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Oct 25, 2019

Hungary’s economy grew far above EU average last year at 5.1 percent

Hungary’s economic growth in 2018 allowed the Hungarian people and families to enjoy a higher standard of living.

Hungary’s economy grew far above the European Union average last year at a staggering 5.1 percent, official figures show.

Péter Benő Banai, State Secretary at the Finance Ministry, said Hungary’s economic growth in 2018 allowed the Hungarian people and families to enjoy a higher standard of living.

Addressing a debate in parliament on the bill on last year’s final accounts, the State Secretary said the Hungarian economy had grown well above the average European Union rate in 2018.

Banai added that the state budget became even more stable, the deficit was reduced and the public debt to GDP ratio fell at a higher rate than what had been expected.

The average gross monthly wage rose to HUF 330,000 (EUR 1,000) last year, while the real value of pensions also continued to rise. The economy grew by 5.1 percent compared with the planned rate of 4.3 percent.