Hungarian FM: Hungary exports hit record highs in Jan-May
Hungary’s exports in the first five months of 2023 grew by 11 percent from a record-high base in 2022, reaching the all-time record of 63.5 billion euros, the minister of foreign affairs and trade said in Sopronbánfalva, in western Hungary, on Thursday.
Speaking on the sidelines of a cabinet meeting, Péter Szijjártó said that exports were key to Hungary’s economic performance, as the country is “extremely deeply integrated into world economy”.
Exports usually come to 80 percent of Hungary’s GDP, he said. The stronger the sector’s performance, the likelier that Hungarian economy continues growing, he said.
Last year, exports hit EUR 142 billion, and data show that that was surpassed in the first five months of this year, he said. “This augurs the highest ever export performance by the end of the year,” he said.
“Meanwhile, imports only grew by 2 percent, turning the country’s trade balance positive after a setback due to growing energy prices last year,” he said.
The data shows the competitiveness of Hungary’s economy, he said. This is good news … [suggesting] that we will be able to maintain economic growth in Hungary,” he said.
Source: MTI
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3 Comments
If inflation is over 20% and exports are up 11% in euro terms that roughly represents a 9% drop in real production. Take a look at the other article that says industrial production was down in May 6.9% year over year. That means less hours worked and less pay. Of course you can ignore logic and lap up Fidesz happy talk from head clown Peter Szijjarto who is quoted in this article.
@Anonymous – concur. Our Politicians live in a bubble, and demonstrably have no clue re facts and figures. Unfortunately, the same goes for a large portion of our population, who fall for this type of blatant misrepresentation (and then there is the slavish parroting by the media)
Idiot Szijjarto is confusing inflation with export growth. Szijjarto can look up use of the GDP Price Deflator as a starting point if he wants to understand the concept but I think his misuse of statistics is more likely an attempt to mislead the country bumpkins that vote for Fidesz. In the end most people know from first hand experience the grim reality of what’s really going on in Hungary.