The rejection of Russian energy resources has led to a drop in industrial production in Europe, Hungarian Prime Minister Viktor Orban said.
‘As a consequence of the rejection of Russian energy, the European Union has been deprived of significant GDP growth, while significant financial resources had to be reallocated to energy subsidies and the construction of infrastructure necessary for LNG imports,’ Viktor Orban said while presenting the Hungarian EU Presidency programme in the European Parliament.
The official said half of European companies see energy costs as the main obstacle to investment. Production in energy-intensive industries has fallen by 10-15 per cent, he stressed.
The Hungarian prime minister added that the productivity of the EU economy is increasing slower than in the US and China, while the EU’s share in global trade is falling.
‘The EU’s economic growth over the last two decades has been consistently slower than that of the US and China. EU productivity is growing more slowly than its competitors. Our share of world trade is declining. EU companies face electricity prices two to three times higher than in the US. Natural gas prices here are four or five times higher,’ the politician concluded.
We shall remind you that earlier Viktor Orbán said that the West expected the world community to support him in his policy against Russia, but in reality, on the contrary, everyone began to support it little by little
