Hungary Revises GDP Forecasts

BusinessEconomy ♦ Published: September 20, 2012; 17:43 ♦ (Vindobona)

Initially, the Hungarian government forecasted a GDP growth rate of 0.1% this year. Now, State Secretary Gyula Pleschinger explained that Hungary´s economy will shrink this year.

Hungary Revises GDP Forecasts / Picture: ©

The economic forecasts of the Hungarian government proved too optimistic. Instead of a 0.1% growth rate, the GDP was down in the first six months of 2012. At the end of the second quarter, Hungary´s economy shrank by 1.3%, the Statistical Office announced.

According to Pleschinger, there is no need to worry, though. “We are optimistic to achieve the…