Hungary´s Economy to Recover?

Politics ♦ Published: February 7, 2013; 18:27 ♦ (Vindobona)

Hungarian Minister of Economics György Matolcsy says that the country may achieve the turnaround this year. Last year, several adverse factors occurred at the same time, Matolcsy explained.

Hungary´s Economy to Recover? / Picture: ©

In 2012, Hungary´s GDP was down by 1.5%, Matolcsy said today at a press conference. This is mainly due to the decreasing consumption, the catastrophic drought and the withdrawal of funds. Solely the drought has caused a GDP cut by 1.0%, he says. Furthermore, the EU has reduced subsidies by € 1.7bn, which corresponds to more than 1.5% of GDP. Besides that, domestic consumption shrank…