Hungary has managed to successfully confront the financial crisis the repercussions of which Greece is suffering from even today, Minister for National Economy Mihály Varga said at the business forum organized by the American Chamber of Commerce in Hungary. Speaking of the country’s current economic situation the Minister pointed out that macro-economic indicators, which have recently tended to beat prior expectations, provide an investor-friendly business environment also for American enterprises operating in Hungary.
In his overview of favourable macro-economic trends, Mihály Varga emphasised that the economic outlook for 2015 has improved significantly and economic growth this year may be around 3 percent of GDP. In addition to that, economic output has been on the rise for the eighth consecutive quarter.
The United States of America has been Hungary’s largest non-EU export partner and trade ties have grown even tighter over the past four years. In 2014, the volume of bilateral trade soared by more than 10 percent and reached almost USD 6bn. The volume growth of Hungarian exports exceeded 20 percent in 2014. The minister highlighted the fact that the USA has been the largest non-EU investor in Hungary. Overall FDI by US enterprises has totalled USD 9bn this year, while the 1750 US companies active in Hungary employ almost 90 thousand people in the country.
Data show that in the eyes of American enterprises Hungary has been an attractive business destination and an important economic partner within the Central and Eastern European region, and they are also confident about the long-term growth outlook.
(Ministry for National Economy)
