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Nov 07, 2019

EBRD raises its forecast for Hungary’s GDP growth

After Q2 data released at the end of August showed higher than expected growth, Mihály Varga said the full-year GDP figure could reach 4.3-4.4 percent.

The European Bank for Reconstruction and Development (EBRD) has raised its forecast for Hungary’s GDP growth this year to 4.6 percent. The forecast was raised from 3.7 percent in a release in May.

The EBRD sees Hungary’s economic growth slowing to 3.1 percent in 2020, a 0.2-percentage-point improvement over the forecast in the May economic outlook.

The government’s official forecast for 2019 GDP growth is 4 percent based on the spring update of Hungary’s Convergence Program. However, Mihály Varga, Minister of Finance, said that after Q2 data released at the end of August showed higher than expected growth, the full-year GDP figure could reach 4.3-4.4 percent.

Photo credit: bbj.com