{
  "title": "Hungary: Staff Report for the 2005 Article IV Consultation",
  "publication": "IMF Staff Country Reports, June 29, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/hungary-staff-report-for-the-2005-article-iv-consultation-18362",
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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.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Hungary’s economy achieved valuable gains in 2004 with GDP growth recovering to 4 percent.\n- Growth was supported by strong investment and robust export growth.\n- Consumption slowed in response to rising unemployment, a moderation in wage growth and a tightening of the housing subsidy scheme.\n- Despite favorable developments, risks associated with the twin deficits remained.\n- Although some fiscal consolidation has taken place, the twice upward-revised fiscal deficit target was not met."
    },
    {
      "heading": "Risks and fiscal assessment",
      "content": "- Persistent risks: twin deficits (current account and fiscal) identified as ongoing vulnerabilities.\n- Fiscal performance: partial consolidation noted, but the twice upward-revised fiscal deficit target was missed."
    },
    {
      "heading": "Macroeconomic indicators and topics covered",
      "content": "- GDP growth: 4 percent in 2004.\n- Labor market: rising unemployment contributed to weaker consumption.\n- Wages: moderation in wage growth noted as a factor reducing consumption.\n- Housing policy: tightening of the housing subsidy scheme contributed to slower consumption.\n- Subjects listed: Balance of payments, Current account deficits, External debt, Government debt management, Inflation, Prices, Public debt, Public financial management (PFM).\n- Keywords provided: consumer confidence confidence index, CR, Current account deficits, deficit, GDP, Government debt management, Inflation, ISCR, revenue shortfall, staff appraisal, staff projection, staff statement, Standard and Poor's.\n\n---\n\n Content in this bundle\n\n- cr05213\n  - cr05213 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr05213 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 29, 2005",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451818017.002",
    "Hungary’s economy achieved valuable gains in 2004 with GDP growth recovering to 4 percent.",
    "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 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.",
    "Persistent risks: twin deficits (current account and fiscal) identified as ongoing vulnerabilities.",
    "Fiscal performance: partial consolidation noted, but the twice upward-revised fiscal deficit target was missed.",
    "GDP growth: 4 percent in 2004.",
    "Labor market: rising unemployment contributed to weaker consumption.",
    "Wages: moderation in wage growth noted as a factor reducing consumption.",
    "Housing policy: tightening of the housing subsidy scheme contributed to slower consumption.",
    "Subjects listed: Balance of payments, Current account deficits, External debt, Government debt management, Inflation, Prices, Public debt, Public financial management (PFM).",
    "Keywords provided: consumer confidence confidence index, CR, Current account deficits, deficit, GDP, Government debt management, Inflation, ISCR, revenue shortfall, staff appraisal, staff projection, staff statement, Standard and Poor's.",
    "**_cr05213**"
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