Hungary: Staff Report for the 2005 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 213

Publication date: June 2005

ISBN: 9781451818017

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Inflation , Labor , Economics- Macroeconomics , Public Finance , ISCR , CR , deficit , GDP , Standard and Poor's , staff projection , revenue shortfall , staff appraisal , staff statement , consumer confidence confidence index , Current account deficits , Inflation , Government debt management

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Summary

This 2005 Article IV Consultation highlights that Hungary’s economy achieved valuable gains in 2004 with GDP growth recovering to 4 percent. The growth was supported by strong investment and robust export growth. Consumption slowed in response to rising unemployment, a moderation in wage growth and a tightening of the housing subsidy scheme. Despite these favorable developments, risks associated with the twin deficits remained. Although some fiscal consolidation has taken place, the twice upward-revised fiscal deficit target was not met.