Export plays the main role

According to a forecast by GKI Gazdaságkutató Zrt. and Erste Bank, mainly export-driven economic growth will be around 1 percent this year in Hungary. Industrial production in the first five months grew by 7.3 percent – the result of revitalising foreign markets. Domestic industrial sales continued to fall, by 5.6 percent; export was practically soaring at 15.1 percent. Foreign trade surplus was EUR 844 million higher than a year earlier. Favourable trends are expected to continue in the second half of 2010. Sectors trying to sell in Hungary have to face worse conditions: 34 percent less flats were constructed and consumer durable and fuel sales fell by two-digit numbers. In 2010 the GDP is expected to improve by 1 percent; the average rate of inflation will be 4.8 percent and euro’s exchange rate will be HUF 277.