Hungary to review macro forecasts after weak GDP

MNB

Hungary's government will reassess its macroeconomic forecasts in September, after a second reading of Q2 GDP data is published, Reuters reported on Tuesday, citing a top official at the National Economy Ministry.

"New macro forecasts will be linked to the (2012) draft budget and that may include changes (in the forecasts)," state secretary András Kármán told Reuters. "Certainly tax revenue forecasts must be based on this reassessed macroeconomic course," he said.

Hungary's GDP rose an unadjusted 1.5% in Q2 from the same period a year earlier, slowing from 2.5% growth in the previous quarter, the Central Statistics Office (KSH) said in a preliminary estimate early Tuesday.

Analysts had put GDP growth for the period at 2.1-2.3%.

A second reading of the data will be published on September 8.

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