Hungary lags far behind CEE peers in terms of growth

Although Central and Eastern European economics did not show robust growth figures for the third quarter of 2016, Hungary had the weakest results in annual comparison, data by Eurostat, the statistical office of the European Union, showed on Tuesday. Hungary’s GDP growth rate was slightly slower even the Eurozone’s momentum.
Romania reported the highest Q3 GDP growth in the region, 4.6% yr/yr, according to seasonally-adjusted data. Another three economies had to settle for growth rates between 3.0% and 3.5%, whereas Hungary is absolute last among the eight CEE countries with its 1.6% growth, Eurostat data showed.

' title='
In CEE, one of the main impediments to growth is the decline in EU funds, but in Hungary’s case, for instance, the great crops counterbalanced this factor rather well.

Hungary’s 1.6% growth is slightly under the Eurozone growth rate at 1.7%, which means Hungary is not really on a convergence path. The country’s GDP could grow at a much faster rate next year, but we should keep an eye on how others in the region and the EU will fare then.

' title='

More in Economy

October 17, 2019 15:25

Hungary central bank VP: "Many have misjudged inflation but we were right"

Nagy calls for renewal in banking

October 17, 2019 13:17

Karácsony to take action for greener Budapest

City's debt should be consolidated according to new mayor

Orbán Viktor szelfi Róma
October 17, 2019 09:27

Orbán to reward Hungarian villages

Hungary ups funding for villages, families

October 16, 2019 11:00

Hungary construction industry runs out of steam

Output down 10.5% m/m in August

October 16, 2019 09:35

Budapest Mayor to introduce free public transport for students

Karácsony will meet Orbán on Friday

Megint véleményt mond Magyarországról az IMF
October 15, 2019 16:19

IMF ups Hungary GDP growth forecast to 4.6%

While projecting 0.9% current account deficit