Ministry for National Economy
News
New measures to plug budget gap
Ministry for National Economy, December 15, 2011 4:11 PM
The economy minister on Thursday announced new measures aiming to compensate for a lower growth and weaker exchange-rate target next year.
Hungary has arrived at a turning point
Ministry for National Economy, November 18, 2011 9:57 AM
The Hungarian economy has been based on new fundamentals in the past one and a half years. To this end, we had to cancel each old-type forms of cooperation which were obstacles to our economic independence. This we have managed to carry out and achieved that the Hungarian economy receives market financing and it does not depend on the goodwill of others. Thus, the age of renewal has ended and the age of growth has begun; for this we need to utilize every instrument at our disposal.
Measures to attain the sustainable reduction of public debt
Ministry for National Economy, October 28, 2011 4:21 PM
After it took office in May 2010, the new government faced several unexpected challenges. Serious measures had to be undertaken to control the slippage in the 2010 budget. Without prompt fiscal adjustment, general government deficit would have increased close to 7% of GDP. The two action plans announced in the second half of last year introduced rigorous saving measures on the expenditure side (freezing of appropriations, elimination of bonuses, revision of outsourced activities, reduction of purchase of goods and services).
Quarterly Report on Government Securities Auctions
Ministry for National Economy, October 18, 2011 1:36 PM
In Q3 2011, demand on short term government securities declined, while that on goverment bonds usually increased. Average bid-to-cover ratios on the auctions of short term instruments in the period were between 2.1 and 2.6, while there was a more significant coverage of bonds between 3.2 and 3.5 (except for the one auction of the 15-year bond which had poor cover ratio). Bid-to-cover ratios of the T-Bills, the 5 and 15-year bonds fell remarkably, of three-month T-Bills slightly, while that of the rest of bonds increased significantly.
The 2012 Budget of Hungary
Ministry for National Economy, September 16, 2011 4:54 PM
The Hungarian government is firmly committed to uphold the deficit target of 2.5% of GDP as set in the Széll Kálmán Plan and the Convergence Programme even in the volatile global economic environment and the turbulences caused by the European sovereign debt crisis. To this end, the Government announced new measures to improve the budget by 1000bn HUF in 2012, including a buffer for unforeseen negative developments.
Update on the Stable Public Finances of Hungary
Ministry for National Economy, September 12, 2011 4:48 PM
The Hungarian government is determined to respond to the new challenges posed by a volatile economic environment as promptly as possible. It is of paramount importance to counter factors which could endanger the budget deficit target, and Hungary is committed to pursue the course it has established of a steadily and predictably declining deficit. Properly undertaken this plan will lead to the reduction of public debt.
Update on the state of the hungarian economy
Ministry for National Economy, September 5, 2011 11:19 AM
In Hungary the new government, which has been in office for 15 months, implemented several key measures, and the early preliminary positive signs of the prudent and sound economic policy is visible in the macro trends.
Measures taken in response to council recommendation of 7 july 2009 under article 126(7) of the treaty
Ministry for National Economy, August 19, 2011 10:47 AM
On 25th July 2011 the Hungarian Government submitted its 8th report to the European Commission and the Council outlining the progress of measures taken to correct the excessive deficit, including structural reforms.
EU-wide Stress Test 2011
Ministry for National Economy, July 15, 2011 6:01 PM
Resolute action to address investor perceptions of sustained weakness in the EU banking sector is an important part of the comprehensive response to the crisis, as endorsed by the European Council. In this context, the objective of the EU-wide stress test carried out across 91 banks for the period 2011-2012 is to assess the resilience of the EU banking system to adverse shocks.
EU-US Workshop on Terrorist Financing, June 6-7, 2011, Budapest
Ministry for National Economy, June 15, 2011 9:32 AM
The EU-US Workshop on Terrorist Financing was held under the Hungarian Presidency in Budapest on June 6-7, 2011. The Workshop was opened by Roland Nátrán, Deputy State Secretary, Ministry for National Economy of Hungary and US Ambassador Eleni Tsakopoulos Kounalakis. Both the US Ambassador and the Deputy State Secretary emphasized the importance of EU-US cooperation in counteracting terrorism financing and highlighted the useful tradition of the annual EU-US Workshops.
Amendment to legislation on labour and other related laws
Ministry for National Economy, June 14, 2011 11:08 AM
As a sine qua non for the future of Hungary, everybody who can and will work should have a job. This is why a more simple and flexible employment legislation is necessary including particularly the rules on working time and fixed-term or temporary employment. Such an amendment is also one of the elements of the measures aimed at cutting red tape for employers.
