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Official: MNB won’t revise GDP outlook after Brexit

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The National Bank of Hungary is not planning to revise its economic growth projection after British citizens voted in a referendum to leave the European Union, Deputy Governor Márton Nagy told Hungarian online daily origo.hu in an interview published this morning.

“The MNB will make no changes, as this is not justified for the time being,” Hungarian news agency MTI quoted the deputy governor saying. “If we look at the structure of domestic growth, we can see that right now our economy relies more on domestic demand factors,” Nagy added. 

The MNB has been preparing for both outcomes of the British referendum on whether the U.K. will stay or leave the European Union, MNB managing director Dániel Palotai said on Friday.

Projections by the central bank showed on Thursday that Hungaryʼs government deficit will reach 1.6% of GDP this year, if fiscal reserves in the Country Protection Fund are preserved.

National Economy Minister Mihály Varga said mid-June the exit of Great Britain from the European Union could slow the speed of Hungarian GDP growth by 0.3-0.4 of a percentage point.

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