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Fin.Min stands by GDP growth projection, despite higher forecasts by central bank

Hungary's Finance Ministry will stand by its 2.2% projection for GDP growth in 2007, in spite of higher forecasts by the National Bank of Hungary (MNB) and most analysts, deputy undersecretary at the ministry Álmos Kovács told MTI on Wednesday.

The MNB and analysts argue that the ministry's projection for a 0.8% decline in household consumption, which accounts for 70% of GDP, is exaggerated. Kovács acknowledged there was some uncertainty about the effect of household consumption on GDP growth, but said the ministry would only consider revising its full-year projection after the publication of first-quarter GDP growth figures. (Mti-Eco)