State secretary: Agriculture 50% of Hungary’s GDP growth
Hungary’s agriculture performed 21.7% better in the first nine months of last year than a year earlier, which means that half of last year’s economic growth may have come from agriculture, state secretary for agriculture at the Rural Development Ministry, György Czerván, said yesterday at a press briefing.
In addition, Czerván stated that Hungary’s GDP may have grown more than 1% on average last year, over expectations, and can grow only if agricultural performance increases.
Gross value added of agriculture fell 29% in 2012 from the previous year’s prices, while total GDP decreased 1.7%. According to figures from the Central Statistics Office (KSH) released in December 2013, gross value added in agriculture increased 30% over that relatively calamitous ’12.
Agriculture exported for HUF 8.1 billion in 2012 with an international trade surplus of HUF 3.6 billion, making up more than half of Hungary’s foreign trade surplus, and these levels could have been approached last year as well, the state secretary said.
Annual land-based support will be €227 per hectare after €230 last year, but the fall will be compensated by the “change of the exchange rate course,” and licensing from the European Union is no longer needed to pay out the 50% advance from the allocation, therefore payment will begin in the middle of October, according to Czerván.
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