GKI knocks down 2022 GDP growth forecast

Analysis

Photo by Feng Yu / Shutterstock.com

Economic research institute GKI has cut its forecast for Hungary's GDP growth this year to 2.5-3% from 4.5-5% in a forecast issued in December, according to a report by state news wire MTI.

GKI said it cut the forecast because of "Hungary's proximity to Ukraine, the uncertainty and probable delay in the arrival of EU transfers, overdependency on Russia and the hard-hit automotive industry, and extraordinarily high inflation and its dampening effect on consumption".

The institute acknowledged the economy would probably expand at a faster clip than the EU average.

GKI projects Hungary's industrial sector will grow just 2.5%. It puts domestic consumption growth at 2.2%.

HUPX Joining Serbian, Slovenian Peers in Adex Power

HUPX Joining Serbian, Slovenian Peers in Adex

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.