Ministry for National Economy
News
Hungarian GDP increases by 0.5 percent, in line with expectations
Ministry for National Economy, September 4, 2013 12:11 PM
After declining for eight quarters, domestic demand strengthened in the past quarter. Having reversed a downward trend prevalent for four years, investment volume growth added 0.8 percentage points to economic expansion. In comparison to the previous quarter, each component – such as household consumption, government spending, investment as well as exports and imports -- increased. Under previous governments, Hungary (along with Greece) was the worst performing country in the respective ranking of the European Union. Currently, however, in light of available data Hungary is again among the countries with the largest year-on-year growth rates.
Hungarian-Brazilian economic relations continue to gain momentum
Ministry for National Economy, September 3, 2013 3:54 PM
Earlier today, the second session of the Hungarian-Brazilian Economic Partnership Joint Committee (EJC) was held in Budapest. At the event, Minister of State for Economic Regulation Kristóf Szatmáry received the Brazilian Co-Chairman of the EJC Hadil, Deputy Secretary of State Fontes da Rocha Vianna from Brazil’s Ministry of Foreign Affairs.
Foreign trade surplus in June exceeds EUR 580 million
Ministry for National Economy, September 2, 2013 12:24 PM
In the sixth month of the year, Hungary’s foreign trade posted a surplus of 581 million Euros (172 billion Forints). In the first half of 2013, exports and imports were up by 1.9 percent and 3.2 percent, respectively, in comparison to the figures recorded for the initial six months of 2012.
Minister Varga: Hungary emerging from crisis
Ministry for National Economy, August 30, 2013 3:43 PM
Hungary is emerging from the crisis and the economy is growing, albeit slowly, Minister of National Economy Mihály Varga stated on Friday at an Expo in Komló.
Investment volume growth exceeds pre-crisis level
Ministry for National Economy, August 30, 2013 2:28 PM
The latest data by the Hungarian Central Statistical Office (KSH) shows that the volume of investments is increasing within the Hungarian economy for the first time since the last positive pre-crisis period in 2007.
Informal discussions with Dunaferr
Ministry for National Economy, August 29, 2013 5:20 PM
The Government has asked the management of Dunaferr not to lay off any workers while negotiations are in progress, Minister of State for Employment Sándor Czomba announced on Thursday following talks with the company's directors. Management said they would consider the request, he added.
Economic achievements must be honoured
Ministry for National Economy, August 29, 2013 3:58 PM
Economic achievements need to be acknowledged and enterprises must be encouraged to continue their activities in Hungary, Minister for National Economy Mihály Varga said at the presentation ceremony of the “Award for Successful Enterprises” in Budapest.
Financial stability and reforms are both essential for overcoming the crisis
Ministry for National Economy, August 29, 2013 3:01 PM
According to Minister of State for Economic Strategy Zoltán Cséfalvay, reforms and concurrent financial stability are the key for finding a real solution to the global economic crisis which has been ongoing for five years.
Ongoing negotiations on EU development funds for 2014-2020
Ministry for National Economy, August 29, 2013 12:03 PM
Wednesday's session of the National Economic and Social Council focused on the planning and utilisation of European Union funds made available for Hungary in 2014-2020.
Mihály Varga: The Banking Association's proposal may serve as a basis for negotiations
Ministry for National Economy, August 28, 2013 12:20 PM
According to the Minister for National Economy, the proposal of the Hungarian Banking Association may provide a starting point at negotiations over the relief scheme for foreign currency debt holders. Mihály Varga disclosed details on public service TV channel M1's Híradó (News).
Agriculture and industry may be the engines of economic growth
Ministry for National Economy, August 28, 2013 12:12 PM
Very few countries would be capable of “freeing themselves” from IMF assistance on their own as Hungary did, without taking out another loan, Mihály Varga said in Szentendre. The Minister added that in the coming years agriculture, manufacturing and industry are expected to become the key sectors of the economy.
Sándor Czomba appointed as negotiator with Dunaferr
Ministry for National Economy, August 28, 2013 9:34 AM
Minister for National Economy Mihály Varga appointed Minister of State for Employment Dr Sándor Czomba as the Government’s mediator for liaising with the ISD Dunaferr Ltd.
