Hungarian Conservative

The minister highlighted that low inflation has triggered a positive chain reaction in the national economy, with its beneficial effects increasingly felt by Hungarian families and businesses.

Hungary’s industrial output grew by 6.4 per cent year-on-year in April, the Hungarian Central Statistical Office (KSH) announced. However, adjusted to working days, the data actually shows a 2.4 per cent decline. In their statement the Ministry for National Economy explained that the Hungarian industry is still being weighed down by a sluggish European economy, curtailed by the war in Ukraine.

According to EBRD’s forecast, Hungary’s Gross Domestic Product (GDP) is projected to expand by 2.2 per cent this year and by 3.5 per cent next year.

The global credit rating agency expects Hungary’s ‘fiscal slippage’ in 2023 to be temporary, and projects the country’s GDP to grow by 2.6 per cent in 2024, after it shrank by 0.5 per cent in 2023.

According to recently released data, the Hungarian economy has surpassed the EU average in 2023, and is poised to be among the leading countries in 2024 as well.

Enumerating the factors strengthening the positive outlook for the economy, the Hungarian finance minister stated that the country’s export performance is very good, and in terms of population, Hungary ranks 94th among the countries of the world, while it stands at 34th place in terms of export indicators.

The Hungarian economy performed exceptionally well in 2022, despite the economic crisis caused by the war and the harmful sanctions imposed by Brussels.