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Varga Augurs Return to Growth in H2 2023

Analysis

Image by Alexandros Michailidis / Shutterstock.com

Finance Minister Mihály Varga said Hungary's GDP could start growing again in the second half of the year at a conference organized by investment fund manager VIG Befektetési Alapkezelő Magyarország in Budapest on Tuesday, news agency MTI reports.

Hungary could "leave behind" the quarters of recession in the last two quarters of the year, Varga said.

Hungary's GDP fell 1.7% year-on-year in the first half of 2023.

Varga said inflation would fall into the single digits by year-end and acknowledged the impact of measures taken in tandem with the National Bank of Hungary (MNB) to bring CPI down.

He pointed to "favorable tendencies" indicated by the trade balance and noted that the current account had finished the second quarter with a surplus.

He said that financing for the 3.9%-of-GDP deficit target for this year was "in order" and added that state debt relative to GDP would fall.

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