Hungary's economy probably grew 3.7 percent in the fourth quarter as rising exports outweighed slowing consumer spending, a survey of economists showed
Published:
2 March 2005 y., Wednesday
Hungary's economy probably grew 3.7 percent in the fourth quarter as rising exports outweighed slowing consumer spending, a survey of economists showed.
Gross domestic product rose 3.7 percent in the quarter, the same as in the July-September period and down from 4.2 percent in the second quarter, according to the median forecast of 10 economists surveyed by Bloomberg on Feb. 25. The statistics office will release the report at 9 a.m. today in Budapest.
``Hungarian exporters have improved their market positions in Western Europe,'' the destination of 80 percent of Hungarian-made goods, said Andras Pinter, an economist at Sanpaolo IMI SpA's Inter-Europa Bank unit in Budapest.
Hungary's entry into the European Union in May boosted exports as trade barriers with the rest of the EU were removed. Export growth is helping the $101 billion Hungarian economy outpace expansion in the 12 countries sharing the euro. The economy of the euro region grew 1.6 percent in the fourth quarter and the European Commission expects 2 percent growth in 2005 compared with 3.7 percent in Hungary.
Growing exports are outweighing an erosion in consumer buying power as the government seeks to narrow the budget and current account deficits before the nation adopts the euro later this decade, economists and executives said. Sales at consumer goods makers including Japan's Suzuki Motor Corp. have fallen, damping growth in the third-largest of the 10 nations that joined the European Union last year.
Šaltinis:
bloomberg.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The President of the Spanish Government, José Luis Rodríguez Zapatero, will meet this Monday with the German Chancellor, Angela Merkel, to analyse the future EU economic and employment strategy EU2020 before the Twenty-seven approve its basic lines at the Spring European Council.
more »
The planned overhaul of the EU common fisheries policy should take better account of the huge differences across European fleets and fisheries, give greater responsibility to fishing regions, address the problem of fleet overcapacity and improve the traditional quota system, according to a non-binding report adopted by Parliament on Thursday.
more »
The EMU framework and economic governance within the eurozone need to be revamped.
more »
Young people should be a priority in EU action next year, it emerged on Tuesday, as the Budgets Committee started work on the EU's 2011 budget.
more »
European Investment Bank (EIB) support for EU regional policy is crucial for tackling the economic crisis, EIB President Philippe Maystadt told the Regional Development Committee on Monday.
more »
Three thousand former car, refrigerator and construction workers in Germany and Lithuania could get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and professional orientation under plans approved by the Budgets Committee on Tuesday.
more »
Today, 22 February, the EU Council of Agriculture and Fishing in Brussels, under the chairmanship of the Spanish Minister, Elena Espinosa, will analyse the impact of the economic crisis on the Greek agricultural sector, which has experienced a drop in prices and income, with small farms that pose an obstacle for the producer for negotiating with large distribution chains.
more »
Municipal policies to tackle the crisis and their application at EU level will be discussed during the three days of the summit entitled, “Networked Local Governments for a New Europe”, which will bring together representatives from 260 cities in Barcelona.
more »
The EBRD is promoting energy efficiency and renewable energy projects in Moldova, helping the economy to reduce its energy intensity with a new €20 million credit line for on-lending to local private companies.
more »
The EBRD is lending $1.2 million to Salkyn, one of the largest ice cream producers in Turkmenistan, to help the company expand its distribution network and build up its brand.
more »