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The Hungarian economy is resisting the adverse effects of war and sanctions, as it grew by 4.1 percent in the third quarter and 6.1 percent in the first nine months of the year, above professional expectations, Hungarian Finance Minister Mihály Varga said in a video message posted on his Facebook page on Tuesday.
The government has created a million new jobs since 2010, which underpins the growth, and Hungarian unemployment remains one of the lowest in the European Union, he said. He highlighted that industry, retail trade, and services have also expanded.
Mihály Varga noted that most forecasts predicted that the Brussels sanctions could push European economies into crisis next year.
In Hungary, we are working to counteract the adverse international effects with the right economic policies and to protect the economy from a downturn,”
he said.
Commenting on the latest data released by the Hungarian Central Statistical Office, the finance minister pointed out that Hungary’s GDP figure is one of the best among EU countries.
The Hungarian Central Statistical Office announced recently that gross domestic product (GDP) expanded by four percent in the third quarter of 2022 according to raw data, and by 4.1 percent according to seasonally and calendar adjusted and balanced data, compared to the same period of the previous year. All sectors except agriculture contributed to growth.
In the first three quarters of the year, the economy’s performance was 6.1 percent higher than in the same period of the previous year, both in raw and seasonally and calendar adjusted and balanced data.
The main contributors to the growth were industry and market services, according to the statistics. Within the industry, the increase was particularly strong in the manufacture of transport equipment, computer, electronic and optical products, and electrical equipment, while the increase in market services was mainly due to the expansion of transport, storage, and professional, scientific, technical, and administrative activities.
Growth continued in the sixth quarter after four quarters of decline. Growth was 8.2 percent in the first quarter and 6.5 percent in the second quarter, resulting in Hungary’s gross domestic product (GDP) for the first half of the year being 7.3 percent higher than in the same period of the previous year.
Featured photo via Pixabay
