Growth exceeds expectations - Hungary

Analysis

Official growth forecast for 2007 is 2.2%, but most recent numbers show that growth may well exceed 2.5% in reality, reported finance minister János Veres in an interview yesterday, and added that public deficit will be lower than 6.4% of GDP.

Forecasts for 2008 exceed this year’s actual growth by 0.4%. Actual growth may go up to 3.5% or even higher. Public deficit might have decreased by the end of the year if not for the ongoing agricultural crisis and other legal procedures. Curving the black economy (presently at 17-18%) by 10% would trigger quicker growth, but this may take another four years, Veres said. Enforcing that businesses issue an invoice for every purchase as required by law is a principal target. Businesses found in fault at official audits thus will have to face increasingly severe sanctions (upper limit of a fine is Ft 100.000, - $542). Closing down businesses temporarily is a sanction that has not been used frequently so far. (Gazdasági Rádió)

ADVERTISEMENT

Industries lose billions on counterfeit products Analysis

Industries lose billions on counterfeit products

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Chain Bridge to be closed for traffic for 18 months City

Chain Bridge to be closed for traffic for 18 months

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.