Good news came concerning the Hungarian economy

Moody’s Ratings gave a favourable assessment of Hungary’s economy in a periodic review of the country’s sovereign rating, Finance Minister Mihály Varga said in a post on Facebook in the early hours of Saturday.

Varga noted that Moody’s had not taken a rating action and said Hungary’s current rating remained in force with a stable outlook.

In its analysis, Moody’s gave a positive evaluation of the government’s reduction of the budget gap and public debt, he said. Moody’s also acknowledged the Hungarian economy’s strong growth outlook, pointing to expanding investments as well as strengthening exports and consumption, he added.

“In spite of the war in neighbouring Ukraine and the deterioration of the European Union’s competitiveness, all three big credit rating agencies put Hungary in the investment grade category and rate it two notches higher than at the beginning of the last decade,” he said.