EBRD raises Hungary GDP growth forecast

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The European Bank for Reconstruction and Development (EBRD) raised its projection for GDP growth this year to 2.8% in a new forecast for 2014, the bank says in its Regional Economics Prospects report issued today.

In an earlier forecast published in May, EBRD had put GDP growth at 1.6%.

Russia’s embargo on food imported from European Union countries had had a “limited” effect on Hungary, the report says. Growth is boosted by “good exports but also a number of temporary effects, including public infrastructure spending funded through EU grants and de facto transfers to households in the form of administrative price cuts and mortgage debt relief at the expense of banks".

Hungary's government expects the economy to grow 3.1% this year. EBRD’s current forecast for Hungarian GDP growth in 2015 is 2.2%.

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