- 15 May 2014 9:00 AM
It said that growth models suggested Hungary’s GDP could have risen by as much as 4% year-on-year in the first quarter.
The company added that the dependence of Hungary on the volatile agricultural sector to generate economic growth represents a source of uncertainty in forecasting the country’s GDP. Economists at Bank of America- Merrill Lynch projected GDP growth of 2.2% for the first quarter and confirmed predictions of 2.6% growth for the whole of 2014 and 3% for 2015.
JP Morgan analysts predicted 2.8% growth in the first quarter and said industrial output, construction output and retail growth would prop up the figure.
JP Morgan predicts 2.4% growth for the whole of this year. Hungary had year-on-year GDP growth of 2.7% in the last quarter of 2013.
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