OECD raises Hungary GDP forecast

The OECD has raised its projections for Hungary's GDP growth this year to 4.8 percent from 3.9 percent in its previous forecast issued in May. Its GDP rose an unadjusted 5.1 percent in Q1-Q3 from the same period a year earlier, Central Statistical Office data show. The OECD raised its projection for GDP growth in 2020 to 3.3 percent from 3 percent. In a country note, the OECD said domestic demand is the "main driver" of growth. Household demand is being boosted by higher employment and real wages, record high consumer confidence, home construction support schemes and "very accommodative" monetary policy, it said. Other investments are being lifted by absorption of European Union funding, capacity expansions, FDI in the automotive sector and supportive monetary policy, it added.