Gergely Gulyás: retail turnover has been growing for 13 months, and domestic tourism broke all records last year

Gergely Gulyás reported that at the cabinet meeting on Wednesday, he listened to a longer analysis by the Minister of National Economy, which “was a situation assessment that gave cause for optimism after the difficulties of recent years”.

The minister said that the chance of ending the war within the foreseeable future is significantly greater now than at any time before, but regardless of this, signs of a turnaround are also showing in the Hungarian economy, and they are tangible.

He added that the Hungarian economy has been severely affected since 2022, primarily by the consequences of the war, sanctions, and inflation, which also had an impact on growth last year.

He highlighted the record-high employment of 4.7 million, the increasing real wages, the expansion of consumption and retail turnover last year, and the increase in household loans.

He spoke of the great achievement of creating more than one million new jobs, 1.1 million compared to 2008-2009.

He said that there is no final data yet, but last year the real wage increase in Hungary was around 10 percent. The three-year wage agreement guarantees that there will be a significant real wage increase of 5-6 percent this year as well, he added.