Hungary’s economic fundamentals stable and strong, finance minister says

Hungary’s economic fundamentals are “stable and strong”, Finance Minister Mihály Varga said addressing the annual Figyelő Top 200 gala in Budapest late on Thursday.

Hungary’s government has brought inflation down to the single digits and investor confidence in Hungarian government securities is steady, Varga told the event, noting that fresh data indicated the end of a four-quarter technical recession in Hungary. That recession was “far from a crisis” as it didn’t produce a wave of unemployment, he added.

As CPI has dropped into the single-digit range, real wage growth is set to return, giving impetus to consumption and boosting GDP growth, he said.

Varga also pointed to improving trade and current-account balances.

Steady confidence in Hungary’s economy is evidenced by a 500 million US dollar FX bond issue by the Government Debt Management Agency (ÁKK) on Wednesday and a record 245 billion sale of forint bonds on Thursday, he said.

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