GDP growth could be around 7% in 2021.

Nagy told Kossuth Rádió it can be said with “a high degree of certainty” that the increase will reach the 5.5% threshold, reducing personal income tax for families with children.

Hungary’s economy grew 17.9% year-on-year in the second quarter, the Central Statistical Office (KSH) reported on Tuesday.

Nagy noted that the GDP data for the second quarter puts Hungary ahead, whose economic results have improved: Sweden, Poland and Romania.

It found that factories that closed in the base period were at full capacity in the second quarter, while the hospitality and commercial accommodation industries reopened and consumption rebounded. The construction, trade and services sectors are also strong, he added.

The consultant also acknowledged the risk of further waves of the epidemic, but said the restrictions are likely to be less comprehensive, citing the example of Israel, where restrictions are not as severe as before, despite the obvious presence of a delta variable.

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