Economical and agricultural outlook. Hungary.
According to European Economic Forecast prepared by European Commission, Hungary’s economy grew by 4.9% in 2018, thanks to the strong consumption and investment in this country. Moreover, business indicators and monthly surveys states, year-on-year GDP growth remained strong in the second quarter of 2019. Global slowdown didn’t hurt that much Hungary’s economy, mainly thanks to domestic drivers.
FocusEconomics analysts see growth at 3.0% in 2020 and 2.7% in 2021 in this country. As the analysis shows both import and export in Hungary grew significantly from year 2013 to 2017.
Pig Meat Production by Country – Hungary.
Hungary is one of the countries affected by African Swine Fever (ASF). According to the figures published on the authority’s website, until now, Hungary has discovered 900 cases of African Swine Fever since April 2018. There is no denying the deadly disease of pigs is causing major disruption in the global market.
As the Dutch Ministry of Agriculture, Nature and Food Quality states “the Hungarian pig population is still counting only around 3 million pigs in 2018…the Hungarian government angles the sector’s revival and modernization, as pork consumption and pig breeding has a tradition in Hungary. The decreased 2016 VAT reduction on pork meat from 27 to 5% was extremely successful, the competitiveness of businesses increased as well as the national pork meat consumption. The price reduction resulted in substantial savings for consumers too. The VAT cut led to a growth in foreign demand for Hungarian pork in recent years, but African swine fever has now broken this process.”
Problem with ASF in Europe will be discussed during Eastern European Pig Congress, which will take place on January 31, 2020 at Hotel 500 Tarnowo Podgórne (near Poznań), Poland.