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”.

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