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.
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