Ministry for National Economy
News
Economic growth must be in our focus
Ministry for National Economy, June 6, 2014 10:23 AM
The key objective of Hungary’s economic policy in the coming term is to make economic growth more deep-rooted and stable, to facilitate further employment growth and improve the competitiveness of the country, Mihály Varga said at two hearings of parliamentary committees preceding his nomination as Economy Minister for the next four years.
The central sub sector of the state budget closed the month of May with a significant surplus
Ministry for National Economy, June 5, 2014 4:00 PM
One of the main reasons behind the HUF 269.4bn surplus was that due to the public holidays at the beginning of May budget wages and family benefits were transferred from the budget at the end of April. The significant fiscal surplus – also a result of higher tax and tax-type revenues – is also signalling an economic rebound. In the period January-May 2014, the deficit of the central sub sector of the state budget was HUF 681.7bn.
Hungary’s GDP up by 3.5 percent in Q1 2014
Ministry for National Economy, June 4, 2014 11:31 AM
In Q1 2014, Hungary’s GDP increased by 3.5 percent year-on-year. Quarter-on-quarter, the economy expanded by 1.1 percent. In international comparison, Hungary’s quarter-on-quarter growth was – along with Poland’s – the highest within the European Union. Final data are in line with preliminary statistics.
Kazakhstan is Hungary’s strategic partner in Central Asia
Ministry for National Economy, June 3, 2014 10:15 AM
Last year, Kazakhstan was the third largest trading partner of Hungary within the Commonwealth of Independent States, with a total trade volume exceeding USD 261 million and up by 6.5 percent compared to last year. Within the above amount, the value of Hungarian exports was USD 210 million, signalling an increase of 34.3 percent year-on-year, Minister for National Economy Mihály Varga said at the press conference following the fourth session of the Inter-Governmental Committee (IGC) on Hungarian-Kazakh Economic Cooperation.
Areas with the best growth potential must be identified
Ministry for National Economy, June 2, 2014 1:32 PM
Minister for National Economy Mihály Varga, speaking on public broadcaster M1’s Ma reggel and Kossuth Radio’s 180 perc, said that the Government aims to formulate an industrial and economic development programme that identifies sectors upon which EU and domestic funding can be focused.
Exporters had a great start in the new year
Ministry for National Economy, June 2, 2014 11:54 AM
In light of Q1 2014 data, the value of exports to international markets totalled EUR 20.8bn in the observed period. Foreign buyers purchased mainly products of the vehicle manufacturing, machinery manufacturing and food industry.
Investment growth hits record high
Ministry for National Economy, May 30, 2014 10:49 AM
In Q1 2014, the volume of investment increased by 22.6 percent year-on-year. Whereas the 15 percent growth in the previous quarter was a ten-year record high, current data show an unprecedented increase. As all major economic sectors have contributed to the steady improvement which has been observed in the past four quarters, it can be concluded that Hungarian economic growth has been placed on a sound footing.
SZÉP Card: the growth engine of domestic tourism
Ministry for National Economy, May 29, 2014 4:40 PM
The SZÉP Card has recently been the growth engine of domestic tourism, Deputy State Secretary for Tourism Viktória Horváth said at the ninth national conference of the Hungarian Tourism Destination Management Association (TDM) held in the spa city of Hajdúszoboszló.
Number of people in employment exceeds 4.1 million in Hungary
Ministry for National Economy, May 29, 2014 1:47 PM
According to the flash report of the Hungarian Central Statistical Office (KSH), positive employment trends are continuing. In the period February-April 2014, the number of those aged 15-74 years in employment increased by 238 thousand, from 3 million 869 thousand one year ago to 4 million 107 thousand. In this period, the number of those in employment was 375 thousand more in comparison to the corresponding period of 2010. Although part of this growth is attributable to the effect of public work programmes and migration, thanks to the Government’s successful employment stimulus schemes, such as the First Job Guarantee Programme, housing subsidy or the programme supporting the creation of SME jobs, the private sector’s share of employment growth is increasing.
The volume of retail sales on the rise for the ninth consecutive month
Ministry for National Economy, May 28, 2014 10:41 AM
Following the eight-year record high registered in February, retail sales were record-breaking again, gaining 8.5 percent in March. This figure is indicating steady and continuous improvement of domestic consumption. The latest data has been the result of lower utility costs, family tax allowance, record-high increase in employment, higher wages in real terms and improving consumer sentiment. As cash machines have recently been connected on-line to the tax authority, it also created more transparency in the economy and thus this measure also contributed to growth.
Number of participants increased by 15 percent at the Hungexpo Industrial Days exhibition
Ministry for National Economy, May 27, 2014 3:02 PM
The exhibition is held at the HUNGEXPO Budapest Fair Center on 27-30 May 2014 with the participation of 12 countries and more than 270 exhibitors.
EXIM Microcredit Card for exporters from the SME sector
Ministry for National Economy, May 22, 2014 4:13 PM
The Ministry for National Economy, in cooperation with Eximbank, is introducing the EXIM Microcredit Card for exporters or suppliers of exports from Hungarian micro-, small- and medium-sized enterprises, Minister for National Economy Mihály Varga announced at a press conference.
