Vietnam.vn - Nền tảng quảng bá Việt Nam

One EU member state's economy officially exits technical recession

Báo Quốc TếBáo Quốc Tế15/11/2023

Technical recession has ended in Hungary, the economy has entered a growth trajectory.
Kinh tế Hungary thoát khỏi suy thoái kỹ thuật. (Nguồn: EPA-EFE)
Despite the weakness of the European economy, Hungary has escaped a technical recession. (Source: EPA-EFE)

On November 14, the Hungarian Central Statistical Office (KSH) released data showing that the country's Gross Domestic Product (GDP) in the third quarter of 2023 increased by 0.9% compared to the second quarter, bringing the Central European country's economy out of a technical recession.

However, compared to the same period last year, the GDP of this European Union (EU) member economy in the third quarter still decreased by 0.4%.

According to KSH, the main causes of the decline in economic efficiency were industry and services, mainly wholesale and retail trade as well as scientific, technical and administrative activities. Meanwhile, the good performance of the agricultural sector contributed to improving the economic situation.

Affirming that the country's economy is now expected to return to sustainable growth, Hungarian Finance Minister Mihaly Varga wrote on his social media account: "The technical recession has ended in Hungary, the economy has entered the growth trajectory."

According to him, the Hungarian government 's efforts to curb inflation have worked and real wages are rising again.

The official believes that Hungary's agriculture, industry and exports have strengthened "despite the weakness of the European economy".

Hungary's inflation rate fell to 9.9% in October from a peak of 25.7% in January this year, according to KSH. Overall, in the first three quarters of 2023, the Hungarian economy contracted by 1.2% year-on-year.



Source

Comment (0)

No data
No data
Lotus blooming season attracts tourists to the majestic mountains and rivers of Ninh Binh
Cu Lao Mai Nha: Where wildness, majesty and peace blend together
Hanoi is strange before storm Wipha makes landfall
Lost in the wild world at the bird garden in Ninh Binh
Pu Luong terraced fields in the pouring water season are breathtakingly beautiful
Asphalt carpets 'sprint' on North-South highway through Gia Lai
PIECES of HUE - Pieces of Hue
Magical scene on the 'upside down bowl' tea hill in Phu Tho
3 islands in the Central region are likened to Maldives, attracting tourists in the summer
Watch the sparkling Quy Nhon coastal city of Gia Lai at night

Heritage

Figure

Business

No videos available

News

Political System

Local

Product