Fitch Ratings affirms Hungary's sovereign rating with a stable outlook
Fitch Ratings has affirmed Hungary's sovereign rating with a stable outlook.
The National Economy Ministry said all three big rating agencies have put Hungary in the investment grade category.
The ministry faulted decision-makers in Brussels for adopting a failed economic policy, supporting the war instead of peace, and giving all available funding to Ukraine, while the European economy faces growing challenges. The government is working to shield Hungarians from the negative external environment and strengthen the economy, allocating resources to support families and SMEs, it added.
In spite of pressure from Brussels, the government is implementing Europe's biggest family-friendly tax cut programme, while taking firm steps against unjustified price increases, the ministry said.
At the same time, the government continues to preserve fiscal stability and exercise strict fiscal discipline, maintaining its commitment to reduce state debt and the budget deficit, it said. In May and June, budget revenue was boosted by a HUF 110bn dividend paid by Liszt Ferenc International operator Budapest Airport and a HUF 200bn dividend by state-owned energy group MVM, it added.
Hungary's economy stands on firm foundations, confirmed by the latest data showing employment at close to 4.7 million and a record low number of job-seekers, the ministry said. Real wages have climbed for over a year and a half, and the tourism sector is set to have a record year in 2025, it added.
Confidence in Hungary is reflected in bond issues on international markets, most recently a EUR 1 billion security issued by the Hungarian Development Bank (MFB) that drew outstanding interest, the ministry said.
The ministry highlighted stimulus programmes such as the Demjan Sandor Programme for scaling up SMEs that will pump over HUF 1,400bn into the economy.
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