Hungary GDP up by 3.1 pc in 2015

Budapest, September 30 (MTI) – Economy Minister Mihály Varga welcomed GDP readings released by the Central Statistical Office (KSH) on Friday, showing growth of 3.1 percent over last year. Varga noted that the figure is faster than the 2.9 percent growth predicted earlier. He said the budget deficit was calculated at 1.6 percent of GDP, lower than the 2 percent seen earlier, which also shows improvement.

Varga said he would propose the establishment of a competitiveness council to the government, for better planning of improving competitiveness in the coming years. The council will include members of academia, the business world and the public sector, the minister said.

Recently Hungary improved two places in Switzerland-based IMD’s competitiveness ranking, but slipped six places to 69th in the World Economic Forum’s global ranking. Varga noted that the government is not satisfied with Hungary’s relative positioning in the rankings.

Hungary’s gross domestic product (GDP) at current prices was 33.999 trillion forints (EUR 109.9bn) in 2015, up by 3.1 percent at constant prices, compared with the previous year, the Central Statistical Office (KSH) said on Friday in a second preliminary reading of national accounts data.