IMF Cuts Hungary GDP Forecast

Analysis

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The International Monetary Fund (IMF) forecasts Hungary's GDP will contract 0.3% this year in its latest World Economic Outlook released on Tuesday, according to a report by state news wire MTI.

The forecast was lowered from 0.5% growth in the previous WEO published in April.

Hungary's GDP contracted 1.7% in the first half of the year, data from the Central Statistical Office (KSH) show, but the government augurs a turnaround from Q3.

The fresh WEO projects Czechia's economy will edge up 0.2% this year, while Poland's expands 0.6% and Slovakia's grows 1.3%.

The IMF puts the average annual inflation in Hungary at 17.7% this year.

Hungary's current account deficit is set to reach the equivalent of 0.9% of GDP.

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