In August, German factory orders fell by 5.8% year-on-year.Continue reading
The Hungarian economy is on the road to consolidation and economic growth, said the Finance Minister at Wednesday’s meeting of the Parliamentary Committee on Economic Affairs.
Mihály Varga stressed at the committee’s hearing that the government has been able to achieve its most important economic goals, and the 2024 budget has contributed to job and family security, to maintaining the protection of public utility bills, and to preserving the purchasing power of pensions.
Key indicators are improving, economic growth has picked up this year, and inflation has been significantly reduced.
Inflation is expected to average 3.5-4% this year and could be even lower next year, he said.
A fund of HUF 1,309 billion (EUR 3.2 billion) provides the backing for defense spending. Family support has been preserved, HUF 3,300 billion (EUR 8.2 billion) have been spent on such support, and this includes tax breaks, the Minister listed.
He also pointed out that
real wages are rising, the number of people in employment has exceeded 4.752 million, and employment is almost full.
On the question of the value of pensions, the minister said that the year started with a 6% increase, the 13th month pension had been paid, and HUF 4,281 billion (EUR 10.6 billion) had been paid out by the end of August, and the commitments had been met.
The Minister noted that the rent protection fund is working and that Hungarian families pay the lowest rents in the EU. He added that the fund has HUF 1,361 billion (EUR 3.4 billion), helping households significantly.
He added that the biggest challenge comes from abroad since exports determine the performance of the economy. Unfortunately, exports have underperformed due to the weakness of the German economy, he underlined.
In response to questions from committee members, Varga emphasized that they could not disclose the Chinese loan agreement at the request of the Chinese side, but if the Chinese partner agreed, they would publish it.
The Finance Minister called the state support for investments a responsible decision, because, as he highlighted,
the country cannot be left out of the automotive industry’s research and development activities.
Via MTI; Featured image via Facebook/Audi Hungaria Győr
