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.