• Home
• Channel: Finance
• National Bank Of Hungary Knocks Down GDP Forecast

National Bank Of Hungary Knocks Down GDP Forecast

• 23 Sep 2020 10:34 AM
• Hungary Matters

The National Bank of Hungary (NBH) expects the economy to contract between 5.1% and 6.8% this year, forecasts from its latest quarterly Inflation Report show.

The central bank had forecast GDP growth of between 0.3% and 2.0% in the previous report released late in June, a relatively optimistic projection that assumed a V-shaped rather than a swoosh-shaped recovery.

The finance ministry expects GDP to fall by 5.1% this year.

The NBH puts the average annual inflation rate for this year at between 3.5% and 3.6% in the fresh Inflation report, higher than the 3.2-3.3% range in the June report, but still within the +/- one-percentage-point tolerance band around the 3.0% mid-term inflation target.

The central bank sees the economy bouncing back next year and forecasts GDP growth of between 4.4% and 6.8% for 2021 and in the 4.5-5.7% range for 2022. Its forecasts for inflation show CPI at 3.4-3.6% in 2021 and 3.0% in 2022.

Click here to read the full report

• How does this content make you feel?
• I love it
• I like it
• I dislike it

• National Bank of Hungary GDP Forecast Interst Rate Economy

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.

Explore More Reports

EC Highlights Economic Vulnerabilities in Hungary

• 4 Jun 2026 8:06 AM

The European Commission said Hungary continues to face vulnerabilities related to high government debt and government financing needs, competitiveness, and home prices in a package of policy guidance for member states adopted on Wednesday.



International Reserves Rise in Hungary to Over Euro 60 Billion

• 19 May 2026 6:28 AM

International reserves of the National Bank of Hungary (NBH) stood at EUR 60.630bn at the end of April, up EUR 1.898bn from a month earlier, data released by the central bank on Monday show.



Why K+H Bank Had a Q1 Loss in Hungary of HUF 19 Billion

• 19 May 2026 5:55 AM

K+H Bank, the Hungarian unit of Belgian's KBC, had a first-quarter loss of HUF 19bn as it booked the full amount it must pay for the year on the bank levy and windfall profit tax, the lender said on Monday.



Currency Insight: Forint Hits 4-Year High After Election Result

• 14 Apr 2026 5:50 AM

The forint firmed to a four-year high against the euro on Monday, after a landslide election victory by the Tisza Party. The forint traded at 363.12 to the euro around 5:00 in the evening on Monday, advancing from 375.13 late Friday.