ADVERTISEMENT

Govt scales back growth projections in 2012 budget bill

Initiatives

Hungary's government has scaled back projections for economic growth in the 2012 budget bill compared to forecasts in the country's updated Convergence Program submitted to Brussels in April.

The Convergence Program, based on the Széll Kálmán Plan, a restructuring program, put GDP growth at 3.1% in 2011, at 3.0% in 2012, at 3.2% in 2013, at 3.3% in 2014 and at 3.5% in 2015.

The budget bill shows projections of 1.9% GDP growth in 2011, 1.5% in 2012, 2.9% in 2013, 3.1% in 2014 and 3.0% in 2015.

The budget bill projects household consumption will grow 0.7% in 2011, stagnate in 2012, increase 1.4% in 2013, 1.7% in 2014 and 1.4% in 2015.

The Convergence Program saw household consumption rising 3.1% in 2011, 2.2% in 2012, 2.4% in 2013, 2.5% in 2014 and 2.7% in 2015.

The budget bill projects investments will contract 2% in 2011, before growing 3.2% in 2012, 5.4% in 2013 and 5.2% in 2014 and 2015.

In the Convergence Program, investment growth was set to reach 5.7% in 2011, 5.3% in 2012, 6.0% in 2013, 5.7% in 2014 and 5.8% in 2014.

ADVERTISEMENT

Czech economic confidence weakens in November Analysis

Czech economic confidence weakens in November

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

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.