ADVERTISEMENT

Finance Ministry lowers GDP target to 6.8%

Analysis

The Ministry of Finance has lowered its projection for GDP growth this year to 6.8% against the backdrop of higher energy prices, inflationary pressure, and the impact of the fourth wave of the pandemic, Minister of Finance Mihály Varga said at a conference organized by the Hungarian Insurers Association (MABISZ), according to portfolio.hu.

Earlier, the ministry had put this year's GDP growth at 7-7.5%. Varga said the rising energy prices would "significantly restrain" the performance of European economies, parallel with higher inflation, while the economic impact of the fourth wave of the pandemic, albeit smaller than that of the second and third waves, would still be felt.

He noted that Hungary is one of just 10 countries in the European Union whose economies have recovered to pre-pandemic levels. Varga said keeping the economy on the growth path is "at the center" of the government's economic policy.

ADVERTISEMENT

Business chamber's biannual business confidence index falls Analysis

Business chamber's biannual business confidence index falls

Parl't elects Orbán prime minister Parliament

Parl't elects Orbán prime minister

New managing director at LG Electronics Hungary Appointments

New managing director at LG Electronics Hungary

Airport bus fare could rise to HUF 1,500 City

Airport bus fare could rise to HUF 1,500

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.