Ministry for National Economy
News
Hungarian vehicle manufacturing sector produces 10 percent of GDP
Ministry for National Economy, February 11, 2014 9:49 AM
Hungary’s vehicle manufacturing industry produced some EUR 18bn last year, which amount constitutes 18 percent of total Hungarian manufacturing industry output, 10 percent of Hungary’s GDP and 18 percent of total Hungarian exports, Minister for National Economy Mihály Varga said at the ceremony for presenting the “Award for Successful Enterprises”, the first such event this year.
Funding of HUF 6.9bn to help young people become entrepreneurs
Ministry for National Economy, February 11, 2014 8:24 AM
The Government provides HUF 6.9bn for young people aged 18-35 years aiming to become entrepreneurs, and thus the objective is to extend the number of employment options available for Hungarian young people, Minister of State for Employment Sándor Czomba said at a press conference in Budapest.
Outstanding performance by the tourism sector in 2013
Ministry for National Economy, February 10, 2014 11:37 AM
According to data compiled and published by the Hungarian Central Statistical Office (KSH), 8.8 million guests spent 22.8 million tourism nights at Hungarian commercial accommodations in 2013. Parallel to the almost 5 percent increase of the number of guests and tourism nights, revenues of commercial accommodations were also up by 10 percent last year.
HUF 200bn to assist youth employment in 2014-2020
Ministry for National Economy, February 10, 2014 10:40 AM
In the 2014-2020 EU fiscal period, Hungary intends to spend one-third of the HUF 600bn made avaialable for stimulating employment on improving the labour market prospects of young people aged 15-24 years and thus assist 150 thousand people in starting their careers, Minister of State for Employment Sándor Czomba said in Budapest, following a conference on youth employment held within the framework of the Szabad Európa Vitanapok (Free Europe Debates).
Strategic Partnership Agreement signed with Knorr-Bremse
Ministry for National Economy, February 7, 2014 11:01 AM
The Government concluded a Strategic Partnership Agreement with Knorr-Bremse Hungary, a leading manufacturer of rail and road vehicle braking systems, which was signed by Minister for National Economy Mihály Varga and Knorr-Bremse AG Chairman Michael Buscher at the company’s Budapest headquarters.
State budget data for January 2014 are in line with expectations
Ministry for National Economy, February 6, 2014 4:00 PM
The balance of the central sub sector of the state budget in the first month of 2014 was in line with the Government’s prior estimates, as a deficit of HUF 75.4bn was recorded.
Financial deal finalized on expanding Paks
Ministry for National Economy, February 6, 2014 1:31 PM
Minister for National Economy Mihály Varga, speaking on public service television M1 this morning, said that the agreement on the financing of the Paks nuclear power plant expansion project offers conditions which are more favourable than those available on the market. Meeting in Moscow, the two parties agreed to a variable-rate loan of EUR 10bn with a tenor of 21 years.
Successful debut of Hungarian start-up strategy in Sweden
Ministry for National Economy, February 6, 2014 10:15 AM
Hungary’s policy for assisting innovative start-ups has made a successful debut in Sweden, Minister of State for Parliament and Economic Strategy Zoltán Cséfalvay told MTI, calling from Sweden following a Hungarian innovation forum.
Hungary signs FATCA as the first country in the region
Ministry for National Economy, February 6, 2014 9:57 AM
Charge d’Affaires of the Embassy of the United States of America M. André Goodfriend and Minister of State for Taxation and Financial Affairs Gábor Orbán signed an agreement today between the governments of Hungary and the United States of America to implement the U.S. Foreign Account Tax Compliance Act (FATCA).
Markets will calm down after a period of transitory volatility
Ministry for National Economy, February 6, 2014 8:49 AM
Because of forint exchange rate volatility this year’s budget does not have to be modified and the Government has a firm grip on fiscal processes, Minister for National Economy Mihály Varga said at a press conference, adding that the fiscal deficit will be below 3 percent and following a period of turbulences the Government is expecting markets to cool off.
Retail surtaxes do not contravene EU Law
Ministry for National Economy, February 6, 2014 7:58 AM
Government welcomes the decision of the European Court of Justice confirming that the Hungarian retail tax did not constitute discrimination among different forms of retail organisations.
Tourism summit on the Danube
Ministry for National Economy, February 5, 2014 4:32 PM
As Hungary currently holds the Rotating Presidency of the Visegrád Group until 30 June, Hungary hosted the traditional tourism summit of the member countries.
Eximbank extends export refinancing programme
Ministry for National Economy, February 5, 2014 3:09 PM
The Hungarian Export-Import Bank (Eximbank) extended its export credit refinancing framework program. The related agreement with twelve credit institutions was signed by Minister for National Economy Mihály Varga and Eximbank CEO Roland Nátrán in Budapest.
