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Hungary's economic growth rate will slow down next year, said a Tuesday press release by ratings agency Standard and Poor's on European economic growth prospects.
"Hungary is likely to see real GDP growth decelerate to about 2.5% in 2007 from 4.2% in 2006, as the government undertakes drastic fiscal retrenchment to curb a burgeoning budget deficit," S&P said. In Europe, growth is likely to slow going into 2007, as weaker exports to the U.S. and a softening of consumer demand and business investment take affect amid higher interest rates, the agency said.