Private consumptions was the key growth driver amid improving labor market conditions, it added. The IMF forecasts consumer prices will remain unchanged in 2015. In October it expected prices to rise by 2.3% this year.
With output still below potential and persistent disinflationary pressures, Hungary has scope for further cautious monetary policy easing, the IMF said. Elevated public debt and high fiscal deficits however highlight the need for fiscal consolidation, including via spending restraint, it added.
For 2015, the IMF puts Hungaryʼs current-account surplus at 4.8% and the unemployment rate at 7.6%. In the previous World Economic Outlook issue, the 2015 c/a surplus was projected at 2.0% and the unemployment rate at 7.8%.
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