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Forecasts say inflation will drop to 4.5% - Hungary

MNB

In a joint prognosis, GKI Economic Research Zrt and Erste Bank Nyrt forecast that economic growth will be slower in 2007 than a year ago, but it will surpass the level projected by the government.

Inflation will be 7% on an annual average, but it will drop to 4.5% by the end of the year. While nominal gross wages grew by 7.4% during the first five months, GKI Economic Research Zrt and Erste expect a 4.5% real wage decrease by the end of the year. Although the rate of unemployment was on a steady decline so far, more people are expected to be out of work by the end of 2007. According to the joint prognosis, the central bank’s benchmark interest rate will drop to 6.5% by the end of the year, while the Hungarian currency will remain permanently strong. However, the budget deficit will remain high, with a forecast of 6.2% of the GDP. (Magyar Hirlap)

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