Ministry for National Economy
News
Convergence Programme was presented by Minister Mihály Varga
Ministry for National Economy, April 30, 2014 3:13 PM
According to Hungary’s Convergence Programme which is to be submitted to the European Union, the Government of Hungary is expecting economic growth of 3 percent and fiscal deficit of 1.9 percent by 2017. The document was presented earlier today by the Minister for National Economy at a press conference in Budapest.
Tourism sector received some HUF 330bn over the past ten years
Ministry for National Economy, April 30, 2014 11:36 AM
Between 2004 -- when Hungary joined the EU -- and 2013, the tourism sector received unrefundable resources of some HUF 330bn or 4.3 percent of total EU funding made available for Hungary, Deputy State Secretary for Tourism Viktória Horváth told MTI. This amount, she added, helped complete 1360 projects over the past ten years.
Outstanding employment and unemployment data
Ministry for National Economy, April 29, 2014 1:00 PM
According to the flash report of the Hungarian Central Statistical Office (KSH) published earlier this morning, positive labour market trends are continuing. In the period January-March 2014, the number of people in employment aged 15-74 years increased to 4 million 78 thousand, the highest figure since 1992.
Retail trade growth at an eight-year record high
Ministry for National Economy, April 24, 2014 9:57 AM
The eight-month upward trend of retail sales continued in February: the year-on-year increase of 6.7 percent registered in this period is the best figure since 2006. Data are indicating that household consumption has continued to improve, due -- among others -- to the cutting of utility costs, the introduction of family tax allowance, the wage hike for healthcare employees and teachers, record-breaking employment growth, the increase of wages in real terms and the overall improvement of consumer confidence.
German chamber sees increased investor confidence in Hungary
Ministry for National Economy, April 16, 2014 3:28 PM
Hungary's economy is viewed more favourably both in terms of the economic situation and the business environment than in previous years, Dale Martin, head of the German-Hungarian Chamber of Industry and Commerce (DUIHK), told a press conference in Budapest on Wednesday.
Exceptional Construction Industry Performance in February
Ministry for National Economy, April 16, 2014 2:25 PM
Construction industry production was 28.3% higher in February than it was one year ago. This was the thirteenth consecutive month in which the construction industry has achieved year-on-year growth, and the favourable growth trend in excess of 10% observed in previous months also continued in February, Minister of State for Economic Regulation Kristóf Szatmáry stressed.
Accessing EU resources through tenders becomes less complicated
Ministry for National Economy, April 15, 2014 5:09 PM
The Government has decided to delegate the majority of tasks of the Hungarian Economic Development Centre PLC (MAG) to the Ministry for National Economy. Through the transformation of the institutional system the Government aims to make administrative processes related to EU development projects and tenders more efficient and put in place a one-stop tendering system, Minister of State for Economic Cooperation István Komoróczki said at the company’s staff meeting.
Hungarian industrial output gained more than 8 percent
Ministry for National Economy, April 14, 2014 11:51 AM
Following the more than 6 percent growth registered in January, Hungarian industrial output continued to increase in February by gaining 8.1 percent year-on-year. The vehicle manufacturing sector was the most significant growth factor, but the fact that expansion was recorded in ten out of the altogether thirteen sub sectors shows that growth has been based on a sound footing.
Double-digit tourism sector growth continues
Ministry for National Economy, April 10, 2014 3:13 PM
Data published earlier today by the Hungarian Central Statistical Office (KSH) regarding the tourism traffic at accommodation establishments in the month of February show a marked growth of 10-20 percent compared to the previous year, which was also a year of record high expansion. Although tourism traffic is typically low in January and February, the increase of tourism nights and revenues at accommodations give room for optimism as far as this year is concerned.
The EU is against the tax-free status of home-made pálinka
Ministry for National Economy, April 10, 2014 11:50 AM
The European Union has decided that the distilling of pálinka shall be subject to taxation even under the quantity of 50 litres per year. Following the decision, the Government will initiate consultations with the European Commission with the aim of ensuring that the tradition of distilling pálinka lives on in Hungary in accordance with the EU regulatory framework.
Hungary’s foreign trade volume continues to increase
Ministry for National Economy, April 10, 2014 9:51 AM
The multi-month upward trend of the volume of Hungary’s foreign trade continued in 2014: in the first month of the year, exports and imports increased by 6.1 percent and 3.6 percent, respectively, while foreign trade surplus is up by EUR 209 million, to EUR 482 million, in comparison to January 2013. Industrial output growth and the significant increase of industrial export orders have already augured positive data.
First quarter fiscal data in line with expectations
Ministry for National Economy, April 8, 2014 4:08 PM
The general government budget balance in the first quarter of 2014 was in line with the Government’s prior expectations. The central sub sector of the state budget posted a deficit of HUF 701.2bn in the initial three months of 2014.
