Ministry of Finance
News
Unprecedented output growth in Hungary’s construction sector
Ministry of Finance, October 17, 2017 1:30 PM
In August 2017, output volume in the construction sector grew by 36.8 percent year-on-year, a record high figure. The sector may continue to expand at a robust pace, Minister for National Economy Mihály Varga said, commenting on the latest construction sector data published by the Hungarian Central Statistical Office (KSH) earlier today.
Labour market-related agreement concluded with the World Bank
Ministry of Finance, October 16, 2017 11:22 AM
The fact that the World Bank has once again upwardly revised the growth outlook of the Hungarian economy in comparison to the previous estimate prognosticated in the spring report vindicates our economic policy measures, Minister for National Economy Mihály Varga said at the sidelines of the annual meeting of the International Monetary Fund and the World Bank in Washington, which the Minister attended as head of the Hungarian delegation.
HUF 40 billion more to be left with businesses next year
Ministry of Finance, October 13, 2017 12:18 PM
The taxes levied on businesses will decrease by two and a half per cent if Parliament votes for the bill submitted by Minister of National Economy Mihály Varga on Tuesday. The Minister of National Economy told the Hungarian news agency MTI: the six-year wage agreement signed last November has come up to expectations, and as a result, pursuant to his motion, the taxes payable by employers will be 2.5 per cent lower, rather than by 2 per cent, as of next January.
Is Brussels supporting tax evasion?
Ministry of Finance, October 13, 2017 11:17 AM
“From the middle of next year, the tax office will be immediately informed of most occurrences within the Hungarian economy thanks to the fact that company invoicing will be directly linked to the authority - the most important details concerning fifty trillion forints (EUR 162bn) worth of transactions will appear immediately on the authority’s computers, and the chances of successfully avoiding taxes will drop to a fraction of the current level”, the Director of the National Tax and Customs Administration (NAV) said in an interview for Hungarian daily Magyar Idők.
IMF predicts higher growth rate in Hungary
Ministry of Finance, October 11, 2017 10:24 AM
In the latest World Economic Outlook, the International Monetary Fund expects faster economic growth in Hungary than they did in the prior study, published in spring 2017.
EU finance ministers discussed tax avoidance and the Google-tax
Ministry of Finance, October 10, 2017 4:24 PM
Hungary has been a frontrunner in the fight against the black economy, therefore we will maintain the EKÁER (Electronic Public Road Trade Control System), an effective system for filtering out VAT fraudsters, Minister for National Economy Mihály Varga said, following the Ecofin’s session in Luxembourg earlier today.
Siemens is the fourth large enterprise to join the Government’s supplier development programme
Ministry of Finance, October 9, 2017 1:43 PM
Siemens Ltd has joined the working group of the National Supplier Programme, Minister for National Economy Mihály Varga said at the signing of a letter of intent. We must work to enable every economic stakeholder in Hungary to adopt and use future technologies, he stressed.
Hungary’s industrial sector posted remarkable output growth in August 2017
Ministry of Finance, October 6, 2017 10:46 AM
The Government has been aiming to have the EU’s highest industrial output-to-GDP ratio in Hungary. A modern, competitive industrial sector is capable of providing high-paying and stable jobs in production and R&D alike, Minister for National Economy Mihály Varga said, commenting on the latest data released by the Hungarian Central Statistical Office, which show year-on-year output growth of 6.8 percent in the month of August 2017.
Stability persists in Hungary’s public finances
Ministry of Finance, October 5, 2017 12:25 PM
Public finances continue to be characterized by stability in Hungary and the central government budget is capable of providing sufficient funding required for the realization of the Government’s economic and social policy goals. The deficit of the central sub sector of the state budget was HUF 1 236bn at the end of September 2017, in line with prior expectations.
Buoyant retail sales growth in August 2017
Ministry of Finance, October 4, 2017 11:31 AM
According to preliminary retail sales data released by the Hungarian Central Statistical Office (KSH), in the month of August 2017 the volume of sales grew by 4.6 percent year-on-year, and thus the upward sales trend, in place for 50 months, has continued. Thanks to the six-year wage increase and tax cut deal, wages are set to increase even further and that signals continuing consumption growth, as well.