Hungary GDP growth 7.1 pc in 2021
Hungarian economic output grew by an annual 7.2 percent in the fourth quarter, bringing full-year growth to 7.1 percent, the Central Statistical Office (KSH) said in a first reading of data on Tuesday.
Adjusted for seasonal and calendar year effects, fourth-quarter GDP rose by 7.1 percent.
Quarter on quarter, the economy expanded by 2.1 percent, driven by market services, KSH said.
KSH noted that Q4 GDP was 4 percent higher than in Q4 2019, before the coronavirus crisis.
Full-year GDP increased by 2.1 percent from 2019.
Commenting on the data, Finance Minister Mihály Varga said last year’s rate of growth was the most rapid in Hungarian economic history.
The government’s policies based on tax cuts and investments in families and companies had been vindicated,
Varga told a press conference. The policy prepared the groundwork for a swift rebound after the pandemic economic crisis, he said.
Hungary’s economic performance is outstanding compared with other European Union countries too, he said.
Growth in 2022 is expected at 5.9 percent,
he added.
As we wrote before, Hungary’s budget deficit reaches EUR 14.2bn for 2021, details HERE.
Read also Hungary’s budget deficit brutal high, inflation skyrocketing
Source: MTI
Let’s unpack this so-called “record” in “Hungarian economic history”. It is growth RATE IN PERCENTAGES – based on a depressed economy, recovering from COVID. If anything, one should benchmark against other EU economies. Not the UK because their 7,5% growth rate is even higher due to an even more spectacular economic hole.
Finance Minister – Mihaly Varga, continues to make statements and predictions on the Economic outlook for Hungary that simple are Mindboggling.
Hungary, all indicators used to access the performance of a country’s Economy at this time, and into the next 18 months to 3 years – give clear trending, that Hungary is in a Financial & Economic depressive position.
Mihaly Varga – as Aron makes mention, continues to FORGET it appears – could be a deliberate stategy or part of the massive Propaganda machine of Fidesz – that the massive destabilization and black hole – that is ongoing through this Novel Covid Virus, in Hungary, a return to pre February 2020 broadsheet Economic & Financial figures – is that Hungary – is playing a massive survival and arttempt at a catch up game.
It is astonding the presentation style of Mihaly Varga that is “Veiled” ironically very thinly, in that it is a SIMPLE exercise in Economics – to ascertain the Factual postion – in what Mihaly Varga is painting false and misleading directions at the current and expected future performance of the Hungarian economy.
Hungarians – the World needs at this time – the CHANGED world post February 2020 – Politicians when they speak – ensure it is with Candour.
Life lesson, through decades in the Legal profession, times I had to remind clients that I represented – to remember ;
“Truth is Your Strongest Form of Defence”.