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IMF cuts Hungary GDP forecast

The International Monetary Fund (IMF) forecasts Hungary's economy contracting by 0.3 percent this year.

Its latest World Economic Outlook released on Tuesday lowers its projection published in April from growth of 0.5 percent.

Hungary’s gross domestic product shrank by 1.7 percent in the first half of the year, Central Statistics Office (KSH) data show.

The government expects a turnaround in the third quarter.

The IMF expects average annual inflation in Hungary to be 17.7 percent this year, while the current account is expected to show a deficit of 0.9 percent of GDP.

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