European economic data published today clearly shows that Europe still faces serious challenges in the area of growth. Eurostat’s latest figures show a significant slowdown in the EU27 and the eurozone. European economic developments illustrate the importance of the Hungarian government’s policy of opening up to the East, and its attempt to increase the country’s economic security through new strategic alliances.

Transparent and predictable economic policy is extremely important in this international economic environment. As has been demonstrated, the Government continues to be committed to the reduction of government debt and the budget deficit – a commitment which strengthens international trust in the country.

Over the last two years the Government has enacted an extraordinary level of fiscal consolidation, making it one of the leading countries in Europe in this regard.

As a result of this, the European Commission’s latest forecasts show that Hungary will be one of only four Member States where government debt will fall in the next two years – creating the foundations for future stability and growth.

Seeing the formation of negative cyclical trends in foreign markets, at the beginning of this year the Government started preparation of economic stimulus measures, in order to achieve increased economic growth for the rest of the year. The key to growth is job creation, and so the State is supporting Hungarian SMEs and foreign investments adding value and creating jobs. One of the latter is the Mercedes plant in Kecskemét, which started production at the beginning of the second quarter, and which will have an extremely positive effect on the next set of GDP figures.

(Kormányszóvivői Iroda)