NGM spokesperson: in addition to GDP data, indicators affecting people’s lives also developed favorably

By: Trademagazin Date: 2025. 01. 31. 11:32

Beyond the gross domestic product (GDP), there are human lives, indicators that influence people’s lives, and they have also developed favorably in the recent period – stated the spokesperson for the Ministry of National Economy in the background news program titled 48 minutes on the current affairs channel M1 on Thursday evening.

Regarding the performance of the Hungarian economy, which expanded by 0.4 percent in the last quarter, André Palóc said that it is much more important how the population and households feel about the current situation. He indicated that it is worth looking at seven aspects to see whether a positive turn has occurred.

He listed employment among these, which is fine with 4.7 million employees and a record low number of job seekers, while a significant positive turn has also occurred in wage dynamics, as a sustained increase in real wages can be observed for a year.

He called consumption an important indicator, which is growing month by month, just as tourism also had a record year, but there is also a turnaround in the area of lending, as retail lending has been expanding for quite some time, which is reflected in the real estate and car markets.

André Palóc said about this year’s GDP data: according to their calculations, growth of over 3 percent is expected to be experienced in the second half of the year.

The spokesperson highlighted that the Hungarian economy is “in good shape internally”, so the real issue is the external environment, where we must pay attention primarily to Germany, because the significant decline in the German economy has also triggered political processes. He noted that the domestic economy is exposed to Germany, but the government’s steps in recent years have strengthened relations with the East, which have contributed to Hungary being “a winner from an economic perspective”.