Hungary’s economic development strategy based on tax cuts continues

The economic successes achieved in recent years allow the government to continue its policy of tax cuts.

Minister of Foreign Affairs and Trade Péter Szijjártó, who attended the inauguration of the Viastein Kft. plant in Biharkeresztes, said that while news of factory closures and mass unemployment had been circulating around the world recently, Hungary had had one of its most successful years ever in economic terms. 

Szijjártó said that last year Hungary broke records for employment, export performance, and investments.

Its 6.4 percent GDP growth will allow Hungary to continue the economic development strategy based on tax cuts, he said.

The construction sector has grown into a strategic sector of the economy, increasing its output by 30 percent in 2017, 21 percent in 2018 and 20 percent in 2019. The sector currently employs 380,000 people, roughly 100,000 more than 10 years ago.

Viastein Kft., a Hungarian company that manufactures concrete products for construction, has invested HUF 15 billion, with a government grant of HUF 3.4 billion, helping to create 220 new jobs.

The new plant will produce around 40 percent for export and its completion will give a new boost to the Hungarian construction industry, the minister said.

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