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Economic growth to slow to 2% in 2007, PM says

Hungary's economic growth will slow to 2% next year and pick up to 3% in 2008, Prime Minister Ferenc Gyurcsány told a meeting of foreign journalists on Tuesday.

There will be more room for maneuver for tax cuts or social spending from the second half of 2008 and 2009, but only at around 1% of GDP, Gyurcsány said. Inflation, which is under temporary upward pressure from the tax hikes and utility price hikes, will return to around 3% once the budget has been set on a sustainable track, he said.
The government had earlier forecast GDP growth slowing to 2.5% next year after the fiscal cuts and analysts forecast 2.9% growth for next year. In 2005, Hungary's economy grew at a rate of 4.3%, and growth is projected at 4.5% this year, according to figures of the Central Statistics Office (KSH).