Ministry for National Economy
News
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.
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.