Takarékbank expects rapid growth this year

By: Trademagazin editor Date: 2021. 06. 28. 11:30

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Takarékbank, which belongs to the Magyar Bankholding, improved its GDP growth forecast by 1.1 percentage points to 7.7 percent this year due to significantly better-than-expected GDP data in the first quarter and the successful vaccination process, Suppan Gergely, Senior Analyst at Takarékbank presented the latest forecast at an online press conference on Monday in Budapest.

Analysts at the financial institution expected an increase of 6.6 percent in their previous April forecast.

Suppan Gergely explained that even if GDP can reach pre-pandemic levels in the second quarter, there are sectors where the rebound will be significant due to the base effect. The analyst also called the 7.7 percent forecast subdued, noting that if growth did not strengthen on a quarterly basis, annual GDP growth would still be 5 percent. (MTI)