Ministry for National Economy
News
A budget of public utility tariff cuts
Ministry for National Economy, October 1, 2013 1:53 PM
Next year’s budget is expected to make everyday living conditions easier, Minister for National economy Mihály Varga said on Monday when he ceremoniously handed the draft of the 2014 Budget to President of Hungary’s Parliament László Kövér.
The private sector also key factor behind better employment figures
Ministry for National Economy, October 1, 2013 10:45 AM
New jobs created in the private sector were also behind the increase in employment both over the past one and three years. As a result, according to the latest data of the Hungarian Central Statistical Office (KSH), the number of people in employment hit a two-decade high this summer, Minister of State for Employment said at a press conference in Budapest.
“Award for Successful Enterprises” presented for the month of September
Ministry for National Economy, September 27, 2013 2:23 PM
It would be impossible for the Hungarian economy to make headway without innovation, development and production of added value, therefore it is necessary for innovative ideas to materialize as enterprises and become an organic part of Hungary’s economy, Minister for National Economy Mihály Varga said at the ceremony for presenting the “Award for Successful Enterprises” in the month of September in Budapest.
Hungary was able to alleviate crisis effects
Ministry for National Economy, September 27, 2013 10:46 AM
Over the past three years, the Government managed to significantly mitigate and modify the adverse effects of the financial crisis, Minister for National Economy Mihály Varga said in Békéscsaba, at the 51st Economist Congress.
A significant share of EU funding to benefit small enterprises
Ministry for National Economy, September 26, 2013 3:53 PM
As Minister of State Zoltán Cséfalvay said at the conference entitled Competitive Enterprise=Competitive Economy organized by business daily Világgazdaság in Budapest, a large proportion of EU funding will be channelled to small and medium-sized enterprises in the upcoming EU fiscal period.
Cluster policy must be coordinated in Central and Eastern Europe
Ministry for National Economy, September 25, 2013 11:48 AM
Through an agreement, the partners of ClusterCOOP confirmed their intention for further cooperation with the aim of coordination within the cluster policy of Central and Eastern European countries. At the same time, the results of the project achieved thus far were approved.
Record low Hungarian budget deficit is sustainable
Ministry for National Economy, September 24, 2013 4:27 PM
The budget deficit (1.9 percent of gross domestic product) has not been at such a low level for 10 years and according to forecasts it will remain below 3 percent next year.
Hungary among countries which laid down the foundations of a crisis-proof economy
Ministry for National Economy, September 24, 2013 4:01 PM
Over the past period, Central and Eastern European countries – among them Hungary – introduced measures which made the economy more resistant to future crises, Minister of State Zoltán Cséfalvay said at the press conference held during the International Business Forum in Budapest.
Hungarian crisis management tools also discussed at the Visegrád Four-Central European Initiative meeting
Ministry for National Economy, September 24, 2013 3:23 PM
With the participation of eleven countries, Minister for National Economy Mihály Varga opened the ministerial meeting of the Central European Initiative (CEI) in the Ministry for National Economy. The economic leaders of participating countries discussed, among others, the instruments of crisis management, issues of financial stability and economic growth as well as the strengthening of the competitiveness and global prospects of small and medium-sized enterprises.
EU issues also on agenda of Visegrád Four economy ministers
Ministry for National Economy, September 24, 2013 2:54 PM
As Minister for National Economy Mihály Varga said, the economy ministers of the Visegrád countries (V4) held negotiations on European Union issues and surveyed crisis management experiences as well as cooperation options for small and medium-sized enterprises at the press conference after their Budapest meeting.
Photos - 6th Session of the Hungarian-Russian Working Group on Tourism
Ministry for National Economy, September 23, 2013 5:23 PM
Photos of 6th Session of the Hungarian-Russian Working Group on Tourism.
Tourism and Water: motto of this year’s World Tourism Day
Ministry for National Economy, September 23, 2013 3:28 PM
Tourism experts want to turn focus on the fact that one of the most important instruments and resources of tourism is water, Deputy CEO of Hungarian Tourism Ltd Gergely Horváth said at the press conference organized to commemorate the event. Gergely Horváth stressed that this is the third year that the World Tourism Day is celebrated in Hungary and this year’s motto also aims to raise awareness in environmental issues as the development of tourism has been an increasing burden on the environment.
Budget 2014: inflation projected at 2.4% and budget deficit at 2.9%
Ministry for National Economy, September 23, 2013 2:01 PM
The Ministry for National Economy drafted next year’s budget with a deficit of 2.9 percent and an inflation rate of 2.4 percent, Minister Mihály Varga stated on Sunday.
Technical intelligentsia will play a key role in the creation of a powerful Hungary
Ministry for National Economy, September 23, 2013 11:30 AM
In the opinion of the Minister for National Economy, Hungarian technical intelligentsia will be a determining factor in the building of a strong and successful Hungary with steadily expanding economy.
6th Session of the Hungarian-Russian Working Group on Tourism
Ministry for National Economy, September 20, 2013 11:04 AM
Presentations and photos.
