Inflation figures are expected to fluctuate between 4-5.5 percent from spring onward, with no clear trend.Continue reading
Minister of Finance Mihály Varga announced on his Facebook page that despite the negative external effects, the Hungarian economy grew by 0.8% in the third quarter of last year and maintained its year-on-year performance in the fourth quarter.
He emphasized that the Hungarian economy’s performance is still around 5% above the pre-pandemic economic crisis level, surpassing the EU average of 3.5%.
In his view, 2024 could be a year of economic growth for Hungary, with the expansion rate reaching 3-4%. This optimism is supported by the government’s success in reducing inflation, the rise in real wages, strengthening consumption, exports, investment, and record levels of employment. Additionally, the European Commission expects Hungary’s economy to be at the forefront of EU growth.
However, Mr. Varga stressed that despite promising domestic results, caution is warranted due to uncertain external conditions.
In this context, it is crucial to strengthen economic balance and plan cautiously. To achieve this goal, the government will further reduce the budget deficit and public debt in 2024, aiming to put the economy on a sustainable growth path.
Via MTI; Featured Image: Pixabay