Péter Szijjártó emhasized that a target has been set to increase domestically-owned companies that are competitive in international markets by 50 percent.Continue reading
The Hungarian economy has achieved its highest ever first five-month export performance, with the value of exports exceeding €63.5 billion, an 11 percent increase compared to last year’s record year, projecting another record high, Minister of Foreign Affairs and Trade Péter Szijjártó said on Thursday in Sopronbánfalva, where the Hungarian government has been convening.
Photo: Facebook/Szijjártó Péter
Péter Szijjártó, reporting from the government’s cabinet meeting, first spoke about the difficulties of recent years, about the fact that the world had been turned upside down twice in a very short time, shocked by the COVID epidemic and the war in Ukraine.
Regarding the challenges ahead, he said that our country is deeply integrated into the world economy, and so the performance of the whole economy is determined to an extraordinary extent by the development of exports.
He stressed that the value of exports is usually as high as 80 percent of gross domestic product (GDP), thus
the stronger exports are, the more the economy can be kept on a growth path.
Recalling that domestic exports last year set an extraordinary record of €142 billion, he welcomed the fact that the first five months of exports this year were the highest ever, according to recent data.
Compared to the peak year last year, Hungarian exports had increased by 11 percent by the end of May, reaching €63.5 billion, he emphasized.
As an illustration, Szijjártó pointed out that
exports in the first five months of the year have only exceeded €50 billion once before, last year, while today the figure has exceeded €60 billion.
“This means that the Hungarian economy is on track to post its highest export performance ever at the end of this year,” he said.
“In addition, it is good news that while exports increased by 11 percent, imports grew by only 2 percent, so after the decline caused by last year’s energy price hike, the Hungarian economy’s trade balance is once again turning positive after the first five months of this year,” the minister stressed.
This clearly demonstrates the competitiveness of the economy, and shows that the performance of the Hungarian people can be considered excellent at international level, he concluded, adding:
This is good news hence, economic good news that will enable us to keep the Hungarian economy on a growth path this year.”
Via MTI; Featured image: Facebook/Audi Hungaria Győr