Economy

Inflation is expected to start declining from next month and fall into the single digits by the end of the year, Economic Development Minister Marton Nagy said on Friday.

Consumer prices in Hungary grew by an annual 25.7 percent in January, up from 24.5 percent the previous month, the Central Statistical Office (KSH) said on Friday.

Despite the prolonged war in Ukraine and challenges posed by the European Union's sanctions policy, the Hungarian economy has proved resilient, the finance ministry said in its latest monthly report on Wednesday.

Hungary posted a trade deficit in December of 154 million euros, down from 1.415 billion in November, the Central Statistical Office (KSH) said on Wednesday in a first reading of the data.

Output of Hungary's industrial sector rose by an annual 2.0 percent in December, picking up from 0.6 percent in the previous month, the Central Statistical Office (KSH) said on Tuesday.

Guest nights spent in commercial accommodations in Hungary in December increased by an annual 22 percent to 1,738,000, the Central Statistical Office (KSH) said on Wednesday.

Industrial producer prices in Hungary grew by an annual 34.9 percent in December, down from 37 percent in November, the Central Statistical Office (KSH) said on Tuesday.

Hungary's tourism sector performed "beyond expectations" last year and is on track to top record numbers in 2019, the head of the Hungarian Tourism Agency (MTU) said on Monday.

Hungary's GDP growth could climb over 4 percent next year, thanks to measures bolstering stability, Finance Minister Mihaly Varga said at an event organised by governing alliance partner KDNP and the National Forum Association in Lakitelek, in the southeast of the country, on Saturday.

Minister of Economic Development Marton Nagy said Hungary can expect its sovereign rating to be upgraded "within a very short period of time" as a result of favourable economic trends, commenting on a downgrade by S+P Global on Friday.