Analysts surveyed by Reuters expect the Monetary Council to leave the central bank MNB’s key rate on hold at 6.00% at a meeting on Tuesday. 

All 22 analysts surveyed by Reuters said rate-setters would leave the base rate unchanged.

The poll was carried out on August 12-16.

Data published on August 16, the last day of the survey, showed Hungary’s GDP grew an unadjusted 1.5% in Q2 from the same period a year earlier, slowing from 2.5% growth in the previous quarter. Analysts had put GDP growth for the period at 2.1-2.3%.

The surprise slowdown could put pressure on rate-setters to loosen monetary policy.

Just three analysts in the Reuters poll projected a rate cut by the end of the year of 20 who submitted responses.