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Varga: ʼWe’ve started climbing back upʼ

Minister of Finance Mihály Varga posted on his Facebook page, stating that the Hungarian economy is starting to climb out of a very deep recession.

Alexandros Michailidis/

Varga indicated that the Ministry of Finance has a Weekly Economic Index (HGI), which in the past has moved relatively closely with real GDP performance and now reported a figure that the annual recession rate may have been 9.9% in the second quarter.

It is also a newsworthy indication that HGI has already shown “only” a 2.3% decline in the week from June 29 to July 5 on an annual basis and, according to Varga, the chart indicates that “we’ve started climbing back up.”