According to Minister of State Zoltán Cséfalvay, the basis of sound economic expansion has been laid down and is crucial because in the long term growth must not be financed from debts.
He pointed out that as of 2012, debt has been on a downward path, the fiscal deficit went below 3 per cent of GDP last year and may be around only 2.7 per cent according to EU methodology. He stressed that there will be no “election time budget” in 2014, because the below 3 per cent deficit shall be preserved. Analysing the consequences of the crisis, the Minister of State highlighted the growing importance of industrial production, which currently contributes 27 per cent to total Hungarian GDP. In addition, he also spoke about the importance of changing foreign economic strategy and stated that the policy of “Opening to the East” was established in the spirit of this concept.
The Minister of State added that the development policy for 2013 is assisted by EU funds from which HUF 1500 billion is expected to be drawn, and he further emphasised that in 2014-2020, 60 per cent of EU resources are to be spent on economic development instead of the 16 per cent of the current period. In the upcoming EU fiscal period of 2014-2020, the EU intends to contribute to common objectives, such as reach a 3 per cent level for R&D expenditures, a 75 per cent employment rate and 40 per cent ratio of people who complete tertiary education. The relevant Hungarian goals are 75 per cent for employment and 1.8 per cent in R&D spending.
Full press release
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