Gergely Suppan: the recession is clearly over in Hungary

By: Trademagazin Date: 2024. 05. 01. 13:02

The recession is clearly over in Hungary, from now on the only question is the rate of growth – said the leading economist of the Ministry of National Economy (NGM) in the current program of the M1 channel on Tuesday afternoon.

Responding to the GDP data for the first quarter, Gergely Suppan said that some of the analysts were surprised by the figures published by KSH on Tuesday, especially those who did not take into account the effects of smaller sectors.

Tourism and catering definitely added to the performance of the economy, and the turnaround of retail trade was already visible at the beginning of the year, as was the boom in lending, which is due to state subsidies and the reduction of loans, the leading economist pointed out.

According to Gergely Suppan, the signs of growth were visible last year as well, and now we must strive for the rate of growth to exceed 4 percent next year. Retail turnover is still subdued today, but due to high employment and significant real wage growth, customer caution may quickly dissipate and consumption may rise in the coming months, he emphasized.