NBH knocks down GDP forecast

The National Bank of Hungary (NBH) expects the economy to contract between 5.1 percent and 6.8 percent this year, forecasts from its latest quarterly Inflation Report released on Tuesday show. The central bank had forecast GDP growth of between 0.3 percent and 2.0 percent in the previous report released late in June, a relatively optimistic projection that assumed a V-shaped rather than a swoosh-shaped recovery. The finance ministry expects GDP to fall by 5.1 percent this year.