Flash report of the general government budget in May of 2011
Ministry for National Economy, June 7, 2011 4:00 PM
The general government deficit excluding local governments stood at HUF 724.2 billion at the end of May 2011 or making 105.4 per cent of the annual projection. In 2010, the deficit of the central government level made up HUF 736.2 billion by the end of May or 84.6 per cent of the annual target. In the relevant period, the deficit of the central government level had been HUF 99.2 billion. In this context, the 2011 balance improved by HUF 41.2 billion.
The Government’s programme on FX-denominated mortgages
Ministry for National Economy, May 31, 2011 4:56 PM
The Government is determined to address the potential social and financial stability problems that arose from wide-scale foreign currency mortgage lending activity that took place in the years preceding the crisis.
The number of private sector employees is expanding dynamically
Ministry for National Economy, May 20, 2011 4:58 PM
Compared with this time one year ago, 18,000 more people are in employment in Hungary. According to the latest briefing from the Hungarian Central Statistical Office (CSO), between January and March 2011 the average number of those employed in businesses with at least five staff, budgetary institutions, and non-profit organisations surveyed was 2,642,000: 1.18 per cent higher than the figure of 2,611,000 for the same period last year.
Hungary's National Reform Programme
Ministry for National Economy, April 15, 2011 3:01 PM
Creating the “Strong Europe” chosen for the motto of the European Union’s Hungarian Presidency assumes a stronger European economy. Strong European economy requires fast and consistent implementation of structural reforms designed to serve rapid recovery from the crisis, improvement of Europe’s economic competitiveness as well as the long-term objectives of the Europe 2020 Strategy.
Convergence Programme of Hungary 2011-15
Ministry for National Economy, April 15, 2011 3:00 PM
In order to provide for the successful implementation of the Structural Reform Programme those bottlenecks have been identified that, if handled effectively, will ensure the attainability of economic policy objectives. The Convergence Programme identifies two such bottlenecks: one is the present low level of employment and the other is financial risks.
Quarterly Report on Government Security Auctions
Ministry for National Economy, April 12, 2011 1:40 PM
In the first quarter of 2011 the demand for medium term government securities increased, among which very high demand appeared for the 5-year bonds, while demand for the 3-month discount treasury bills decreased.
In close cooperation with the European Commission
Ministry for National Economy, April 5, 2011 2:40 PM
György Matolcsy has replied to Olli Rehn
International seminar on ‘Economic growth and fiscal consolidation’ Budapest, March 30 2011
Ministry for National Economy, April 5, 2011 10:32 AM
In view of the Informal Ecofin on April 8-9 in Gödöll, the Hungarian Presidency organised a high-level economic policy seminar at the end of March around the topic “economic growth and fiscal consolidation”. Lead speakers (from Bruegel Institute, the World Bank and the EBRD; and a former Swedish member of the Economic and Financial Committee) addressed the challenges Europe is facing at a time when fiscal consolidation needs to be pursued with determination, while post-crisis growth needs to be safeguarded and strengthened. The main findings of the seminar are as follows.
Presentation of the flagship OECD publication ‘Going for Growth’
Ministry for National Economy, April 4, 2011 9:56 AM
The Ministry for National Economy cordially invites you to the presentation of the flagship OECD publication
Update on Hungary’s Structural Reform Programme - Timetable
Ministry for National Economy, April 1, 2011 9:28 AM
In January the Ministry for National Economy –based on the relatively favourable preliminary data of the central state budget- assumed that the target deficit of 3.8% for the year 2010 would be met. However, the results of the revised reports of the municipalities already forecast an overrun.
Public transport
Ministry for National Economy, March 22, 2011 11:16 AM
A key element of the wellbeing of people is the efficient organization of public transport. The advantage which Hungary enjoys is that it has a dense transport network in a European comparison.
The worst threat: public debt
Ministry for National Economy, March 22, 2011 11:14 AM
Because of the policy of the past eight years which had been based on overspending, high budget deficits and accumulating public debt, the financial crisis which erupted in autumn 2008 pushed the country into such a situation that we could avoid bankruptcy only by the help of international credits.
Hungary retains the independence of its tax system
Ministry for National Economy, March 21, 2011 11:18 PM
According to the analysis of the Ministry for National Economy, it is not in the interest of Hungary to join the Competitiveness Pact as Hungary is already taking all the necessary steps outlined in the EU’s structural pact. Furthermore, the Széll Kálmán Plan contains even more ambitious measures while sustaining the independence of the tax system.
Hungary’s Structural Reform Programme 2011 – 2014
Ministry for National Economy, March 7, 2011 10:54 AM
The fraction union of FIDESZ-KDNP, the presidencies of the ruling parties and the Government of Hungary made a political decision to launch the Structural Reform Programme. The programme is aimed at consolidating the Hungarian public sector by means of structural reforms, strengthening economic growth, encouraging the increase of employment and enhancing the competitiveness of Hungary’s economy.