Official Hails EU Report On Hungary's Economic Achievements

  • 4 Mar 2020 6:34 AM
  • Hungary Matters
Official Hails EU Report On Hungary's Economic Achievements
The European Commission has recognised the Hungarian government’s economic achievements, a state secretary of the innovation and technology ministry said, commenting on the EC’s latest country report.

“Hungary is the EU’s GDP growth champion,” László György said, arguing that Hungary’s growth had come close to 5% last year, probably the second best figure in the bloc.

He said that Ireland could have the highest growth, but added that the detailed figures were not yet available.

In the 2013-2019 period Hungary’s growth nearly doubled the average European rate, he said, adding that the government continued to aim at a growth rate two percentage points above the EU average in the medium term.

He noted that Germany’s economy was stagnating and growth in the euro zone was slowing.

György said that Hungary’s net external debt had been reduced from 52.6% of GDP in 2008 to 8.4% last year, while the state debt had been reduced to 66.4%, by 12 percentage points.

The forex share in the state debt has also been reduced from 44.7% to 17.4%, he said.

While the budget deficit was 6.5% in 2008, it was 2.1% last year, and was expected to fall to 0.8% in 2020, the state secretary said.

György called it a “misbelief” that Hungary’s economy could not be growing without EU funds, insisting that Hungary’s economic achievements “are recognised worldwide”.

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.

Explore More Reports

  • Hungary in Talks with Brussels on Recovery Funds for Months

    Hungary in Talks with Brussels on Recovery Funds for Months

    • 8 Jul 2021 8:35 AM

    Speaking at a regular press briefing, the prime minister’s chief of staff said the government has been in talks with Brussels on the EU’s post-pandemic recovery fund for months, dismissing reports that said otherwise as “fake news”.

  • Hungarian Opinion: Hungary’s Economic Record & Outlook

    Hungarian Opinion: Hungary’s Economic Record & Outlook

    • 7 Jul 2021 12:54 PM

    A conservative economist believes that Hungary’s growth rates confirm the government’ economic policies. Another analyst notes that Hungary is still lagging behind most new EU member states in terms of economic development.

  • IMF & EBRD Raises Hungary GDP Growth Forecast

    IMF & EBRD Raises Hungary GDP Growth Forecast

    • 30 Jun 2021 8:16 AM

    The International Monetary Fund (IMF) has revised its forecast of Hungary’s economic growth to 6.2% in 2021, from a projected 4.3% in May, Finance Minister Mihály Varga said.