In the Country Report Hungary 2017 published earlier today, the European Commission (EC) applauds tax reductions, economic growth, job creation efforts and recent Government measures. The report also confirms that Hungary has been growing stronger, and economic performance has been gaining recognition.
The agency revised the country’s rating of foreign currency denominated debt upward from “BBB” to “BBB+” and that of forint denominated debt from “BBB+” to “A”, by one notch each, with stable outlook. The JCRA’s decision also confirms that Hungary has been growing stronger, and the economy’s performance is being recognized abroad.
The Government is aiming to involve the highest possible number of Hungarian SMEs in the development and production of goods with high added value and help them join the supplier networks of large international companies, Minister for National Economy Mihály Varga said at press conference organized to present the Government’s relevant scheme.
As in recent years every major economic indicator has improved in Hungary, it has become possible to lay down the foundations for the economic policy of coming years, Minister for National Economy Mihály Varga said, at the board meeting of Eurochambres, the Association of European Chambers of Commerce and Industry, held in Budapest.
The six-year wage deal brokered last year enables faster economic growth in 2017, Minister for National Economy Mihály Varga told Mokka, the popular morning show on TV2.
The rate of growth was 2 percent of GDP, above the EU average, in 2016, and thus Hungary has continued to narrow the economic gap with the EU. The country achieved growth without the inflow of EU funding. Thanks to the recently brokered wage deal, Hungary’s economic growth is expected to pick up this year.
In the European Economic Forecast – Winter 2017, the European Commission significantly revised its former growth estimate of 2.6 percent upward, to 3.5 percent of GDO, for Hungary. The Commission predicts the rate of GDP growth to be 3.2 percent in 2018. This modification also signals that the 6-year wage agreement concluded at the end of last year may boost economic expansion.
The Ministry for National Economy has informed Hungarian news agency MTI that Minister for National Economy Mihály Varga and Minister of Justice László Trócsányi held talks with Director-General of the European Anti-Fraud Office (OLAF) Giovanni Kessler on his organisation’s findings on the Budapest Metro Line 4 corruption case and related irregularities.
International Communications Office
+36 1 896 1905