GKI Economic Research Company, an economic think tank raised its projection for Hungary's 2008 GDP growth to 3 pct from its previous 2.7 pct forecast. The institute is optimistic about the Hungarian economy, which grew at a sluggish 1.3 pct rate in 2007. Andras Vertes, chairman of GKI said the farm sector will expand at least 15 pct in 2008. Industrial output will expand significantly, retail turnover will pick up, and the building sector will expand after contracting in 2007. Vertes sees household consumption growing by 1 pct. Core growth - excluding the farm sector and public services - will be over 3 pct. GKI puts investment growth at 4 pct in 2008. It sees exports increasing by 10 pct and imports by 8 pct.
GKI Economic Research Company, an economic think tank raised its projection for Hungary's 2008 GDP growth to 3 pct from its previous 2.7 pct forecast. The institute is optimistic about the Hungarian economy, which grew at a sluggish 1.3 pct rate in 2007. Andras Vertes, chairman of GKI said the farm sector will expand at least 15 pct in 2008. Industrial output will expand significantly, retail turnover will pick up, and the building sector will expand after contracting in 2007. Vertes sees household consumption growing by 1 pct. Core growth - excluding the farm sector and public services - will be over 3 pct. GKI puts investment growth at 4 pct in 2008. It sees exports increasing by 10 pct and imports by 8 pct.
