The European Commission’s Economic Forecast of autumn 2015 expects GDP growth of 2.9 percent in Hungary for this year, against the 2.8 percent figure prognosticated in May. The Commission’s macro-economic outlook is practically in line with the Government’s predictions.

The estimates of the Hungarian Government are more and more confirmed by expectations of the European Commission and other international organizations.

According to the Economic Forecast of autumn 2015, fiscal deficit is better than formerly expected. The fiscal deficit-to-GDP ratio is seen at 2.3 percent this year and 2.1 percent next year, whereas in May the Commission’s estimate was 2.5 percent for 2015.

In accordance with declining deficit and the expectations of the Government, the European Commission is also of the opinion that general government debt is set to fall further in Hungary.

Macro-economic data also confirm that Hungarian reforms are working. Hungary has over the past three years managed to overcome tough challenges. Thanks to joint efforts, the country exited the excessive deficit procedure in 2013 and thus we have achieved what IMF-advised Greece has failed to do.

(Ministry for National Economy)