Takarékbank lowers 2015 GDP growth forecast to 2.9%

Ratings

Takarékbank expects Hungaryʼs GDP to grow by 2.9% this year, by 2.4% next year and by 2.8% in 2017, department head at Takarékbank András Oszlay said today, according to Hungarian news agency MTI.

Takarékbank in September projected a 3.1% GDP rise for 2015, and a 2.5% rise in 2016, and has already lowered its June forecast to 3.3% growth for this year.

Consumer prices could be unchanged in 2015 before rising 2.2pc in 2016 then 2.7pc in 2017, analyst Gergely Suppan from the bank said on Wednesday..

The bank expects the euro to trade around HUF 314 by the end of December, but the forint should strengthen in 2016 to trade around HUF 300-305 to the euro by the end of next year.

The forint could start gaining strength in the second half of 2016 because of the continuing external surpluses and the anticipated upgrade of Hungaryʼs sovereign debt rating by international credit rating agencies, Takarékbank analysts said.

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