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GKI stands by projection for stagnation in 2013

GKI expects Hungary's economy to stagnate in 2013 after contracting 1.5% this year because of austerity measures, the economic research company said in a fresh monthly projection on Monday. The forecasts were unchanged from those in a projection published a month earlier. Hungary's government expects GDP growth of 0.9% in 2013. Investment volume is set to fall 4% in 2012 but just 2% in 2013, according to GKI. GKI projects consumer prices will climb 5.5% in 2013, slowing from a 5.9% increase in 2012. It puts growth wage growth at 4.5% in 2012 and 4.0% in 2013.