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NBH RAISES 2021 GDP FORECAST TO 4-6%

 

The National Bank of Hungary expects Hungary’s GDP to grow by 4-6% this year, forecasts from its latest quarterly Inflation Report show. The central bank had forecast a growth rate of between 3.5% and 6.0% in its previous report released in December. The finance ministry expects GDP to expand by 4-5% this year. The NBH puts the average annual inflation rate for this year at 3.8-3.9%, above the 3.5-3.6% range forecast in December. The central bank sees the economy expanding by 5.0-6.0% next year and by 3.5% in 2023. The bank’s forecasts for inflation show CPI at 2.9-3.0% in 2022. It left the 2023 inflation forecast unchanged at 3.0%. The NBH noted that the forecast is in a range because of the uncertain economic prospects resulting from the coronavirus pandemic.