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Current Situation and Prospects of the Hungarian Economy Deputy Minister D r. Ábel Garamhegyi

Current Situation and Prospects of the Hungarian Economy Deputy Minister D r. Ábel Garamhegyi September 3, 2007. H U N G A R Y Land: 93,030 km² Population: 10, 055 ,000 people GDP ( 200 6) : € 84,3 million. Economic Policy: New Equilibrium Programme. emphasis on consolidation

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Current Situation and Prospects of the Hungarian Economy Deputy Minister D r. Ábel Garamhegyi

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  1. Current Situation and Prospects of the Hungarian Economy Deputy Minister Dr. Ábel Garamhegyi September 3, 2007

  2. H U N G A R Y Land: 93,030 km² Population: 10,055,000 people GDP (2006): €84,3 million

  3. Economic Policy: New Equilibrium Programme • emphasis on consolidation • immediately and significantly improvingthe financial equilibrium and meet the Maastricht criteria in order to introduce the euro by 2010-2011 (nominal convergence) • improving long-term competitiveness and creating the conditions for a rapid and sustainable catching up to the EU average (real convergence) • Measures of the Programme • cutting public expenditures (immediately) • increasing tax revenues by • broadening the tax base and simplifying the tax system at the same time • structural reforms (health care, education, state administration)

  4. Factors of the Favourable Business Climate • stabil macroeconomic growth, favourable real exchange rate • highest FDI stock per capita in the region • Hungary: a bridge between East and West,4 pan-European corridors • well-developed telecommunications and highway infrastructure • highest labor productivity in theregion, motivated and qualified workforce is available Economy Capital attraction Location Infrastructure Productive, qualified, available workforce

  5. Components of GDP Growth

  6. Investment Dynamics

  7. Industrial Output and Sales

  8. Basic Labour Market Indicators

  9. External Trade Balance and Dynamics

  10. FDI Inflow to Hungary

  11. Budget Deficit

  12. Consumer Price Inflation

  13. Thank you for your kind attention! Ábel Garamhegyi, Ph.D. Deputy Minister H-1055 Budapest, Honvéd utca 13-15. Phone: (36 1) 374-2746 Fax: (36 1) 374-2726 E-mail: garamhegyi.abel@gkm.gov.hu Internet: www.gkm.gov.hu

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