Ministry of Finance
News
Notes for 1 May, the International Workers’ Day
Ministry of Finance, May 2, 2018 1:25 PM
Landing a job is increasingly worth it in Hungary. Since 2010, the unemployment rate has fallen by two-thirds, to a historic low; tax cuts and wage hikes are leaving more and more money at employees and wages in real terms have been rising steadily for more than five years now.
Joint action must be taken against tax avoidance by digital enterprises
Ministry of Finance, May 2, 2018 1:23 PM
Taxation requires an innovative approach also when it comes to challenges of digitalization, therefore cooperation and data exchange between the tax authorities of member states must be bolstered, Minister for National Economy Mihály Varga said at a recent ECOFIN session in Sofia, Bulgaria.
An economic policy boosting competitiveness is the key to convergence
Ministry of Finance, May 2, 2018 12:13 PM
The factor that can best facilitate economic convergence is not membership in the euro-zone but an economic policy which prioritizes competitiveness, Minister for National Economy Mihály Varga said in Sofia, Bulgaria, at an informal ECOFIN session.
Goals and growth momentum are to remain the same
Ministry of Finance, April 20, 2018 2:05 PM
The economic policy objectives of the Government are unchanged: robust and sustainable economic growth, financial stability, full employment, to reduce government debt, cut taxes and raise wages, Minister for National Economy Mihály Varga said at the annual staff meeting of the Hungarian Banking Association. Besides the strengthening of families and maintaining their safety, the new Government is prioritizing sustainable development and the improvement of competitiveness, he noted. He confirmed that PM Viktor Orbán has asked him to continue in his post as minister and become the head of the economic cabinet.
Rate of earnings growth the highest in fifteen years
Ministry of Finance, April 20, 2018 12:43 PM
In the period January-February 2018, net and gross earnings rose by 12.9 percent year-on-year, the largest increase in the past one-and-a-half decades. Thanks to low inflation, this corresponds to real earnings growth of 10.7 percent, which factor substantially enhances the financial status of Hungarian families and increases their purchasing power.
Industrial sector cooperation within the V4 has entered a new phase
Ministry of Finance, April 19, 2018 1:24 PM
Amidst the global competition Europe needs a new industrial policy; one which bolsters innovation capacities, facilitates the faster introduction of new technologies, fosters entrepreneurial spirit thus ensuring the position of the Visegrad Four as the EU’s growth engine, Mihály Varga said at the press conference held after a ministerial level meeting of V4 countries. As the Minister for National Economy added, the MoU signed now on industrial policy cooperation would serve as a stepping stone for further partnership within the V4.
The IMF is predicting faster GDP growth in Hungary
Ministry of Finance, April 18, 2018 4:25 PM
The International Monetary Fund revised its GDP growth estimate for Hungary by 0.4 percentage points in comparison to the prior prognosis published last autumn. International economic institutions and analysts have come to acknowledge that Hungary’s pro-growth economic policy, based on tax cuts and wage hikes, has been effective.
Confidence in Hungarian economic policy remains high
Ministry of Finance, April 18, 2018 11:46 AM
Never before have German enterprises valued the Hungarian economy so highly, it transpired from this year’s business survey by the German-Hungarian Chamber of Commerce and Industry. The level of satisfaction of German companies is indicated by the fact that the ratio of enterprises that would like to realise further investments in Hungary increased by 3 percentage points to 84 percent compared to last year.
Public finances remained stable
Ministry of Finance, April 9, 2018 11:52 AM
The central sub sector of the state budget closed the period January-March 2018 with a deficit of HUF 871.9bn. On the basis of current fiscal processes the Government is predicting fiscal deficit of 2.4 percent of GDP for this year and a falling government debt-to-GDP ratio underpinned by economic growth of above 4 percent of GDP.
Sovereign debt further decreased
Ministry of Finance, April 6, 2018 8:40 AM
As a result of the civic government’s fiscal policy, similar to earlier years, last year, too, the percentage of sovereign debt further decreased to 73.6 per cent of GDP, while the budget deficit amounted to 2 per cent of GDP in line with the government’s expectations, the Minister for National Economy stated evaluating the data published by the Central Statistical Office for the spring EDP report.