Hungarian economy strengthens amid war and sanctions

Hungary’s economy is weathering the adverse effects of war and sanctions, growing 4.1% in the third quarter and 6.1% in the first nine months of the year, above expectations professionals, Hungarian Finance Minister Mihály Varga said in a video message posted on his Facebook page on Tuesday.

The government has created a million new jobs since 2010, supporting growth, and Hungarian unemployment remains one of the lowest in the European Union, he said. He pointed out that industry, retail and services have also grown.

Mihály Varga noted that most forecasts predicted that sanctions from Brussels could plunge European economies into crisis next year.

In Hungary, we strive to counteract international negative effects with the right economic policies and protect the economy from a downturn,” he added.

he said.

Commenting on the latest data released by the Hungarian Central Statistical Office, the Finance Minister pointed out that Hungary’s GDP figure is one of the best among EU countries.

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The Hungarian Central Statistical Office recently announced that gross domestic product (GDP) increased by 4% in the third quarter of 2022 according to raw data, and by 4.1% according to seasonally adjusted and calendar-adjusted and balanced data, compared to the same period of the previous year. All sectors except agriculture contributed to growth.

In the first three quarters of the year, the performance of the economy was 6.1% better than in the same period of the previous year, both in raw data and in seasonally adjusted and calendar and balanced data .

The main contributors to growth were industry and market services, according to the statistics. Within industry, the increase was particularly strong in the manufacture of transport equipment, computer, electronic and optical products and electrical equipment, while the increase in market services was mainly due to the expansion of transport , storage and professional, scientific and technical activities. , and administrative activities.

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Growth continued in the sixth quarter after four quarters of decline. Growth was 8.2% in the first quarter and 6.5% in the second quarter, leading to a 7.3% increase in Hungary’s gross domestic product (GDP) in the first half of the year compared to the same period of the previous year.

Featured photo via Pixabay

Laura T. Thrasher