According to data from the Central Bureau of Statistics, the economy resumed in the first quarter of 2024, and the gross domestic product increased by 1.7 percent on an annual basis, while it increased compared to the previous quarter by 0.8 percent. Based on available international data, Gergely Suban, a senior economist at the Ministry of National Economy, stated that “ Hungarian growth In international comparison, it is considered outstanding and clearly belongs to the leading field. He's four years old
Accordingly, Hungarian growth is currently the second largest within the European Union, ahead of countries such as Spain, Portugal, Czech Republic, Belgium, France, Germany and Austria. Hungarian growth also ranks high on an annual basis, as the Hungarian economy achieved the third highest progress among European Union countries, ahead of Portugal, Belgium, France, Latvia, Italy and the Czech Republic.
Germany and Austria.”
Gergely Suban added: The Union expanded by 0.3 percent on a quarterly basis, while achieving an increase of 0.5 percent on a yearly basis. In other words, the Hungarian economy outpaced the Union's growth rate by more than 2.5 times on a quarterly basis, and by about 3.5 times on an annual basis. In this way, economic catch-up can continue and even accelerate.
The government's goal is to resume this year by reaching growth of 2.5%, and next year to reach growth of 4.1%, to shift to a higher pace. The ministry wrote that the economic results published today provide an appropriate basis for this.
