Ministry of Finance
News
Hungarian economic growth poised to accelerate
Ministry of Finance, November 14, 2017 2:31 PM
Hungary’s economy grew dynamically in the third quarter of this year, a trend accompanied by steadily rising wages, and thus working people have been gaining more and more from economic expansion, Minister for National Economy Mihály Varga said, commenting on the latest (preliminary) GDP data released by the Hungarian Central Statistical Office (KSH).
Construction sector maintained high pace of output growth
Ministry of Finance, November 13, 2017 3:07 PM
In September 2017, output volume in the construction sector grew by 23.8 percent year-on-year. Besides the Government’s housing measures, the sector’s robust expansion has also been the result of private and public sector projects. Compared to the output average of 2010, the sector’s output has been up by some 16 percent this year.
The output volume of the construction of buildings and civil engineering works was up by 22.9 percent and 25.4 percent, respectively.
Industrial sector output growth trend remained steady and persistent
Ministry of Finance, November 13, 2017 2:59 PM
In September 2017 and in the period January-September 2017, the volume of industrial sector output grew by 5.4 percent and 5.2 percent year-on-year, respectively. Since January 2010, the sector’s output has been up by more than 35 percent, and thanks to favourable economic conditions the sector’s expansion is expected to continue.
Fitch joins organizations which have recognized Hungary’s economic achievements
Ministry of Finance, November 13, 2017 11:23 AM
Along with market participants, the European Commission and other international organizations, credit rating agencies now also confirm that Hungary has been on the right track, Minister for National Economy Mihály Varga said, commenting on the announcement of Fitch Ratings that the agency has upgraded Hungary’s credit outlook from stable to positive.
The threshold for VAT exemption of small enterprises could be raised to HUF 12 million of annual revenues per year
Ministry of Finance, November 9, 2017 3:26 PM
The threshold of VAT exemption may be raised from the current HUF 4 million annually to HUF 12 million next year, Minister for National Economy Mihály Varga told public news agency MTI.
Hungary may attract more investment from Far-East Asia
Ministry of Finance, November 9, 2017 1:53 PM
Hungary has been a highly attractive destination for investors thanks, besides the 9 percent corporate income tax rate, to the country’s safety, Minister for National Economy Mihály Varga said after he had received Vice Minister of the Liaison Office of the Central People's Government in the Hong Kong Qiu Hong. At the talks, the Minister emphasised that the country offered, among other factors, a single-digit corporate income tax rate, reduced payroll taxes, improving business environment and an economic growth rate that exceeded the EU average.
Hungary may actively participate in efforts to develop Europe’s digital economy
Ministry of Finance, November 9, 2017 1:27 PM
Hungary is aiming to become a leader and determinant of Europe’s digitalization campaign through active participation in EU-funded projects fostering the development of intelligent automotive manufacturing, e-mobility and e-banking solutions, Minister for National Economy Mihály Varga said after he met with EU Commissioner for Digital Single Market Andrus Ansip.
On the agenda: a common EU financial policy
Ministry of Finance, November 8, 2017 3:44 PM
Every EU finance minister had been invited to attend the Monday session of the Eurogroup, where participants discussed proposed changes to the fiscal regulatory system of the Economic and Monetary Union (EMU), the creation of a new financial instrument and the extension of the banking union, Minister for National Economy Mihály Varga said.
Taxation of e-trade and the revision of the EU’s financial supervisory mechanism were on the Ecofin’s agenda
Ministry of Finance, November 8, 2017 10:57 AM
At the latest session of the council of EU finance ministers, the Ecofin, representatives of member states discussed the future of the European financial supervisory system and the potential simplification of the VAT regulations on international e-trade. Finance ministers also had an overview of the EU’s current economic situation at a working breakfast.
Stable public finances ensure deficit target is met at year-end, October 2017
Ministry of Finance, November 8, 2017 9:53 AM
The Government’s fiscal policy continues to be characterized by predictability and stability. The amounts of revenues and expenditures are in line with prior estimates. Although the central sub sector of the state budget saw an accumulated cash-flow deficit of HUF 1418.2 at the end of October 2017, the ESA deficit target of 2.4 percent of GDP is expected to be met as planned.