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EBRD Forecasts Hungary GDP Will Edge up 0.4% in 2023

Analysis

The European Bank for Reconstruction and Development (EBRD) forecasts Hungary's economy will grow 0.4% this year in its latest Regional Economic Prospects, according to a report by state news wire MTI.

In an update of the Regional Economic Prospects released in February, the EBRD had forecast Hungary's GDP would fall by 0.2%.

Hungary's government calculates with GDP growth of 1.5% this year.

The EBRD said GDP growth would slow this year, from 4.6% in 2022, as household purchasing power declines amid high inflation and government consumption shrinks due to budgetary restraint. FDI inflows and other private investments are expected to support GDP growth this year, "but EU funds, especially those from the RRF, will likely reach Hungary only in late 2023 or 2024", it added.

The EBRD sees Hungary's GDP growth picking up to 3.5% in 2024 as external demand improves and real incomes recover.

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