EC Raises Hungary 2023 GDP Growth Forecast

Analysis

The European Commission raised its projection for Hungary's GDP growth this year to 0.6% in a winter forecast released on Monday, according to a report by state news wire MTI.

The projection was raised from 0.1% in a forecast published in November.

Hungary's economic growth is set to remain "subdued" in 2023 as the economy gradually adjusts to higher energy prices, the EC said.

The forecast is under the government's projection for 1.5% GDP growth.

The EC puts average annual inflation at 16.4% in 2023.  

The EC said Hungary's economic outlook remains sensitive to global investor sentiment and noted the country's exposure to energy price changes and potential supply disruptions because of its high dependence on energy imports and limited scope for import diversification in the short term. It added that inflationary risks are tilted to the upside as inflation expectations might become entrenched at a high level.

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