June 15th, 2012

Matolcsy vows Hungarian economy will return to growth in second half of 2012, says drop of 1% of GDP “not recession”

Hungary’s economy is expected to start growing again from the second half of this year, National Economy Ministry Gyorgy Matolcsy said at a press conference on Thursday.

Hungary’s latest GDP data show the economy contracted an unadjusted 0.7pc in Q1 from the same period a year earlier. GDP was down a seasonally- and calendar year-adjusted 1.2pc quarter-on-quarter.

Mr Matolcsy said GDP is expected to fall in the first half of this year but return to growth in the second half. The economy is expected to stagnate for the full year, he added.

He also said in his book an ecomony is in recession only if GDP contracts by more than 1%, which the government does not deem likely.

  • Democrat

    Mr M redefines recession. The man is a real pioneer in the economic sciences.

  • Cnut

    It reminds me of Animal Farm:

    A recession is a period of two or more consecutive quarters in which GDP contracts

    But one day after discussing a recession, the animals come out and look at the barn wall:

    A recession is a period of two or more consecutive quarters in which GDP contracts BY MORE THAN 1%.

    Orange communism will work if we all just shut our eyes and really, really hope enough.

    • Cicero

      Your cheap “Animal Farm” analogy would hold only if Matolcsy had HIMSELF first defined recession as “a period of two or more consecutive quarters in which GDP contracts”, and THEN redefined it as “a period of two or more consecutive quarters in which GDP contracts by more than 1%”. As the former definition was not invented by Matolcsy, but is instead an arbitrary definition put forward by some other economists elsewhere, Matolcsy’s definition is as good as theirs – since the “definition of recession” is not an exact natural law like the laws of mathematics or physics, but rather a matter of personal preference. Thus, your cheap shot falls flat on its face, and merely goes to show what a SHITHEADED DEMAGOGUE you are.

      By the way – don’t you guys ever read any other books in the world than “Animal Farm” and “1984″?

      • Cnut

        I’m sure we’ve read more books than those two, but the two titles you mentioned deal with the establishment of and life under a totalitarian/authoritarian state.

        Therefore they apply brilliantly to the current situation in Hungary with our Dear Leader.

        • Cicero

          Yeah – Hungary today is a “totalitarian state”. Keep repeating that to yourself until you believe it, idiot (in actual fact, of course, you don’t believe that yourself, you just want to use it as a crappy propaganda ploy).

          It’s really interesting how you international corporatist types, while on the one hand cheerleading every action of the increasingly dictatorial EUSSR and the military fascism of the Franco-Anglo-American imperialists, on the other hand have the cheek to call a nationalist Hungarian leader “totalitarian”. SHAMELESS hypocrisy and double standards.

          • Cnut

            I didn’t say that Hungary was “totalitarian”.

            But I would strongly argue that Fidesz is “authoritarian”.

            I don’t have strong opinions re the EU, but yes, I support them in their efforts to protect Hungarian democratic institutions.

            “Military fascism of the Franco-Anglo-American imperialists”.. you guys sound more and more like left-wing conspiracy theorists every day.

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