Hungary’s Convergence Programme for the period between 2015-2018 is based on the targets of keeping the deficit of the budget low, reducing the sovereign debt, and making inflation predictable.

The Government submitted Hungary’s Convergence Programme to the European Commission on 30 April, and also sent Hungary’s National Reform Programme to Brussels.

The Convergence Programme demonstrates the expected trends in the macro-economic processes in the form of comprehensive analyses. It was developed this year parallel with the planning of the budget which ensures full harmony between the two documents by virtue of the fact that the Programme points well beyond the year 2016 and provides an overview of further fiscal planning periods.

Thanks to the conscious and consistent economic policy of recent years, the Convergence Programme is able to render an account of a number of positive changes in the spring of 2015. After 2013, the performance of the Hungarian economy improved spectacularly yet again in 2014. As a result of the high, 3.6 per cent growth rate – a remarkable achievement also by EU standards –, the Hungarian economy reached the pre-crisis level. These results contribute to the reduction of the country’s vulnerability as well as to increased trust in Hungary’s economic policy. This is testified to by the low interest rates and the fact that international institutions, too, are adjusting their growth projections for Hungary upwards.

The Government is committed to making the results achieved to date sustainable, and to creating a stable and predictable environment in the interest of the dynamic growth of the economy.

Household consumption may further increase during the years ahead, the increased demand for work force will result in increased average earnings, and against the background of a steady growth, the balance of payments may generate a considerable surplus. The measures taken by the Government and the improved employment figures will further increase the population’s disposable income which will, in turn, also boost consumption.

(Ministry for National Economy)