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Ecostat forecasts 4.4% GDP growth in 2006

Ecostat, the research arm of Hungary's Central Statistics Office (KSH), estimates Hungary's economy expanded by 4.2% in 2005 and will grow by 4.4% in 2006, according to its latest forecast published Thursday. Ecostat put next year's general government deficit, calculated according to EU methods and without the effect of pension reform, in a wide band between 6.8% and 8.8% of GDP.
Ecostat expects this year's general government deficit to be 6.1% of GDP, including the effect of pension reform, and 7.4% of GDP excluding this effect. Ecostat expects Hungary's GFS cash flow-based fiscal deficit to grow from Ft 1,102.8 billion this year to Ft 1,819.5 billion in 2006. The figures are higher than the Finance Ministry's Ft 1,023 billion deficit projection for 2005 and a 2006 fiscal deficit target of Ft 1,531 billion.