Gulyás: Hungarian GDP is 77% of EU average
Gergely Gulyás said Hungary had grown despite “two years of Covid and one of war”.
Gergely Gulyás said Hungary had grown despite “two years of Covid and one of war”.
Minister Varga acknowledged that 2023 will be the “most dangerous year” for Hungary since the change of system, which will require “a reduction of risks and a buildup of reserves”.
Hungary needs to protect its independence and the “pro-peace position against the Biden administration and Brussels," the prime minister said.
Gergely Gulyás mentioned a review of Hungary’s pricing practices as “extremely important” and said the competition authority had relevant powers in the area.
The government’s measures serve as a good basis to avoid recession in 2023 and bring economic growth back above 4% next year.
The number of jobholders has remained above 4.7 million for six months, while the number of jobseekers sank to a record low in 2022.
In a month-on-month comparison, factory gate prices edged down 0.8% as prices for domestic sale rose by 1.6% but export prices fell by 2.0%.
Public debt was 73.5% of GDP last year as against 76.8% in 2021.
A PMI over 50 signals expansion in the manufacturing sector.
Minister Nagy said Hungary’s government had protected growth which may come to 5% in 2022, and aims to avoid recession in 2023.
“The most important task for next year is to protect Hungarian families and jobs, preserve the value of pensions, maintain the utility reduction scheme and guarantee the security of the country,” the finance ministry said.
The Hungarian government aims to reduce the budget deficit to 3.5% of GDP in 2023 from this year’s deficit of 4.9% and expects the economy to grow by 1.5% following the 5% expansion expected this year.