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CONVERGENCE PROGRAMME TARGETS STEADY GROWTH OF AROUND 4%

 

Hungary’s economy is likely to continue growing by around 4% in the coming years, according to the country’s latest annual Convergence Programme posted on the website of the European Commission. The programme targets an annual GDP growth of 4% in 2019 and 2020, 4.1% in 2021, 4.2% in 2022 and 4% in 2023. The projections for 2019-2022 vary no more than 0.1 %age point from those in the previous year’s convergence report. Household consumption is seen increasing by 4.6% in 2019, by 4.7% in 2020, by 4.6% in 2021, by 4.005% in 2022 and by 4.5% in 2023. Gross fixed capital formation is set to grow by 10.3% in 2019 before slowing to 3.8% in 2020, to 3.5% in 2021, 4.6% in 2022 and to 3.1% in 2023. The programme projects inflation, harmonised for better comparison with other European Union member states, averaging 2.7% in 2019 and 2.8% in 2020, before levelling out at the National Bank of Hungary’s mid-term 3% target in 2021-2023.