Hungary among 1st to exceed pre-COVID performance

Analysis

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Hungary was among the first in Europe to exceed its pre-epidemic economic performance, the gross domestic product may have strengthened by 6.4% last year, and growth of well over 5% is expected again this year, Minister of Finance Mihály Varga said in a post on his Facebook page.

He was replying to a letter from Lajos Kósa and István Fiák about the personal income tax exemption for those under 25 years of age.

Varga added that this provides an opportunity to strengthen those most affected by the crisis: the elderly, families raising children, businesses and young people.

This is also due to the complete rebuilding of the 13-month pension, the family tax refund, another HUF 750 billion reduction in taxes on labor, and the PIT exemption for those under 25.

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