In December 2015, the volume of industrial output grew by 9.4 percent year-on-year, and thus the sector expanded by 7.5 percent in the year 2015. Current data show that the Hungarian industrial sector posted sustainable, balanced growth and now there is a realistic opportunity for Central and Eastern Europe – within that for Hungary – to become the growth engine of the EU, Deputy State Secretary for Economic Development and Regulation István Lepsényi said at a press conference where he presented the Government’s new industrial policy blueprint, the Irinyi Plan.
In Q4 2015, the Hungarian economy posted larger-than-expected growth of 3.2 percent year-on-year and 1 percent quarter-on-quarter. In the whole year, GDP grew by 2.9 percent. The upward growth trend, which has been unbroken for three years now, shows that Hungarian reforms are working.
Last year was another success story in the history of Hungary’s tourism sector. Tourism traffic was higher in each region; the number of arrivals and tourism nights grew by 7.4 percent and 5.4 percent, respectively. Revenues at accommodation establishments soared by 10 percent year-on-year, above the high base of 2014, another year of record highs. In the winter holiday season, Hungarians spent 39 000 more tourism nights at accommodation establishments than foreign visitors. This accounts for growth of 1.3 percent year-on-year.
Economic momentum driving recent growth can only be maintained if domestic enterprisers are capable of continuous and permanent renewal, Minister for National Economy Mihály Varga said at the presentation ceremony of the Awards for Successful Enterprises.
The central sub system of the state budget closed the month of January 2016 with a surplus of HUF 92.2bn. Favourable data highlight prudent fiscal policy, as the central budget, Social Security Funds and Extra Budgetary State Funds registered surpluses of HUF 17.6bn, HUF 41.2bn and HUF 33.4bn, respectively.
Industrial sector growth of 7.5-8 percent recorded in 2015 may be repeated in 2016, Deputy State Secretary for Domestic Economy said, commenting on the latest data published by the Hungarian Central Statistical Office (KSH).
The retail sector’s growth of 2015 was unprecedented in the past more than ten years, Deputy State Secretary for Domestic Economy Áron Márk Lenner told public news channel M1, commenting on the latest retail sales data published by the Hungarian Central Statistical Office (KSH) earlier today.
Looking back on the achievements of the past five years it can be concluded that Hungary has succeeded in overcoming the effects of the 2008 crisis, Minister for National Economy Mihály Varga said at a presentation for the students of Gadjah Mada University, in Yogyakarta, Indonesia.
A stable state budget and a predictable economic policy have enabled the Government to launch a Family Housing Programme in 2016, Minister of State for Financial Affairs Ágnes Hornung told public news channel M1.
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