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Nov 22, 2019

OECD raises its projections for Hungary’s GDP growth

The OECD raised its forecast for this year’s growth to 4.8 percent in its latest Economic Outlook from 3.9 percent in the previous issue released in May.

The Organisation for Economic Co-operation and Development (OECD) has raised its projections for Hungary’s GDP growth in 2019 and 2020 in a biannual forecast.

The OECD raised its forecast for this year’s growth to 4.8 percent in its latest Economic Outlook from 3.9 percent in the previous issue released in May.

According to data from the Central Statistical Office (KSH), Hungary’s GDP rose an unadjusted 5.1 percent in Q1-Q3 from the same period a year earlier. The OECD raised its projection for GDP growth in 2020 to 3.3 percent from 3 percent, and it put growth in 2021 at 3.1 percent.

In a country note, the OECD said domestic demand is the “main driver” of growth. Household demand is being boosted by higher employment and real wages, record high consumer confidence, home construction support schemes and “very accommodative” monetary policy.