Ministry of Finance
News
Faster-than-expected GDP growth in Q3 2016
Ministry of Finance, December 6, 2016 10:44 AM
In comparison to preliminary data, final statistics show that GDP grew faster in July-September, at a rate of 2.2 percent. The Ministry for National Economy is anticipating that the November wage agreement, which covers the next six years, will boost economic expansion in 2017.
Volume of retail sales expected to keep growing
Ministry of Finance, December 5, 2016 4:19 PM
Turnover in the retail sector is to increase significantly in the Christmas shopping season, but also in coming months and years, Deputy State Secretary for Priority Enterprise Relations Zoltán Marczinkó said, commenting on the latest retail sales data released earlier today by the Hungarian Central Statistical Office (KSH).
Government to effectively support domestic enterprises
Ministry of Finance, December 5, 2016 2:58 PM
Research and development, bolder entrepreneurial spirit and supportive economic policy are offering a competitive edge for Hungary’s economy, Minister for National Economy Mihály Varga said at the ceremony for presenting the Awards for Successful Enterprises.
Government contemplates new measures to combat black economy
Ministry of Finance, December 5, 2016 1:05 PM
Several measures designed to combat the black economy are waiting to be introduced, for example those aiming to increase the number of POS terminals, reduce tax administration and improve the financial knowledge of Hungarians, Minister of State for Financial Affairs Ágnes Hornung said on public news channel M1.
Tax strategy to focus on cutting bureaucracy and reducing taxes
Ministry of Finance, December 2, 2016 12:25 PM
The National Tax Strategy, currently being elaborated by the Ministry for National Economy, aims to reduce the time required of enterprises to devote to taxation issues, Minister Mihály Varga said at a conference organized by Deloitte Hungary.
Economic growth to compensate for the shortfall caused by payroll tax cuts
Ministry of Finance, December 2, 2016 12:24 PM
Economic expansion may offset the shortfall of revenues stemming from lower payroll taxes, as the Government is expecting the rate of growth to exceed 3 percent next year, Minister for National Economy Mihály Varga said, at the annual hearing of the parliament’s economic committee. Raising the minimum wage will generate revenues of HUF 180bn, while the reduction of payroll taxes will cut them by HUF 410bn, he noted.
Unemployment indicators at a historic low in Hungary
Ministry of Finance, November 29, 2016 1:23 PM
Favourable labour market trends continued in the period August-October 2016: the number of people in employment aged 15-74 years rose by 138 thousand, to 4 million 404 thousand, a new record high.
The increase was realized in the private sector, where payroll data showed growth of 150 thousand year-on-year. In the observed period, the unemployment rate fell to 4.7 percent, the lowest figure since the regime change in 1989.
Mihály Varga met with representatives of international organizations
Ministry of Finance, November 29, 2016 12:48 PM
At the Budapest Water Summit 2016 the Minister for National Economy held talks with the leaders of various international organizations and institutes, among others, with Managing Director and World Bank Group Chief Joaquim Levy, International Investment Bank Chairman Nikolay Kosov and Deputy Director-General of United Nations Industrial Development Organization (UNIDO) Taizo Nisikawa.
Hungarian Government committed to supporting the enterprise sector
Ministry of Finance, November 25, 2016 11:22 AM
The Government of Hungary is committed to improving entrepreneurial spirit and supporting a growth-focused business sector, as companies which operate in this sector are the determinants of the country’s economic potential and competitiveness, Deputy State Secretary for International Economic Relations Antal Nikoletti said at the European SME Week, an event held for the fifth time, this year in Bratislava, Slovakia.
Volume of retail sales grew by more than 5 percent in January-September 2016
Ministry of Finance, November 24, 2016 1:43 PM
The volume of retail sales in Hungary grew by 5.1 percent in September and by 5 percent in the first nine months of the year, year-on-year. The upward trend has been in place for the 39th consecutive month. Compared to other countries in the EU, Hungary’s retail sales growth rate was the fifth largest in terms of year-on-year data, well above the EU average of 2.2 percent.