Although the economic fallout due to the coronavirus epidemic was not as serious as that in the rest of the EU, Hungary’s economy shrank by 13.6 percent in the second...
21 August 2020
Within its November 2019 Regional Economic Outlook report for Europe, the IMF said inflation could reach 3.3 percent in the same year.
After Q2 data released at the end of August showed higher than expected growth, Mihály Varga said the full-year GDP figure could reach 4.3-4.4 percent.
Minister Varga said the economy was also expected to perform well in the second half of the year. He added that the economy has not lost momentum and that the Q2 growth rate had exceeded the ministry’s expectations.
Hungarian economic research institute GKI has raised its forecast for Hungarian economic growth to 4.3 percent this year from a previous estimate of 4 percent.
Hungary’s Q1 GDP growth is the highest in the EU, out of the 20 member states who have submitted their figures so far
Hungary’s public debt has fallen by 10 percentage points since 2010 and GDP growth in 2018 hit a 15-year high.
KSH said in a statement that “most branches of the national economy contributed to growth, market-based services to the greatest degree”
The finance ministry said the government’s tax policy focuses on cutting taxes and simplifying tax administration and the tax cuts will continue
Mihály Varga noted that the Q3 growth rate was two-and-a-half times the European Union average and the second-highest among all member states
The European Commission has raised its forecast for Hungary’s GDP to 4.3 percent in 2018 and 3.4 percent in 2019
KSH said the output of the building segment benefited from the construction of homes, schools and cultural buildings, as well as industrial facilities. In civil engineering, construction of highways and railways supported the rise