EBRD raises Hungary GDP growth forecast
The European Bank for Reconstruction and Development (EBRD) raised its projection for GDP growth this year to 2.8% in a new forecast for 2014, the bank says in its Regional Economics Prospects report issued today.
In an earlier forecast published in May, EBRD had put GDP growth at 1.6%.
Russia’s embargo on food imported from European Union countries had had a “limited” effect on Hungary, the report says. Growth is boosted by “good exports but also a number of temporary effects, including public infrastructure spending funded through EU grants and de facto transfers to households in the form of administrative price cuts and mortgage debt relief at the expense of banks".
Hungary's government expects the economy to grow 3.1% this year. EBRD’s current forecast for Hungarian GDP growth in 2015 is 2.2%.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.