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Hungary’s economy is “shock resistant” and though hit hard by the coronavirus crisis, it was among the first economies in Europe to return to pre-pandemic growth levels, the innovation and technology minister said in Salgótarján, in northern Hungary.
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Hungary’s economy grew by an annual 6.1% in the third quarter, slowing from 17.8% in Q2, according to a first reading of data released by the Central Statistical Office (KSH) on Tuesday.
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The European Commission has raised its projection for GDP growth in Hungary this year to 7.4%, up from its July projection of 6.3%.
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The gross savings rate, the proportion of savings in relation to gross earnings, was 15.1% in Hungary in 2020, well below the EU average of 18.3%, leaving the country 18th among the EU27, Portfolio writes.
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Employer organisations, unions and the government have reached an agreement on raising the monthly minimum wage to Ft 200,000 per month from Ft 167,400 and the minimum for skilled labour to Ft 260,000 from Ft 219,000 next year, the Innovation and Technology Ministry announced on Wednesday.
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The European Bank for Reconstruction and Development (EBRD) raised its forecast for Hungary’s GDP growth this year to 7.7% in a biannual report published on Thursday.
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