OTP expects 1% GDP growth

OTP Bank expects Hungary’s economy to grow around 1% this year, chairman and CEO Sándor Csányi said at the banking group’s AGM on Friday. Hungary’s government recently lowered its projection for 2013 GDP growth to 0.7% from 0.9%. In its Spring World Economic Outlook the International Monetary Fund projects Hungary’s economy will stagnate this year. In its latest Winter Forecast, the European Commission projected the Hungarian economy to shrink 0.1% this year. On Thursday, Raiffeisen Bank analysts have revised their projection for Hungary’s GDP this year to stagnation from a 0.5% contraction.

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