## Hungary: Staff Report for the 2015 Article IV Consultation

_IMF Staff Country Reports, April 3, 2015_

## Source details

**Canonical URL:** [Hungary: Staff Report for the 2015 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/hungary-staff-report-for-the-2015-article-iv-consultation-42828)

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## Bibliographic details
- Published: April 3, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475546293.002

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### Economic growth and demand
- The Hungarian economy "is growing at a strong pace" supported by accommodative macroeconomic policies and improved market sentiment.
- Output grew by 3.6 percent in 2014, driven by strong domestic demand.
- Going forward, output growth is projected to decelerate to 2.75 percent in 2015, attributed to a smaller domestic-demand impetus owing to a less-supportive fiscal stance and lower investment growth.

### Labor market
- Unemployment "declined sharply," reflecting the expansion of public works programs and job creation in the private sector.

### Inflation dynamics and expectations
- Headline and core inflation "decelerated sharply."
- Inflation expectations "fell below the National Bank of Hungary’s inflation target."

### Macroeconomic stance and risks
- The macroeconomic environment during the assessment combined accommodative policies with improved market sentiment.
- The projected deceleration in 2015 is linked explicitly to a less-supportive fiscal stance and lower investment growth.

### Metadata and classification
- Subject: Banking; Commercial banks; Expenditure; Financial institutions; Financial statements; Inflation; Loans; Prices; Public debt; Public financial management (PFM)
- Keywords: CR; credit rating; Financial statements; Global; headline inflation; Inflation; inflation expectation; ISCR; liability positions vis-à-vis nonresident; Loans; short-term foreign currency; sovereign credit ratings; staff appraisal; Standard and Poor's; target
- Publication details: Pages: 65; Volume: 2015; Issue: 092; Series: Country Report No. 2015/092; DOI: https://doi.org/10.5089/9781475546293.002; Stock No: 1HUNEA2015001; ISBN: 9781475546293; ISSN: 1934-7685
- Publication date on landing page: April 3, 2015

*Hungary: Staff Report for the 2015 Article IV Consultation (IMF Staff Country Reports 2015, 092).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/hungary-staff-report-for-the-2015-article-iv-consultation-42828_