Századvég raises GDP forecast to 7.8%

Analysis

Economic research institute Századvég said on Wednesday that it projects GDP growth of 7.8% this year, instead of the 6% growth it forecast earlier in June, according to a report by state news wire MTI.

Századvég raised its GDP forecast for 2022 to 5.5% from its earlier projection of 5%.

In its quarterly macroeconomic forecast, the institute noted that the performance of the Hungarian economy exceeded pre-crisis levels in the second quarter, with GDP growth of 17.9% year-on-year and 2.7% quarter-on-quarter. Thus, the economy as a whole has recovered from the crisis, even though this is not true of all sectors, it added.

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