Gergely Tardos said the pace of growth would depend on developments in the German economy.
He also highlighted the impact of fiscal measures on domestic consumption. He said state and private investments could pick up in 2026, pointing to a slowing decline in the last quarter of 2025.
OTP analysts expect two rate cuts in 2026, with the first in Q1, if headline CPI is moderate and underlying inflation trends develop favorably, Tardos said.
He added that Hungary’s higher interest rates supported the forint and suggested the currency was still 3-4% undervalued in spite of a recent strengthening.
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