The Hungarian economy could grow by 5.9 percent this year

By: Trademagazin editor Date: 2022. 05. 02. 11:45

The Russian-Ukrainian war is causing uncertainty, so the economy could grow by 5.9 percent this year, which is only 0.1 percentage points lower than previously forecast, Suppan Gergely, Head of Macroeconomic Analysis at Magyar Bankholding said at a press conference on Tuesday in Budapest.

Magyar Bankholding analyst forecasts an almost 6 percent growth for this year

He pointed out that household consumption will play a prominent role in the development of GDP data, one of the main engines will be the average gross wage growth of 14.9 percent.

Shutting down the oil taps would cause a major disruption to the economy, but other than that, there are no significant effects on growth, he said. (MTI)