World Economy

Hungary Economy Grows

Hungary Economy GrowsHungary Economy Grows

Hungary’s economy is expected to grow 2.2% next year, slowing from 2.8% this year, the European Commission says in its Spring 2015 Economic Forecast, NewsNow reported. “Hungary’s real GDP grew by an impressive 3.6% in 2014, but is set to slow down to more sustainable levels of 2.8% in 2015 and 2.2% in 2016 as growth-supporting factors, such as a record EU funds absorption, lose strength,” the report says. It adds that the budget deficit is expected to fall below 2.5% of GDP, citing “the strong economic recovery and improvements in tax administration” among factors for improved revenues. It also forecasts falling employment.