Fresh GDP data: Recession in Hungary is over

Hungary’s GDP rose 0.4pc year-on-year in the fourth quarter, a first reading of data released by the Central Statistics Office (KSH) on Thursday shows.
Adjusted for seasonal and calendar year effects, GDP inched up 0.2pc. KSH said the growth was supported by the performance of services, while the farm, industrial and construction sectors weighed on the headline figure. In a quarter-on-quarter comparison, GDP climbed a seasonally- and calendar year-adjusted 0.5pc, bringing an end to the technical recession, KSH said. For the full year, GDP rose an unadjusted 0.5pc and an adjusted 0.6pc. KSH will publish a second reading of the data on March 4.
Commenting on the fresh data, National Economy Minister Márton Nagy said the economy had reached a “turning point”, highlighting the recovery of the domestic economy, the strengthening middle class and a gradual improvement in consumer confidence. Employment levels are at a record high, real wages are climbing, retail sales are increasing, the tourism sector boasted a record year in 2024 and home and vehicle sales are on the rise, he added.
Looking ahead, Nagy said households’ situation would improve further, supported by measures in the government’s new economic policy action plan as well as yields from maturing inflation-linked retail government securities. He added that a sustained turnaround among businesses could come with a recovery of external demand, especially in Germany, and suggested a faster recovery there after the elections.
Nagy noted that some HUF 1,400bn in resources were available to businesses in the framework of the Demjan Sandor Programme for scaling up SMEs. He said GDP growth would pick up in the coming quarters, even climbing over 3pc in the second half of the year.
Read also:
- Is the Hungarian economy set to revive in 2025 after years of stagnation?
- Grim predictions for Hungarian economy in 2025: inflation and EUR/HUF 420 exchange rate
Featured image: depositphotos.com
And, importantly, not forgetting that big, fat juicy net contribution from the EU, without which this would not be possible:
https://www.euronews.com/business/2024/12/09/eu-budget-who-pays-the-most-into-the-eu-and-who-gains-the-most
Thank you for making the Hungarian economy succeed, Germany, France, the Netherlands, Italy, Sweden, Spain, Austria, Ireland, Denmark and Finland!
I would tie the stats Norbert has with thanks provided to the article showing very negative views in Austria regarding Hungary. I would suggest that these negative views towards Hungary does not reflect any left-right difference considering conservative Austrian politics but more a distaste for what Austrians, Germans and the rest of EU contributors view as a parasitical relationship Hungary has with the EU and a distaste for Hungary’s corruption.
We KEEP reminding HUNGARIANS – as commentated by Larry & Norbert, the FACT, that without European Union Membership – the FINANCIAL contributions made to Hungary, as a country, we would be STUFFED deeper, than at this point in time, we are which will WORSEN.