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Fresh GDP data: Recession in Hungary is over
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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.
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.