The “good news”, Varga said, was that Hungary’s annualized second quarter GDP growth was higher than its European Union peers with the exceptions of Portugal and Spain, he said in the interview, according to state news wire MTI.
Hungary’s GDP climbed 1.5% year-on-year in Q2, preliminary data released by the Central Statistical Office (KSH) on Tuesday showed. First-half GDP growth was 1.3%.
Varga said the war in Ukraine continued to “leave its mark” on European economies which were also facing competitiveness problems and the impact of higher energy prices. Hopefully, he added, the German economy would come out of the doldrums in the second half of the year, lifting the European economy with it.
He also said GDP growth of 3.5% was “certainly achievable” in 2025.
The minister added that the government’s earlier fiscal adjustments would support positive assessments by credit rating agencies at scheduled reviews in the fall.
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