“Fiscal discipline, falling government debt and a healthier debt structure have laid the foundations for further economic growth”, Minister of Finance Mihály Varga said in a video message on Monday.

On his social media page, the Minister explained that the growth of the Hungarian economy is expected to continue to exceed the European Union average. He said the past few years have been the most successful period in the history of the Hungarian economy, based on GDP and public finances figures.

Mr. Varga emphasised that according to last year’s gross domestic product figures, Hungary has moved up to top position in the EU growth rankings. In addition, he also welcomed the fact that the sovereign debt to GDP ratio fell significantly in 2019, while its ratio of foreign currency debt has fallen to just 20 percent from 50 percent in 2010. According to the Minister, the confidence of Hungarian families in the economy is also improving. This is also indicated by the fact that the ratio of government securities owned by the population has increased from 5 percent to 25 percent, he added.

According to the forecast published on Monday by the Central Statistical Office, the gross domestic product grew by 4.9 percent last year, while the Hungarian National Bank announced on Monday that general government gross debt (Maastricht debt) calculated at nominal value fell to 64.8 percent at the end of 2019, or to 66.4 percent if Eximbank’s debts are also taken into account.

(Ministry of Finance)