A favourable mix of external factors may see Hungary’s economy growing by around 3% this year, London-based emerging markets economists say. In a report on key findings of a recent visit to Hungary, analysts at ICBC Standard Bank said the first signs of a European economic recovery are “very encouraging for Hungary”. Boosted by low oil prices, the weak euro and cheap money fuelled by the European Central Bank’s quantitative easing cycle, “Germany and German exporters are on fire”, helping to boost Hungarian industrial production and exports. Better-than-expected March manufacturing Purchasing Managers Indexes in Germany, France and Italy also confirmed the positive momentum generated in the eurozone, and Hungary’s PMI came in at a very strong 55.6, boosted by export orders. As a result, “it is looking all the more likely” that Hungary’s current account surplus will surge to possibly 5% of GDP in 2015, “a powerful mix” when combined with a potential GDP growth of 3% and inflation that is likely to move gradually higher to 1% by the end of the year, the bank’s analysts said.