Wages in real terms within the private sector increased again by more than 6 percent year-on-year in March
Ministry for National Economy, May 22, 2014 11:47 AM
According to the flash report of the Hungarian Central Statistical Office (KSH), in January-March 2014 average gross and net wages were both up by 6.4 percent year-on-year. Consequently, as consumer prices in this period were practically unchanged, wages grew by 6.4 percent also in real terms. This increase will add to the rebound of household consumption and in turn boost the economy.
Besides being a production centre, Hungary must also become an innovation hub
Ministry for National Economy, May 20, 2014 2:16 PM
The Government will do everything in its power to help Hungary turn into not only a production but an innovation centre, Minister for National Economy Mihály Varga said at the general assembly of the Hungarian Association for Innovation.
Hungarian winners of the 2014 European Enterprise Promotion Awards honoured
Ministry for National Economy, May 16, 2014 2:00 PM
The awards were handed over to the winners of the Hungarian round of the European Enterprise Promotion Awards competition by Minister for National Economy Mihály Varga.
Economic growth reached an eight-year record high
Ministry for National Economy, May 15, 2014 10:36 AM
In Q1 2014, the Hungarian economy posted a significant increase, registering the best GDP growth figure since 2006. According to preliminary data, GDP was up by 3.5 percent year-on-year and 1.1 percent quarter-on-quarter. The data published earlier today are well above analysts’ expectations of 2.7 percent.
Industrial output growth at a three-year record high
Ministry for National Economy, May 14, 2014 11:41 AM
Following an increase of 8.1 percent in March 2014, industrial output was up by 10.6 percent year-on-year in March 2014. This has been the best figure over the past three years. Recently published data are signalling the success of the Government’s active industrial policy which aims to increase the country’s industrial output-to-GDP ratio to the highest level within Europe, Minister of State for Economic Regulation Kristóf Szatmáry said.
Headcount at British Telecom in Hungary reached one thousand
Ministry for National Economy, May 9, 2014 2:07 PM
British Telecom (BT) has come to a milestone as the number of employees at one of the world’s largest telecom services providers reached one thousand in Hungary and the company is planning to continue hiring, the enterprise announced at a press conference in Budapest.
Award for Successful Enterprises presented for the month of April
Ministry for National Economy, May 8, 2014 3:40 PM
Minister for National Economy Mihály Varga presented the “Investor of the Month” award to EPCOS Ltd; while MIRELITE MIRSA Ltd was awarded the “SME of the Month” title, and in the category of “Startup of the Month” the Minister handed the award to OptoForce Ltd at a ceremony held in the building of the Ministry for National Economy in Budapest.
Government measures contributed to growth of domestic consumption
Ministry for National Economy, May 8, 2014 8:21 AM
Domestic consumption growth has been steady and continuous thanks to the confidence of people in Hungarian economic performance. The objective of the Government has been to leave as much money at families as possible and as a result along with retail sales growth the consumer confidence index also reached an eight-year high, Minister of State for Economic Regulation Kristóf Szatmáry said.
The increase in expenditures does not jeopardize the deficit target
Ministry for National Economy, May 8, 2014 8:18 AM
The general government budget projections for January-April 2014 are in line with the revenue-expenditure schedule for this year. The central sub sector of the state budget in the initial four months of the year posted a deficit of HUF 951.1bn.
European Commission confirmed Hungarian economic projections
Ministry for National Economy, May 6, 2014 8:48 AM
The Spring Forecast of the European Commission includes economic projections which are similar to those in the macroeconomic outlook of the Convergence Programme. This confirms that the Hungarian Government’s forecast is reliable and trustworthy.
The EU helped Hungary during the crisis too
Ministry for National Economy, May 5, 2014 4:04 PM
The real economic advantage of Hungary’s EU membership lies in the fact that domestic enterprises are part of a common market with 500 million people, Minister of State Zoltán Cséfalvay said in an interview for kormány.hu which he gave following a conference organized for the 10th anniversary of Hungary’s EU accession.
Within the EU, the largest improvement of unemployment recorded in Hungary
Ministry for National Economy, May 5, 2014 1:58 PM
According to the latest Eurostat data, the largest fall regarding the unemployment rate among EU member states over the past one year was registered in Hungary, Ministerial Commissioner Piroska Szalai, responsible for improving the labour market prospects of women, told MTI. Over the past 12 months, within the bloc only 10 countries were capable of cutting unemployment, while the unemployment rate remained unchanged in three and edged higher in 15 of them.
Export growth boosted Hungary’s foreign trade surplus
Ministry for National Economy, May 5, 2014 11:06 AM
The volume of Hungary’s foreign trade turnover is increasing: in February 2014, exports and imports gained 8 percent and 7.8 percent, respectively, compared to the corresponding period of 2013. Thanks to the increases, Hungary’s foreign trade surplus was EUR 112 million higher than one year ago, totalling EUR 760 million.