Government expects Hungary's economic growth to continue
Minister Varga said major resources are expected to be spent on energy-efficiency developments and businesses can participate in these as suppliers.
Minister Varga said major resources are expected to be spent on energy-efficiency developments and businesses can participate in these as suppliers.
According to official data, the deficit widened by 1,287.0 billion in December alone.
Minister Nagy said Hungary’s government had protected growth which may come to 5% in 2022, and aims to avoid recession in 2023.
KSH has confirmed that the average gross wage in Hungary rose by an annual 16.6% to 497,200 forints (EUR 1,200) in August.
Mihály Varga said measures taken to maintain stability and balance last year should be continued.
Hungary had a 6.5 percent increase in the second quarter of this year which is over 50 percent more than the European Union average.
KSH data showed that all branches of the national economy contributed to headline growth, with the exception of the farm sector.
Hungary’s economy is robust, with first-quarter growth estimated at over 8%, which could put full-year growth at around 4%.
The next four years are expected to see high growth coupled with a gradual tapering in public debt and budget deficit levels.
Hungary is catching up with the EU average for GDP in terms of purchasing power parity, with the greatest progress achieved in the current cycle, based on data published by the EU’s statistical office.
KSH said Hungary’s economy grew by an annual 7.1 percent in the fourth quarter, bringing full-year growth to 7.1 percent.
KSH said Hungarian economic output grew by an annual 7.2 percent in the fourth quarter, bringing full-year growth to 7.1 percent.
In its biannual Global Economic Prospects report, the World Bank expects growth to slow to 4.3 percent in 2023.