The National Bank of Hungary (MNB) expects Hungary’s GDP to grow by 4-6 percent this year, forecasts from its latest quarterly Inflation Report released on Tuesday show.
The central bank had forecast a growth rate of between 3.5 and 6.0 percent in its previous report released in December.
The finance ministry expects GDP to to expand by 4-5 percent this year.
The NBH puts the average annual inflation rate for this year at 3.8-3.9 percent, above the 3.5-3.6 percent range forecast in December.
The central bank sees the economy expanding by 5.0-6.0 percent next year and by 3.5 percent in 2023.
The bank’s forecasts for inflation show CPI at 2.9-3.0 percent in 2022. It left the 2023 inflation forecast unchanged at 3.0 percent.
The NBH noted that the forecast is in a range because of the uncertain economic prospects resulting from the coronavirus pandemic.
featured image illustration via Tamás Vasvári/MTI