I will try to outline the economic changes in Hungary, primarily for our Spanish guests. It's inevitable that I'll mention some figures, though I'll try to be as engaging as possible. 2001 was a good year for the Hungarian national economy. GDP exceeded 52 million euros, representing a growth of 3,8%. This figure is higher than the EU average, and maintaining this level is one of the country's goals. By maintaining this growth rate, we can reach the EU level, overcoming the current gap between Hungary's development and that of other EU countries. Investment in the national economy grew by 3,7% in the last quarters. Industrial production initially increased at the beginning of the year and then began to decline, but considering the year as a whole, it is estimated to surpass the growth of 2000. This slowdown stems from the global economic situation.
Agricultural production increased by 6% compared to 2000. Agriculture plays a modest role in Hungary's national economy. Its share of employment and GDP is 5%. I considered it important to mention this in light of the negotiations with the EU. According to data from the National Bank, in November 2001 there was a deficit of 48 million euros in the balance of payments, and in the first eleven months of the year, this figure reached 350 million euros. This figure is one-third higher than in 2000. A positive change can also be observed in the balance of payments. The deficit in the first quarter was 1500 billion euros.
Regarding the budget, the deficit rate is 2,5%, which is more favorable than expected. The country's public deficit is $6.400 billion, which has long been a problem for Hungary.
In 2001, consumer spending grew by 4,5%, and inflation fell short of expectations, dropping below 10%. By November, it had already reached 5%. These November figures can be compared to the previous year's inflation rate of 9,4%. The disinflation process is expected to continue this trend. Price growth is projected at 5-6%. In November, inflation was 5,8%, two percentage points lower than the EU average.
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