Takarekbank keeps Hungary's 2013 GDP growth projection unchanged at 0.7%.

By bne IntelliNews September 19, 2013

Hungary’s Takarekbank expects the local economy to grow by a real 0.7% y/y in 2013, keeping the estimate unchanged from its previous forecast in June 2013, MTI news agency reported. The forecast is in line with the government's expectations. The country's GDP growth is expected to accelerate to 1.7% y/y in 2014.

Takarekbank has revised its projection for the annual average inflation in 2013 to 1.9% from previously expected 2%. It also cut next year's projection to 1.7% from 2.9%. The revision reflects the cabinet’s decision to reduce household gas, electricity and district heating prices.

Referring to monetary policy, Takarekbank expressed a view that the central bank could cut the base rate to 3.50% from current 3.80% without any serious risk to the forint's exchange rate or financial stability. The ease, however, could only take place if the sentiment on the global markets continues to improve.

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