Varga: Q1 growth demonstrates ability ‘to withstand crisis’

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Minister of Finance Mihály Varga said the Q1 growth rate shows the Hungarian economy remains "able to withstand crisis," in a video message posted on Facebook after the release of the KSH GDP data.

"Government measures have successfully cushioned the impact of the Russo-Ukrainian war," he added.

Varga confirmed that "practically all sectors" contributed to Q1 growth and said the industrial, construction, and financial sectors "performed well. Retail and tourism could also strengthen, thanks to high employment and wage rises," he added.

Based on available data, Varga said that Hungary is still a "frontrunner" in terms of economic growth in the European Union.

"But the effects of the war and sanctions pose risk to the growth of the Hungarian economy. We're working to keep the economy on a secure growth path, we're preserving stability and protecting the results achieved until now," he added.

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