We expect Hungary's GDP growth to peak this year at 4% or slightly higher. Despite strong demand-driven growth, Hungary's external position continues in surplus, and net foreign direct investment remains substantial. Nevertheless, Hungary's government has made only modest progress in reducing net general government debt to GDP, at an estimated 70.6% last year, versus 72.9% of GDP in 2012. We are affirming our 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Hungary. The outlook remains positive. On Aug. 17, 2018, S&P Global Ratings affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings. The outlook remains positive. The positive outlook reflects Hungary's strong growth and external performance, and the improved health of the
