Economic think-tank GKI expects Hungary’s economy to grow by a real 1.5% y/y in 2014 after expanding by 1.1% in 2013, GKI said in a fresh forecast, revising up its previous estimated of 1.3% y/y .
Private consumption is projected to increase by 1.5% y/y in 2014 helped by an expected hike of 3.5% y/y in real earnings. Investment activity is projected to increase by 4% y/y in 2014 slowing down from 7.2% y/y estimated for 2013. Exports and imports are forecast to grow by 4% y/y and 5% y/y in 2014, respectively.
On the production side, the industry will continue its recovery and post a growth of 3% y/y. The output in construction sector will increase by 5%. Retail trade is projected to increase by 1.5% y/y.
Hungary's consumer price growth is seen at 1.5% y/y in 2014, slightly easing from 1.7% y/y in 2013, GKI said confirming its previous estimate.
According to the think-tank, the average annual unemployment rate in the country will stand at 9.8% in 2014.
Related Articles
Druzhba oil flow to Slovakia and Hungary is renewed
The oil flow from the Russian Druzhba pipeline was renewed late on August 19. “The flow of oil to Slovakia is standard at the moment,” the country’s Minister of Economy Denisa Saková (Hlas) ... more
US Westinghouse could develop electricity storage site near Slovak Gabčíkovo hydroelectric power plant
US power company Westinghouse is reportedly in talks with the Slovak government to develop a new type of electricity storage site near the Gabčíkovo hydroelectric power plant (HPP) on the Danube ... more
Viktor Orban hints at possible EU exit scenario in conversation with hard-right platform
Prime Minister Viktor Orban said Hungary's EU membership remains worthwhile for now, but there could come a time when this changes. "There could theoretically be a point when it's no longer worth ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
23 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago