• Home
• Channel: Finance
• EC Raises Hungary 2021 GDP Growth Forecast to 7.4%

EC Raises Hungary 2021 GDP Growth Forecast to 7.4%

• 12 Nov 2021 7:14 AM
• Hungary Matters

The European Commission has raised its projection for GDP growth in Hungary this year to 7.4%, up from its July projection of 6.3%.

The EC projects a 5.4% growth rate for 2022, slowing to 3.2% in 2023 as output returns close to its potential and monetary support is gradually withdrawn.

Last week, Hungary’s finance ministry lowered its projection for GDP growth this year to 6.8% from 7-7.5% against the backdrop of higher energy prices, inflationary pressure and the impact of the fourth wave of the pandemic.

The commission said rising production costs were keeping inflation high.

It expects the harmonised consumer price index to peak at 6.7% in the fourth quarter of 2021 on the back of price hikes after the reopening of the economy and global commodity price increases.

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

• GDP Growth Forecast

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

Inflation in Hungary Predicted to Rise Over Coming Months, A National Bank Director Reveals

• 20 Dec 2024 6:38 AM

Inflation in Hungary will temporarily rise in the coming months, but will remain within the tolerance band throughout most of 2025, Andras Balatoni, a director of the National Bank of Hungary (NBH) said.



Fitch Revises Outlook in Hungary from Negative to Stable

• 9 Dec 2024 2:48 PM

Fitch Ratings affirmed Hungary's investment-grade sovereign rating and revised the outlook to stable from negative on Friday, the National Economy Ministry said in a statement.



Updated: NBH Sees Inflation Slowing Further in September in Hungary

• 27 Sep 2024 6:00 AM

August's 3.4pc CPI was in line with the National Bank of Hungary's expectations, and the central bank sees inflation falling to 3.1pc in September, Andras Balatoni, an NBH director said.



Why Have Growth Forecasts Been Slashed by National Bank in Hungary for This Year, & 2025?

• 26 Sep 2024 6:14 AM

The MNB expects Hungary’s economy to grow by just 1-1.8% this year, a sharp revision from the 2-3% forecast made three months ago, according to preliminary data from the quarterly inflation report to be released.