According to the latest flash report of the Central Statistics Office (KSH), in the initial two months of 2012 retail sales totaled almost 1115bn HUF in Hungary. The turnover of foodstuff which makes up almost half of sectoral sales (48 percent) increased by the greatest extent in 5 months (1.7 percent) in comparison to the corresponding period of the previous year.
With the Széll Kálmán Plan 2.0 Hungary has complied with the requirements of the Council of the European Union, and the excessive deficit procedure related to the country can be resolved after years of failure to meet targets up until last year’s success.
In the past couple of days several articles have been published by various newspapers about the legal proceedings between Hungary and the European Commission which were launched because of the financing of VAT expenditures from EU funds. The ministry for National Economy provides the following information about the lawsuit as far as it concerns the budget
In February 2012 average gross wages increased by 6.9 percent in the national economy, while net wages excluding family tax benefits were higher by 3.7 percent in comparison to the corresponding period of the previous year, according to the communication of the Central Statistics Office published earlier this morning.
The Hungarian Government is committed to the commencement of the negotiations on a precautionary financial assistance with the EU and the IMF which necessitates the resolution of the issues raised in the infringement procedure related to the Magyar Nemzeti Bank.
Today the Hungarian government has submitted to parliament the Bill concerning the amendment of the the Central Bank Act of 2011/CCVIII.
The general government deficit-to-GDP ratio of Hungary has improved substantially after the change of government in 2010 which was a consequence of a proper economic policy and a disciplined and trustworthy fiscal policy. In 2011 the structural deficit excluding one-off – unplanned – items was 2.43 percent of GDP, which is lower than the 2.94 percent deficit target that had been expected. The overall balance calculated according to the EDP methodology which also includes one-off items registered an outstanding surplus of 4.3 percent. This figure has been unprecedented since the regime change.
According to the latest flash report of the Hungarian Central Statistical Office (KSH), in January 2012 the volume of exports and imports increased by 5.8 percent and 2.9 percent, respectively, in comparison to the corresponding period of the previous year. The trade balance in the first month of the year had a surplus of 129bn HUF.
The objective of the fixed exchange rate loan system is to cushion the impact of the substantial volatility of the exchange rates of certain foreign currencies and make more calculable the situation of FX debtors. People involved can request the scheme from this week, starting 2 April 2012, from the financial institution which has provided the loan.
The state budget according to EU methodology had for 2011 a surplus of 1204.6bn HUF which corresponds to the 4.3 percent of GDP. The budget deficit excluding one-off items was 2.43 percent instead of the 2.94 percent which had been assumed. This is an outstanding achievement considering prior domestic results and data of other countries as well.