Varga: Low oil prices could add half a percentage point to GDP growth

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Low oil prices could add as much as half a percentage point to GDP growth, National Economy Ministry Mihály Varga said at a conference today.

The government is still standing by its projection for GDP growth of 2.5% this year, Varga said at the Hungarian Business Leaders Forum.

After data released in February showed that Hungaryʼs Q4 GDP grew faster than expected, Varga said his ministry would decide whether to change the official projection based on first-quarter data.

Varga told the conference that Hungaryʼs 27% VAT rate could be lowered and a single-digit personal income tax rate could be introduced before the end of the current government cycle.

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