Q2 GDP Growth Puts Hungary at ‘Forefront’ in EU – Ministry

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Hungary's 1.3% year-on-year GDP growth rate in the second quarter puts the country in the "forefront" compared to other European Union member states, the National Economy Ministry said on Wednesday, commenting on the release of data by Eurostat.

Hungary’s Q2 GDP growth was ahead of that in Belgium, France, Italy, the Netherlands, Romania, Latvia and Germany, the ministry noted.

It was also more than double the 0.6% growth rate in the eurozone and well over the 0.8% average for the EU as a whole, it added.

The ministry said the impact of the war in Ukraine and Brussels’ sanctions policy was holding back Hungary’s industrial sector and a recovery of consumer confidence.

The government expects to be able to submit a “peacetime budget” to lawmakers in the autumn, it added.

A quick end to the war, along with targeted government measures, could bring GDP growth back to 4%, the ministry said.

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