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Economic research institute Kopint-Tárki has raised its economic growth forecast for Hungary this year to 4.8% from 4.5% in a projection released in June, CEO Éva Palócz said on Thursday. The government’s official projection for GDP growth this year is 4%, but Finance Minister Mihály Varga said earlier that higher-than-expected first-half growth of 5.1% could lift full-year growth to 4.3-4.4%. Kopint-Tárki left its GDP growth forecast for 2020 unchanged at 3.2%.

The institute lowered its forecast for annual average inflation this year to 3.4 % from 3.5 %. It cut the projection for next year to 3.4 % from 3.7 %. The projection for gross wage growth was raised to 10.5 % from 9.7 %. Kopint-Tárki sees gross wages rising by 8.5 % in 2020. Kopint-Tárki expects unemployment to drop to 3.4% this year, and edge down to 3.2 % next year. The institute forecasts the general government deficit at 1.6% of GDP.