The Government concluded a Strategic Partnership Agreement with Samsung
Ministry for National Economy, September 19, 2013 4:35 PM
A Strategic Partnership Agreement was signed today by Minister for National Economy Mihály Varga and President of Samsung Electronics Hungary Ltd Lee Kyu-Jin at the company’s Jászfényszaru headquarters. After the signing ceremony, the participants planted a tree as a symbol for the foundation-stone of the new Samsung production facility.
Government economic policy behind the intact upward trend in real wages
Ministry for National Economy, September 19, 2013 1:21 PM
In light of the latest statistics of the Hungarian Central Statistical Office (KSH), the positive trend of increasing real wages in place since the beginning of the year is continuing. In January-July 2013, average gross and net wages were up year-on-year by 3.2 percent and 4.6 percent, respectively, within the national economy. In this period, real wages increased by 2.2 percent parallel to an inflation rate of 2.3 percent, which development resulted from lower utility charges, lower taxes on wages and a minimum wage increase which exceeded the pace of inflation growth.
Economy Minister Mihály Varga: budget deficit to be below 3 percent this year and next
Ministry for National Economy, September 17, 2013 1:47 PM
The Ministry for National Economy calculated next year’s budget with an inflation rate of 2.8 percent, economic growth of 2 percent and government budget deficit of below 3 percent, Mihály Varga told InfoRádio on Monday evening. He emphasised that no large-scale modifications are to be expected within the taxation system next year.
Professional forum organized by the OECD and the Ministry for National Economy on the role of global value chains
Ministry for National Economy, September 13, 2013 12:17 PM
A the event held in Budapest and organized by Hungary’s Ministry for National Economy and the Organization for Economic Co-operation and Development (OECD), Minister of State for Economic Strategy Zoltán Cséfalvay emphasised in his speech that in today’s globalized world international value-chains are competing with each other, and the competition between countries is increasingly becoming a battle over how and at which section states can join the value chains created by enterprises.
Hungary’s industrial performance in European top league
Ministry for National Economy, September 13, 2013 12:12 PM
In July 2013, industrial output gained 4.8 percent in comparison to the corresponding period of 2012. This figure places Hungary as the fifth best on the growth ranking of the EU 28. The success of the Hungarian economy depends largely on the success of the productive sector, and that is why the Government of Hungary has been pursuing a proactive industrial policy ever since it took office. The Government measures aimed at boosting competitiveness, investment and industrial production have contributed to the excellent data in July, through which Hungary belongs to the top performers within the European Union.
Convention for the Avoidance of Double Taxation with Respect to Taxes on Income and on Capital signed by Hungary and the Swiss Confederation
Ministry for National Economy, September 13, 2013 9:38 AM
Earlier today, Deputy State Secretary for Taxation and Financial Affairs Gábor Orbán and Switzerland’s Ambassador to Hungary Jean-François Paroz signed a new bilateral Convention for the Avoidance of Double Taxation with Respect to Taxes on Income and on Capital at the Ministry for National Economy in Budapest.
Hungary expects record breaking summer tourist season
Ministry for National Economy, September 10, 2013 11:56 AM
According to the flash report of the Hungarian Central Statistical Office (KSH) published earlier today, in July 2013 the number of tourist nights spent in Hungary by non-residents and residents was up by 4.7 percent and 7.6 percent, respectively, and thus turnover at accommodation establishments increased by a total of 6.2 percent. Gross revenues at accommodation facilities – at current prices – gained 12 percent. On Monday, the Ministry for National Economy and Hungarian Tourism Ltd evaluated this year’s tourist season and related results at a joint press conference.
This year’s below 3 percent deficit target will be met
Ministry for National Economy, September 9, 2013 4:58 PM
The central sub-sector of the state budget posted a deficit of HUF 110.0bn for the month of August 2013. The financial transfer data of the central budget at the end of August is in line with the Government’s prior expectations. Revenues and expenditures anticipated for the current and the following months – including an outstanding surplus prognosticated for the month of December – confirm the expectation that this year’s below 3 percent deficit target will be met.
Another encouraging sign: Hungary’s industrial output gained 4.8 percent
Ministry for National Economy, September 6, 2013 11:13 AM
According to preliminary data for July by the Hungarian Central Statistical Office (KSH), the volume of industrial production was 4.8 percent higher compared to the level one year ago. This figure has been an outstanding one within the past couple of months. Thus, the Government’s aspiration to turn Hungary into a European production hub is about to be fulfilled.
Hungarian retail turnover increased significantly in July
Ministry for National Economy, September 4, 2013 1:38 PM
According to the latest data published by the Hungarian Central Statistical Office (KSH), the volume of retail sales increased by 1.2 percent in comparison to the corresponding period of the previous year. Unadjusted data signals an even larger growth of 1.7 percent. Within this sector, sales volume at retailers of foods, beverages and tobacco products as well as non-food products was up by 1.0 percent, while that at filling stations increased by 2.9 percent.