Gov't Affirms Target of 1.5% GDP Growth

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Hungary's government has affirmed this year's targets for 1.5% GDP growth and a 3.9%-of-GDP general government deficit in an update of the country's Convergence Program submitted to the European Commission in a statement issued by the Ministry of Finance on its website yesterday.

The submission said Hungary had faced "a number of economic policy challenges" since the last Convergence Program update was submitted a year earlier because of the "perilous international environment."

The update shows average annual inflation, harmonized for better comparison with other European Union member states, of 15% this year.

It projects a trade surplus in goods and services equivalent to 0.8% of GDP.

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