Varga: Hungary’s economic growth forecast at 2.5 percent this year, 4.1 percent in 2025

Given the war situation, the EU is emerging from the crisis at a slower than expected pace, the German economy has been ailing for quite a while and export markets are also weak, which is why Hungary has planned its macroeconomic path for such a situation, Mihaly Varga said. Hungary’s economy will return to a growth-path this year with the country’s GDP expected to increase by 2.5 percent, he said.

Economic growth is expected to accelerate in the second half of 2024 which will favourably impact the central budget, Varga said, adding that a 4.1 percent GPD growth projected for next year was well-based.

Gergely Gulyas, the head of the Prime Minister’s Office, told the same press briefing that the government would submit next year’s draft budget to parliament after Nov. 5.