Hungary's GDP grows 0.6 pct in 2024-Xinhua

Hungary's GDP grows 0.6 pct in 2024

Source: Xinhua| 2025-01-30 21:11:00|Editor: huaxia

BUDAPEST, Jan. 30 (Xinhua) -- Hungary's gross domestic product (GDP) grew 0.6 percent in 2024, the Hungarian Central Statistical Office (KSH) said Thursday.

Following the release of the data, Hungarian Minister for National Economy Marton Nagy said the country's economy has "reached a turning point," with signs of recovery, strengthening middle class, and improving family confidence.

Looking ahead, the Hungarian government expects GDP growth to exceed 3 percent in the second half of 2025.

Local economic news portal Portfolio described the latest GDP figures as "better than expected," adding that "Hungary is now out of the recession."

Analysts predict economic growth of between 2 percent and 2.5 percent in 2025, with prospects largely dependent on the European Union's economic performance, which directly affects Hungarian exports, according to Portfolio.

The positive figures were primarily driven by the "relative strength of the service sector," the report added.

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