Last year’s forecasts predicted a slight fall in Hungary’s foreign trade balance in the year of 2018. As the inflow of EU cohesion sources began in 2017, and reached its peak in 2018, it was easily predictable that import will grow accordingly. In the case of these extra investments, import growth is expected, as well as further supplementary import on consumption growth. An analysis by GLOBS Magazine. Life has confirmed this assumption, as the import of goods increased by almost 7 % last year, while our export increased by 4,3 %, reaching another new record level in our history. As a result, our trade surplus for goods has fallen by 2 billion euro (around 1,8 % of our GDP) in 2018. As in the case of the previous year, 2018 also registered a negative contribution to the GDP growth for the second consecutive year, even though the 6 billion euro surplus can result in a positive current account balance, so we do not have to rely on our hard currency reserve to remain solvent.
PM Orbán calls for EU budget to be put on ‘fair footing’
Prime Minister Viktor Orbán called for the European Union budget to be put on a “fair footing”, adding that the...
