GKI lowers GDP growth forecast to 2.0%
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Economic research institute GKI has lowered its GDP growth forecast for this year to 2.0% from a projection of 2.3% in March, Hungarian news agency MTI reported this morning.
Due to a sharp fall in construction sector output in the first quarter, investments are also expected to decline more than earlier projected, at about 8%, this year, GKI said. GKI had forecast a 5% investment decline in March.
Household consumption, on the other hand, could grow by 3.5% on higher wages, GKI said, revising its earlier forecast upwards from 3.0%.
GKI confirmed its earlier annual average inflation forecast of 0.8%.
GKIʼs analysts put industrial output growth at 4.0% and expect construction sector output to decline 10.0%.
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