The Hungarian economy is headed in the right direction, as acknowledged by Ecofin's decision to lift the excessive deficit procedure (EDP) against Hungary, Prime Minister Viktor Orban said on Friday.

MTI - From now on, it can be stated that not only the government says this but even the EU finance ministers' council, "an external observer that is often not very friendly with us and does not share our views on many issues," Orban told a press conference in Budapest.

Hungary has won the battle, it has averted the threat of funding cuts, he added.

"We have gained recognition and support from outside of Hungary, too, to continue our economic policy," he said.

Ecofin approved on Friday a proposal of the European Commission to lift the excessive deficit procedure against Hungary, Economy Minister Mihaly Varga said in Luxembourg at the meeting of EU finance and economy ministers.

Jose Manuel Barroso, the president of the European Commission, said on May 29 the European Commission recommended Hungary's removal from the EDP that it has been under since joining the bloc in 2004.

The commission said it judged that Hungary had already made the necessary adjustments and that the deficit will be 2.7 percent of GDP this year and 2.9 percent in 2014.

As a result of Friday's decision, the EDP has been lifted without delay.