articleimg-1
Jun 17, 2019

Finance Minister: Hungary’s economic output regularly surpasses EU’s expectations

Mihály Varga said the EU expects the Hungarian economy to grow by 3.7 percent this year. The government’s GDP growth target is 4.1 percent.

The Finance Minister has revealed that Hungary’s economic output regularly surpasses the European Union’s expectations.

During a meeting of EU finance ministers (Ecofin) in Luxembourg on Friday, Mihály Varga said the European Union expects the Hungarian economy to grow by 3.7 percent this year. The government’s GDP growth target is 4.1 percent.

Minister Varga said that Hungary’s 2020 budget bill will continue to provide a predictable environment for economic players. It targets an annual economic growth of 4 percent and a budget deficit of 1 percent of GDP.

The Minister added that public debt will continue to drop next year and may fall below 60 percent of GDP by 2022.

Minister Varga concluded that Hungary considers it unacceptable that the scope of the EU’s European Semester report has expanded over the past few years to include areas that have nothing to do with economic governance, such as judiciary issues.