Continued Improvement in Employment Trends
Ministry for National Economy, August 27, 2013 12:05 PM
In the second half of 2010, the downward employment trend was reversed and since then the number of people in employment has been steadily on the rise on a year-on-year basis. The latest statistics also underpin this positive tendency. The latest flash report from the Hungarian Central Statistical Office (KSH) reveals that in the period May-July 2013 the number of people aged 15-74 years in employment was up by 56 thousand, to 3 million 964 thousand compared to the same period of 2012, which constitutes an increase of 1.4 percent year-on-year. Thus the employment rate edged up to 51.9 percent, the best figure since 1998. The number of economically active people has also risen to a peak of 4 million 409 thousand, a level also last seen in 1998.
Negotiations with Dunaferr to begin next week
Ministry for National Economy, August 26, 2013 11:33 AM
As Dunaferr has welcomed the Government initiative on commencing negotiations, talks are to begin next week, Minister for National Economy Mihály Varga told Lánchíd Radio at the Tranzit Festival in Kőszeg.
Government offers assistance to dismissed Sanyo employees
Ministry for National Economy, August 21, 2013 5:09 PM
The government has earmarked 85 million forints (EUR 284,000) to help the workers dismissed by Sanyo’s plant in Dorog to find new jobs.
Minister Varga initiated negotiations with ISD Dunaferr
Ministry for National Economy, August 21, 2013 4:42 PM
Minister of National Economy Mihály Varga has officially initiated negotiations related to the purchase of ISD Dunaferr.
Government to make a buyout offer to Dunaferr
Ministry for National Economy, August 20, 2013 3:14 PM
The government will make a buyout offer this week for steelmaker ISD Dunaferr, Economy Minister Mihaly Varga said on Monday. The government took the decision after talks with Dunaferr's management on Monday morning, he stated.
Hungary’s economy makes positive u-turn
Ministry for National Economy, August 14, 2013 5:21 PM
As a result of the Government measures introduced over the past three years Hungary has begun a period of sustainable economic growth.
Hungary’s second quarter GDP up by 0.5 percent year-on-year
Ministry for National Economy, August 14, 2013 10:50 AM
According to preliminary data by the Hungarian Central Statistical Office (KSH), in the second quarter of 2013 the Hungarian economy expanded by 0.5 percent in comparison to the corresponding period of the previous year. This figure is in line with analysts’ prior estimates (0.5-0.6 percent). These statistics therefore confirm that Hungary has emerged from the recession in a technical sense.
IMF loan to Hungary fully repaid
Ministry for National Economy, August 12, 2013 12:29 PM
The Government has redeemed the remainder of outstanding debt owed to the International Monetary Fund in three foreign currencies, US dollars, Euros and British pounds, as required by the institution. The Government Debt Management Agency transferred USD 1.7bn, EUR 570 million and GBP 255 million for the early repayment. The amount of unutilised loan and proceeds from the USD-denominated government bond issuance at the beginning of February as well as those from the Premium Euro Hungarian Government Bond auction had been available to cover the transaction; accordingly, no additional bond issuance was necessary.
The state of the central sub-sector of the state budget in July 2013
Ministry for National Economy, August 7, 2013 4:08 PM
Key features of financial processes regarding the central sub-sector of the state budget in July 2013.
Conversion of foreign currency loans into forint-based mortgages a viable option
Ministry for National Economy, August 1, 2013 2:32 PM
Minister for National Economy Mihály Varga said in Kossuth Radio's morning programme 180 minutes that during consultations with civic advocacy groups and the Hungarian Banking Association it has been recognised that “it seems likely that a solution must be applied which enables the conversion of these loans into forint-based mortgages.”
Strategic Partnership Agreement concluded between the Government and the Bosch Group
Ministry for National Economy, July 31, 2013 4:56 PM
A Strategic Partnership Agreement was concluded between the Government of Hungary and Bosch Hungary at the inauguration ceremony for the first stage of the international company’s new Hungarian headquarters in Budapest.
Mihály Varga holds negotiations with the Hungarian Banking Association
Ministry for National Economy, July 31, 2013 2:22 PM
Consultations have begun between the Government and bank representatives on potential options for phasing out foreign currency mortgages.
Minister Varga holds talks with advocacy groups over foreign currency home loans
Ministry for National Economy, July 31, 2013 10:45 AM
Minister for National Economy Mihály Varga met with representatives of the Civil Összefogás Fórum-Civil Összefogás Közhasznú Alapítvány (Civic Forum-Civic Union Public Benefit Foundation) earlier today in order to come to a compromise and a satisfying, solidarity-based solution with regard to the issue of foreign currency debtors in general and that of foreign currency mortgages in particular, with the inclusion of all parties involved.