Government to pay special attention to supporting FDI
Ministry for National Economy, April 4, 2014 2:29 PM
One of the key strategic goals of the Government is to turn Hungary into an R&D hub within Europe, and to this end special attention will be paid to supporting FDI, Minister for National Economy Mihály Varga said at the presentation ceremony for the “Award for Successful Enterprises” held in the building of the Ministry for National Economy in Budapest.
Government keen on turning Budapest into a regional startup centre
Ministry for National Economy, April 3, 2014 3:12 PM
The Government will take several steps already this year in order to turn Budapest into the startup centre of Central and Eastern Europe, Minister of State Zoltán Cséfalvay said at the opening ceremony of the SmartMobil 2014 conference.
Job creation tender for SMEs finalized
Ministry for National Economy, April 3, 2014 1:56 PM
This year’s job creation tender for SMEs will provide funding of altogether HUF 13bn for 1254 enterprises which amount is expected to assist the creation of 6541 new jobs, Minister of State for Employment Sándor Czomba said at a press conference.
Employers can provide up to HUF 5 million as tax-free fringe benefit for loan repayment
Ministry for National Economy, April 3, 2014 8:39 AM
Employers can assist their employees to repay mortgages by providing HUF 5 million as tax-free fringe benefit within five years, Minister for National Economy Mihály Varga said at the opening of Construma, the international building trade exhibition, in Budapest.
Another relief measure for mortgagors
Ministry for National Economy, April 2, 2014 3:50 PM
Employers can assist their employees by providing up to HUF 5 million as tax-free fringe benefit to repay mortgages or purchase their homes, Minister for National Economy Mihály Varga said after signing the related ministerial decree.
New start-up tax package to be submitted to Parliament in autumn
Ministry for National Economy, April 2, 2014 3:24 PM
The package of measures aiming to lower tax and administrative burdens, which will make life easier for both new, innovative startups and their investors, is expected to be submitted to Parliament as early as this autumn, Minister of State Zoltán Cséfalvay said at the opening ceremony of the Central European Startup Competition, an event of Startup Spring 2014.
Hungary’s foreign trade volume continues to increase
Ministry for National Economy, April 2, 2014 10:58 AM
The multi-month upward trend of the volume of Hungary’s foreign trade continued in 2014: in the first month of the year, exports and imports increased by 6.1 percent and 3.6 percent, respectively, while foreign trade surplus is up by EUR 209 million, to EUR 482 million, in comparison to January 2013. Industrial output growth and the significant increase of industrial export orders have already augured positive data.
Briquetting plant and floriculture facility opened to employ homeless people
Ministry for National Economy, April 2, 2014 9:36 AM
Under the pilot project “From the street to work”, a briquetting plant and a floriculture greenhouse designed to provide work for homeless people was opened in District IX of Budapest.
ESA state budget deficit 2.2 percent in 2013
Ministry for National Economy, March 31, 2014 5:35 PM
According to preliminary data, the deficit of the general government budget, calculated in accordance with EU methodology, was 2.2 percent of GDP last year, Minister for National Economy Mihály Varga said at a press conference as the Government of Hungary has sent a report of last year’s budget data to the European Union.
Domestic consumption growth at an eight-year record high in Hungary
Ministry for National Economy, March 31, 2014 11:42 AM
Domestic consumption growth hit an eight-year record high in January, Minister of State for Economic Regulation Kristóf Szatmáry said at a press conference in District XVI of Budapest.
Zoltán Cséfalvay: S&P’s decision justifies speedy implementation of reforms
Ministry for National Economy, March 28, 2014 1:31 PM
The decision of Standard&Poor’s announced last Friday also proved that it had been right to implement reforms and carry out financial consolidation relatively quickly and in one go, Minister of State Zoltán Cséfalvay said at a conference organized by the Hungarian Business Leaders Forum.
Number of people in employment up by 300 thousand since the beginning of Government’s term
Ministry for National Economy, March 28, 2014 11:01 AM
According to the flash report of the Hungarian Central Statistical Office (KSH), positive employment trends are continuing. In the period December 2013-February 2014 the number of those aged 15-74 years in employment increased to 4 million 53 thousand, another 22-year record high.
The support of start-ups requires new types of tenders and institutions
Ministry for National Economy, March 27, 2014 3:42 PM
In the opinion of Minister of State Zoltán Cséfalvay, establishing an adequate environment for start-up innovations requires – in addition to investment – new types of tenders and institutions. The Minister of State pointed out at a conference organized by economic daily Napi Gazdaság in Budapest that, as far as RDI is concerned, it is not helpful to have a centralized funding system and large-scale centralized tenders.