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Ministers Comment on This Morning's GDP Data

HUNGARY
The following comments have been cited by MTI:
  • National Economy Minister Marton Nagy said the stalled growth was mainly due to weak external demand, noting the recession in Germany and stagnation across the EU. He added that "extraordinarily high" real interest rates had also negatively impacted GDP.
  • Nagy said signs of improvement in the economy were already visible, noting data indicating a pickup in retail sales and tourism in recent months. The minister reiterated that achieving GDP growth of 4% in 2024 is a "priority" for the government.
  • Meanwhile, Finance Minister Mihaly Varga said Hungary's GDP growth could reach 3-4% in 2024, supported by disinflation, rising real wages, stronger consumption, exports and investments, and record employment levels.
  • The government will continue to reduce budget deficit and state debt levels, while putting the economy on the path of sustainable growth in 2024, he added.
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