Real GDP To Expand 1.1% In 2010

A recent flash estimate of Q1 real GDP growth from Hungary's Central Statistical Office surprised to the upside, showing the economy expanding 0.1% year-on-year, well above consensus for a contraction of 2.4%. In quarter-on-quarter terms, the economy expanded 0.9%, faster than the 0.2% q-o-q growth posted in Q409. While we have long maintained an above-consensus outlook for the Hungarian economy this year (having forecast real GDP to expand by 0.1% in 2010), this latest GDP print has forced us to reconsider our projections, and we have revised our growth forecast for 2010 to 1.1% accordingly.

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