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TAKARÉKBANK RAISES 2019 GDP FORECAST TO 4.2%

 

Takarékbank forecasts Hungary’s economy growing by 4.2% this year, fuelled by rising consumption linked to strong wage growth. Takarékbank forecast 4.1% growth in its previous release in October. The government’s latest target is 3.9%. Takarékbank analyst Gergely Suppan said that improving productivity, efficiency and competitiveness may offset any challenge to growth due to the labour shortage.  Meanwhile, annual inflation is expected to average 3%, up from 2.8% last year, the bank forecast. Gross wages are expected to increase by 9% this year after growth of 11.3% in 2018. Takarékbank estimates GDP grew by 4.8% in 2018. A favourable global environment this year may bring growth close to 5%, Suppan said.