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Pénzügykutató projects GDP growth of 6.5% this year

Analysis

Economic research institute Pénzügykutató projects GDP growth of 6.5% in 2021, on lower economic growth in the second half of the year compared to the 7.6% increase first half due to a higher base, the institute said on Wednesday, according to a report by state news wire MTI.

For 2022, Pénzügykutató forecasts a GDP growth of around 4.7%.

The forecast is based on the assumption that even if there will be restrictions related to new waves of the pandemic in the last quarter, these will not be as extensive as earlier this year, Pénzügykutató said. Domestic markets will continue to recover, with households beginning to make up for deferred consumption, it added. The institute projects investment growth of 8% this year and 9% in 2022 as investments will continue to expand on an improved export outlook and government subsidies related to investments.

Finance Minister Mihály Varga recently put this year's GDP growth at 7-7.5%.

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