Government doubles overall amount available for funding trade development projects
Ministry for National Economy, February 3, 2014 3:41 PM
The overall amount of funding earmarked for trade development tenders aimed at expanding the sales and investment potentials of Hungarian SMEs was doubled to HUF 600 million by the Ministry for National Economy, Minister of State for Economic Regulation Kristóf Szatmáry said at a press conference.
Foreign trade surplus near a two-and-a-half year high again
Ministry for National Economy, February 3, 2014 11:46 AM
The volume growth of Hungary’s foreign trade has remained on an upward path: in November 2013, exports and imports were up by 6.3 percent and 2.9 percent, respectively, year-on-year. Thanks to the revival of trade activity, foreign trade surplus increased to EUR 825 million, slightly below the two-and-a-half year record of EUR 830 million registered in September 2013.
Economic growth is on a sustainable path
Ministry for National Economy, January 31, 2014 12:30 PM
In the opinion of Minister of State for Taxation and Financial Affairs Gábor Orbán, the Hungarian economy has been set on a sustainable growth path, as the structure of the economy has become sounder and positive trends appear to persist.
Government concluded a Strategic Partnership Agreement with Delphi Corp.
Ministry for National Economy, January 31, 2014 10:31 AM
The Strategic Partnership Agreement, between the vehicle industry supplier Delphi’s Hungarian group of companies and the Government of Hungary, was signed by Minister for National Economy Mihály Varga and Delphi Hungary Manager Zoltán Jámbor in Budapest.
Over two years the Government disbursed HUF 620bn for youth programmes
Ministry for National Economy, January 29, 2014 2:10 PM
As Deputy State Secretary for Youth and Sports Norbert Kiss said at a press conference held in the Ministry for National Economy, the Government has spent some HUF 620bn on youth programmes.
Dual vocational training provides competitive knowledge
Ministry for National Economy, January 29, 2014 12:02 PM
The recurrence of deteriorating unemployment situation can only be prevented if young people are capable of gaining competitive knowledge which enables them to cope on the labour market, Minister of State for Employment Sándor Czomba said at a press conference, held in the training workshop of Siemens Hungary Ltd in Budapest, which aimed to popularize dual vocational training.
Employment figures did not deteriorate during the winter
Ministry for National Economy, January 29, 2014 10:28 AM
According to the flash report of the Hungarian Central Statistical Office (KSH) published this morning, employment indicators have continued to improve. In the period October-December 2013, in light of year-on-year data, the upward trend concerning the number of those in employment in place since summer 2010 was unbroken.
Government aiming for non-profit public utility services
Ministry for National Economy, January 27, 2014 5:12 PM
The Government is aiming to establish a non-profit public utility service provider sector in which profits are re-invested into the activity of the institution, Minister of State for Economic Strategy and the Hungarian President of OECD’s National Council Zoltán Cséfalvay said at a press conference for presenting the OECD Economic Survey of Hungary in Budapest.
Hungary prepared to bolster economic relations with South Korea
Ministry for National Economy, January 27, 2014 1:55 PM
On opening the Hungarian-South Korean Economic Cooperation Forum in Budapest, jointly organized by the Hungarian Chamber of Trade and Industry and the Korea Chamber of Commerce and Industry, Minister for National Economy Mihály Varga said that Hungary is well prepared to strengthen bilateral business relations between the two countries.
Hungarian fiscal data favourable even from an international perspective
Ministry for National Economy, January 27, 2014 10:41 AM
Hungarian budget data are positive even from an international perspective, as although 17 EU member states are currently under an excessive deficit procedure, Hungary is not among them and the Government expects fiscal deficit to be below 3 percent also this year, Deputy State Secretary for Budgetary Affairs Péter Benő Banai said at a press conference.
Government to launch Diploma Rescue Programme
Ministry for National Economy, January 23, 2014 5:24 PM
The Diploma Rescue Programme planned by the Government, which supports the language studies of those who only require a certificate of foreign language competency to obtain their higher education degree, is expected to assist some 10 thousand young people through a HUF 3bn fund. In Hungary, at least a B2 (intermediate) level language exam is necessary to obtain a diploma, but universities have the right to set higher standards.
The development concept for 2014-2030 to turn Hungary into the region’s hub
Ministry for National Economy, January 22, 2014 4:49 PM
The implementation of the Development of Hungary 2030 – National and Regional Development Concept adopted in December last year will also help Hungary to become one of the leading economic and intellectual powerhouses of Central and Eastern Europe within the next sixteen years, Minister of State for Planning Coordination István Komoróczki said at a press conference in Budapest.