Hungary's GDP to grow by 1.6% y/y in 2011 - Szazadveg.

By bne IntelliNews September 23, 2011
Hungary's economy will grow by 1.6% in 2011 and 1.1% in 2012, MTI news agency reported, quoting projections of economic think-tank Szazadveg. The research company is one of the many institutions that made downside revisions of their forecasts after the announcement of the disappointing Q2 GDP growth figures and the negative expectations for the global economic situation. The projections are more pessimistic than the government's 2% target for the current and 1.5% for the next year. The company expects an average annual inflation rate of 3.8% in 2011, which will decelerate to 3.5% in 2012. Other forecasts include a 0.8% increase of household consumption throughout the year. The current account balance will reach 2.4% of GDP in 2011 and 2.8% in 2012, as the trade balance will increase to EUR 7.4bn and EUR 9bn, respectively. The general government deficit, calculated under the EU methodology, is projected to fall to 7.9% of GDP in 2011, if the transfer of pension fund assets to the state is included, the budget balance is estimated at a 1.1% of GDP surplus.

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