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EBRD: Hungary’s GDP growth forecast at 2.4%

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The European Bank for Reconstruction and Development (EBRD) raised its forecast for Hungary's GDP growth this year to 2.4%, from the 2.2% originally predicted in September, in its fresh Regional Economics Prospects report published today.

According to the report, GDP growth for the country accelerated significantly to an estimated 3.2% in 2014, partly due to the faster disbursement of European Union funds and a rise in households' disposable income caused by government-mandated utilities price cuts. EBRD noted that these factors are no longer relevant this year, while the external environment has deteriorated and a fiscal tightening "is imminent" in part because of the need to finance planned asset acquisitions.

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