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Oct 11, 2017

IMF raises its forecast for Hungary's GDP growth

The International Monetary Fund (IMF) has raised its forecast for Hungary’s GDP growth to 3.2 percent in its latest World Economic Outlook

The International Monetary Fund (IMF) has raised its forecast for Hungary’s GDP growth to 3.2 percent in its latest World Economic Outlook.

According to MTI, the projection was raised from 2.9 percent posted in April.

Official figures show that the IMF also raised its forecast for GDP growth in 2018 to 3.4 percent from 3.0 percent.

Although the revised numbers are a positive sign, they are still lower than what has been predicted by the Hungarian government. The government predicts GDP growth of 4.1 percent for 2017 and 4.3 percent for 2018.

The IMF also projects consumer prices will rise by 2.5 percent in 2017 and 3.2 percent in 2018. It predicts that the unemployment rate will fall to 4.4 percent this year and 4.3 percent next year.

What's more, the current account surplus is set to narrow to 4.8 percent of GDP in 2017 and 4.2 percent in 2018.