Hungary's Economy Minister Varga Raises GDP Forecast To 3.1%

  • 19 Aug 2014 10:00 AM
Hungary's Economy Minister Varga Raises GDP Forecast To 3.1%
Economy Minister Mihály Varga has raised the government’s GDP forecast for this year to 3.1% from the 2.3% in the convergence programme submitted to Brussels in April.

Hungary’s economic expansion is primarily driven by the improving manufacturing sector and rising domestic demand, he noted.

The faster than expected expansion of the service sector is probably behind the much higher than forecast second-quarter GDP growth of 3.9%, he remarked.

Hungary was one of the three fastest growing countries in the EU in the first quarter with 3.5% growth, and led the entire EU in the second quarter.

Source: Hungary Around the Clock

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