Takarékbank sees GDP rising by 6.8% in 2021

Analysis

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Analysts at Takarékbank are forecasting that GDP could grow by 6.8% this year, at a slower rate than the 7.2% growth predicted earlier because of the ongoing coronavirus pandemic, senior analyst Gergely Suppan said at an online press briefing on Thursday.

Suppan said they are forecasting that GDP fell by 5.3% in 2020, a bigger drop than the 4.7% fall Takarékbank had been expecting. The bigger than expected second wave of the coronavirus pandemic and restrictions enacted to counter it are behind the downward revision, he added.

Analysts at the bank do not foresee further restrictions on the economy because of the pandemic which means that a substantive economic recovery could start in H2.

The industrial sector with a 15.3% growth rate and the construction sector with a 9.5% growth rate could drive economic recovery in 2021. 

Inflation could average 3.7% in 2021 and 3.2% in 2022.

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