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IMF Cuts Hungary GDP Forecast

• 11 Oct 2023 1:41 PM
• Hungary Matters

The International Monetary Fund (IMF) forecasts Hungary’s economy contracting by 0.3% this year.

Its latest World Economic Outlook released on Tuesday lowers its projection published in April from growth of 0.5%.

Hungary’s gross domestic product shrank by 1.7% in the first half of the year, Central Statistical Office (KSH) data show.

The government expects a turnaround in the third quarter.

The IMF expects average annual inflation in Hungary to be 17.7% this year, while the current account is expected to show a deficit of 0.9% of GDP.

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