and services vs. CPI alcohol, tobacco vs. CPIregulated prices vs. CPI

12. capital markets

13. base rate in the developed countries (%)

14. decreasing rate environment in the region (%) Forrás: NBH. K&H, Bloomberg

15. the tables have turned Balance sheet of major central banks (in own currency)

16. market environment development of IRS (%) Forrás: K&H, Bloomberg

17. does develuation continue? Forrás: NBH. K&H, Bloomberg

18. stability 18

19. changes in savings of sectors (% of GDP)

20. breakdown of net external debt by sectors (% of GDP)

21. gross public debt (% of GDP)

23. duration of debt (year, average)

24. who is dangerous?

25. correlation between corporate lending and non-performing loans Forrás: NBH. K&H, Bloomberg

26. household foreign currency loans as a percentage of GDP in regional comparison Forrás: NBH. K&H, Bloomberg

27. developments in the loan-to-deposit ratio in an international comparison Forrás: NBH. K&H, Bloomberg