EBRD Sees Hungary GDP Growth Slowing to 1.5% in 2023

Analysis

The European Bank for Reconstruction and Development (EBRD) forecasts Hungary's economic growth will slow to 1.5% next year from 5% in 2022 in a report published on Wednesday, according to a report by state news wire MTI.

The 2022 GDP growth forecast was raised from 3.5% in the EBRD's previous Regional Economic Prospects report released in May.

Hungary's first-half GDP climbed 7.3%.

"Private sector investments, especially those by automotive manufacturers, will add to GDP growth and employment in the coming years, but the deteriorating outlook, including potential new energy supply disruptions, will weigh on economic activities," EBRD said in the report's section on Hungary.

EBRD said reduced supplies of gas from Russia and mounting inflation worldwide will slow economic growth further next year in regions where it operates.

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