Márton Nagy: a “peace budget” is needed to restart the economy

By: Trademagazin Date: 2024. 07. 30. 12:48

Economic growth in the second quarter was lower than preliminary expectations, which can be attributed to external factors. The fundamentals of the Hungarian economy are stable and strong, the rebound of GDP – due to weak exports – is hindered by industry, stated Minister of National Economy Márton Nagy in his commentary on the second quarter GDP data.

He added that according to the government’s expectations – after the American presidential election – in the fall, it will no longer be able to present a “peace budget” to the Parliament, which will give a quick boost to the economy through action plans aimed at small and medium-sized enterprises and families, promoting the 4 percent GDP growth, which the government still hopes to achieve next year.

By implementing all this in an inclusive manner, by strengthening the open middle class from the bottom up, so that the broadest strata of society can benefit from the economy that comes with peace – said the Minister of National Economy.

In his statement, the minister cited the latest data from the Central Statistical Office, according to which the gross domestic product (GDP) increased by 1.3 percent on an annual basis in the second quarter of 2024, while compared to the previous quarter it decreased to a minimal extent, 0.2 percent. He noted: the seasonal and calendar-adjusted expansion of Hungarian GDP is expected to be in the strong middle range in an international comparison, since on an annual basis, based on the data published so far, it is more favorable than France (+1.1), Belgium (+1.1), Sweden (0.0), Latvian (-0.4) and Irish (-1.4) growth.
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