articleimg-1
Aug 15, 2019

Finance Minister: Hungarian economy is expected to grow by 4.3-4.4 percent this year

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.

The Finance Minister has said the Hungarian economy is expected to grow by 4.3-4.4 percent this year.

Mihály Varga made the what he called ”conservative estimate” following the Central Statistical Office’s (KSH) fresh GDP growth report. KSH said Hungary’s GDP rose by an annual 4.9 percent in the second quarter of 2019.

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.

According to MTI, the preliminary data indicates that Hungary registered the highest growth rate for the second quarter in the European Union.

The Minister said KSH’s report was especially positive given that while economic output was up, public debt continued to decline.

Minister Varga said government measures, such as a six-year wage agreement with employers, improving competitiveness, home subsidies and government investments, raised economic growth by 1.6 percentage points. Growth is still being fuelled by household consumption, increasing export capacities and more efficient use of EU funds.

Photo credit: kormany.hu