This year was the year of trend reversal for the Hungarian economy: while at the beginning of the year the economy was still mired in recession, the third quarter brought growth above prior expectations and this gives reason to be optimistic with regard to 2014, Minister for National Economy Mihály Varga said in a speech marking the year-end session of Hungary’s Joint Venture Association held at the KOGART House.
Mihály Varga stressed that third quarter economic data are signalling that the Hungarian economy is switching to a sounder and more sustainable growth structure, as almost every sector within the national economy has contributed to the expansion.
The Minister stated that “we can be cautiously optimistic concerning our growth expectations”, as household consumption was also among the positive factors behind the 1.8 percent GDP growth in the third quarter of the year and that is a promising sign going forward. He added that he hopes to see further improvement regarding household consumption.
Mihály Varga pointed out that construction sector investment increased and while the previous quarter had indicated that manufacturing industry investment was turning the corner a real breakthrough came in the third quarter. The Minister remarked that vehicle industry suppliers were also among those who implemented sizable investment projects.
The Minister underlined that having kept the level of general government deficit below 3 percent was worth the effort as in the summer Hungary managed to exit the EU’s excessive deficit procedure and the autumn auction of foreign currency denominated government securities was a sweeping success.
Afterwards the Minister ceremonially presented the “Award for Successful Enterprises” which aims to honour and to provide publicity for small and medium-sized enterprises as well as start-ups operating in Hungary which contribute to economic growth and serve as role models for leading an enterprise to success.
In November, CEO Karato Kenji representing Bridgestone Tatabánya Ltd received the “Investor of the Month” award; the Büttner Ltd -- represented by CEO Tamás Büttner -- was awarded the “SME of the Month” title, while in the category of “Start-up of the Month” Mihály Varga presented the award to Viktor Seres of IDeaPool Ltd.
(Ministry for National Economy)
