Hungarian national economy minister sees rebound in 2025 – UPDATED

National Economy Minister Márton Nagy said 2025 would be a “rebound” year of “economic recovery”, supported by a “peacetime budget”, testifying before parliament’s economy committee on Tuesday.

National Economy Minister expects economic recovery in 2025

Nagy said the government had responded successfully to the crises of the past five years: the pandemic, the energy crisis caused by the war and the economic downturn in Germany.

In light of the changed economic circumstances, the government has launched an economic policy action plan, founded on a policy of economic neutrality, that aims to aid the domestic recovery and lift GDP growth over 3pc from 2025, he added.

Nagy said that action plan would pump HUF 1,400bn into the business sector and leave households with more than HUF 2,800bn.

Nagy said tourism and retail data indicated a recovery of domestic consumption in 2024 that would continue in 2025. He added that real wages could grow 9pc this year, while the employment rate stood at 84pc, close to full employment.

Nagy said the construction sector would bounce back, with an order stock up 40pc and government measures set to lift the housing market. He added that home builds could double to 25,000 next year, still under the 40,000-unit potential of the local construction sector.