December 30th, 2013

Hungary ends 2013 successfully, says Fidesz spokesman

Hungary ended a successful year with achievements meeting the promises made by the ruling Fidesz party in 2010, the party’s communications chief said on Monday.

Hungary exited the EU’s excessive deficit procedure after nine years, repaid a loan to the International Monetary Fund (IMF) and the country has been set on a sustainable growth path, Mate Kocsis said.

He said in 2010 the government had promised to help the economy, employment and families, and many of its achievements since surpassed those by Socialist governments. He mentioned the budget deficit kept below 3 percent of GDP for the third year, the reduction of public debt and economic growth picking up to 1.8 percent in the third quarter as examples.

Wage hikes, household utility cuts and an inflation rate at a 40-year-low all contribute to Hungary’s sustainable growth path, he said.

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  • Democrat

    Employment numbers are rigged and include govt forced labour (250,000) and Hungarians working abroad (c100,000). Budget deficit only achieved through the theft of private pension funds. Investment at the lowest level for decades. Inflation rate running at 3.6% excluding utility price cuts. The numbers are smoke and mirrors and the sustainability is questionable at best.

    What about the other promises? Did they not promise to cut the number of taxes? Did they promise to put 40,000 small traders out of business? Did they no promise to cut corruption and make things more transparent?

    Do the masses really believe the stuff turned out by MTI these days?

  • MagyarViking

    “An end-of-year assessment of Hungary’s national economy is a peculiar mixed bag of good and bad. On the one hand, recession has come to an end simultaneously with Europe’s recovery from the debt crisis and government austerity measures in Hungary. On the other hand, increasing taxes on capital assets, government intolerance of market forces, and increasing state involvement in economic activity as a shareholder and regulator are seen by many as signs of Hungary missing the train of change and falling behind”
    http://www.portfolio.hu/en/economy/2013_year_in_review_hungary_sees_end_of_recession_state_capitalism_on_the_rise.27145.html

    “why are we saying that the dynamic has been weak, you may ask? For one thing, of the 1%-1.2% average growth this year, almost 1 percentage point is due to completely unpredictable, weather-dependent agricultural performance; the rest is largely the result of public sector projects, a windfall of expedited EU funding allocation subsequent to the recent screeching halt. Analysts at OTP Bank’s macro research hub went even deeper in analysing the figures, noting that private sector trends excluding agriculture do not exactly manifest the same trends as the national GDP statistics may suggests. According to the OTP report, a recovery that started in 2009 came to a standstill in late 2010, more recent trends can be perhaps described as stagnating with some positive bias; in fact the actual trend is slighly declining”

    “The current administration’s efforts to limit market competition have become apparent in the “tobacco shop racket”, the step that the government has taken back from liberalising the pharmacy market, or in gambling (first with a ban on arcade games, then concession tenders for pre-selected businesses). Market competition is restricted when newborns’ “life starter” funds are handled exclusively by the State Treasury, or when the government interferes with the food/luncheon voucher market with a heavy hand. New restrictions on land acquisition, as well as the increasingly obvious political ramifications of the land concession scandal originally intended to assist poor rural communities, further restrict market competition. Measures such as as centralised waste collection, household energy price cuts, nationalised waste management leave little room for entrepreneurship. In good news, it seems that plans for the nationalisation of weather services might eventually be canceled, although there is never a shortage of new ideas (such as a national service financed with advertising taxes)”

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