Pénzügykutató projects 0.7% economic contraction in 2012

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Pénzügykutató projects Hungary's economy will contract 0.7% in 2012, the economic research company's analysts said at a press conference on Friday.

Pénzügykutató puts average annual inflation at 5.5% for the year.

Hungary's government projects GDP growth of 0.5% and 4.2% CPI for 2012.

Pénzügykutató sees household consumption falling 1.6% and investments dropping 1.5%. It expects gross wages to rise 8% but real wages to fall 4.4%.

Pénzügykutató's projections for export and import growth are 6% and 5%, respectively.

It sees the general government deficit reaching 3.5% of GDP, but says it could fall to 2.8% with the transfer of private pension fund assets that were not moved to the state pension pillar last year.

The government targets a 2.5%-of-GDP deficit for 2012.

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