State secretary puts 2015 GDP growth ‘around 3%’

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Hungaryʼs GDP could grow “at a rate of around 3%” this year, state secretary in charge of fiscal affairs Péter Benő Bánai said on state-owned all news channel M1.

Pointing out that GDP is an important factor in the deficit ratio, Bánai was confident that the official 2.4%-of-GDP accrual-based deficit target for 2015 would be met in light of the ten-month general government figures.

Bánaiʼs estimate is a touch down from the 3.1% government growth forecast.

Many analysts scaled down their own growth projections to somewhat below 3% after third-quarter GDP growth came in at an unadjusted 2.3%, lower than generally expected. Q1-Q3 GDP rose by an unadjusted 2.8% after a 3.6% increase in 2014.

The economy ministry confirmed the ten-month cashflow-based central government deficit at HUF 816.2 billion or 91.5% of the full-year target in a second reading on Thursday.

The ministry expects that about HUF 300 bln in EU funding will be transferred to Hungary in November, further reducing the deficit, added Bánai.

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