The Ministry for National Economy welcomes the autumn forecast of the European Commission which provides a realistic evaluation of a gradually improving Hungarian economy. The forecast by EU experts confirms that Hungary’s fiscal deficit will not exceed 3 percent in the coming years.

Every economic indicator of Hungary is set to improve in the coming years, according to the autumn report of the European Commission. Following last year’s recession, the trend was reversed at the beginning of this year: employment has been higher, unemployment and general government debt have been declining and the fiscal deficit will not exceed 3 percent.

Over the past three years since the new Government took office, Hungary has returned to growth. The forecast of Brussels also confirms that Hungarian financial and economic processes are heading in the right direction and the deficit target as set by the Maastricht criteria will be met.

The European Commission prognosticates Hungarian GDP growth of 1.8 percent for 2014 and 2.1 percent for 2015. The EU also predicts that the level of general government debt will decline, constituting 80.7 percent of GDP in 2013, 79.9 percent in 2014 and 79.4 percent in 2015.

According to the expectations of the European Commission, the number one economic policy goal is to free Hungary from the debt trap and this Government objective – as the EU now also believes –  is about to be achieved.

The autumn forecast of the Commission also affirms that the Hungarian economy is on the right track and Government measures are bearing fruits.

(Ministry for National Economy)