Local Opinion: 3rd Quarter Growth Hits 5%

  • 10 Dec 2018 7:48 AM
  • BudaPost
Local Opinion: 3rd Quarter Growth Hits 5%
Reacting to record breaking growth statistics, a left-wing columnist predicts that the growth curb has reached its peak and expects slower growth next year.

Népszava’s Miklós Bonta finds the 3rd quarter year on year 5 per cent growth rate a great surprise for observers, who forecast much more modest figures for this year.

(Annual growth is now expected to be well above 4 per cent, with most industries and services growing at around 3 per cent, but construction hitting a record 20 per cent.) 

Bonta suggests that the surplus growth compared to expectations may be due to an accelerated rhythm of EU funded projects. The government planned to use all funds scheduled by the EU for the 2013 to 2020 period by next spring. 61 per cent has already been distributed this year, compared to the EU average of 20 per cent.

The stream of EU subsidies will therefore necessarily become thinner in the future and in the new EU budget cycle (from 2020 to 2027) Hungary will definitely be allotted less than in previous cycles, owing both to Brexit and to EU plans to allot more funds to South European countries. 5,2 per cent was the peak, which will hardly be repeated, Bonta writes.

This opinion does not necessarily represent the views of XpatLoop.com or the publisher. Your opinions are welcome too - for editorial review before possible publication online. 
Click here to Share Your Story 

  • How does this content make you feel?

XpatLoop Media Partner

BudaPost

Launched in May 2011 to provide a balanced picture of matters covered in Hungary’s national press. Their aim is to make it easier for English-speakers to understand where this country is now and where it’s heading according to the full spectrum of media opinions.

Explore More Reports

  • Hungarian Gov’t 'Will Not Save Lake Velence'

    Hungarian Gov’t 'Will Not Save Lake Velence'

    • 4 Aug 2021 1:21 PM

    The government has decided not to spend money on replenishing the shrinking Lake Velence, according to Zoltán Tessely, the government commissioner responsible for the development of the lake.

  • Brussels Has Attacked Hungary, Says PM Orbán

    Brussels Has Attacked Hungary, Says PM Orbán

    • 26 Jul 2021 8:02 AM

    “Brussels has attacked Hungary,” Prime Minister Viktor Orbán said in his regular interview with public broadcaster Kossuth Radio on Friday, adding that this was why a referendum concerning child protection was necessary.