Ministry of Finance
News
Hungarian reforms are bearing results
Ministry of Finance, May 23, 2016 3:00 PM
Reform measures launched by the Government in 2010 have borne results, and these are reflected in the upgrade by Fitch Ratings, Minister for National Economy Mihály Varga said at a press conference.
Fitch Ratings restored Hungary’s investment grade rating
Ministry of Finance, May 23, 2016 11:21 AM
Fitch Ratings announced that the investment grade status of Hungarian sovereign bonds has been restored. The upgrade proves that the transformation of the Hungarian economy has been successful, and Hungarian reforms have been working.
Outstanding real wage growth continues in Q1 2016
Ministry of Finance, May 20, 2016 12:59 PM
Wages in real terms grew markedly in Q1 2016, by 7.4 percent year-on-year, according to the latest report of the Hungarian Central Statistical Office (KSH). Thus, an upward wage growth trend has been in place for the 39th consecutive month in Hungary. In comparison to March 2015, the number of employees in the private sector – at enterprises with at least five employees – was up significantly, by 65 thousand, in the observed period. This has mainly been the result of growing labour demand, the reduction of taxes on labour, the Job Protection Action as well as to measures aimed at higher economic activity.
Test track to contribute to the technological development of the domestic vehicle manufacturing sector
Ministry of Finance, May 19, 2016 3:42 PM
Minister for National Economy Mihály Varga and representatives of several institutions and car industry companies active in industrial R&D have signed a Memorandum of Understanding on building and operating a test track for alternative technology vehicles. As the Minister pointed out, Hungary can only be an initiator and active participant of Europe’s industrial revival if it can contribute to the development of the latest industrial procedures in a constructive way.
Country-specific recommendations published by the European Commission
Ministry of Finance, May 19, 2016 9:51 AM
The Hungarian Government shares the opinion of the European Commission concerning the majority of recommendations formulated for Hungary. These recommendations point out general strategic goals rather than concrete measures. The current proposals are more balanced in comparison to those in former years, and they better reflect achievements of the dialogue with the Commission during the European semester.
Lower growth is transitory; job growth expected to continue
Ministry of Finance, May 13, 2016 11:47 AM
In Q1 2016, the output of the Hungarian economy grew by 0.9 percent year-on-year, according to preliminary data compiled by the Hungarian Central Statistical Office (KSH). Modest growth at the beginning of the year has been the consequence of the cyclicality of EU fund inflows and lower output at motor vehicle manufacturers. In the entire year, GDP growth is expected to pick up substantially, thanks to economic fundamentals and Government measures. The soaring number of building permits also signals a positive trend.
Hungary also against the discriminative amendment of regulation on posted workers
Ministry of Finance, May 13, 2016 10:55 AM
The parliaments of eleven EU member states, among them Hungary’s National Assembly, have showed the so-called “yellow card” to the European Commission for a proposed change in the directive on posted workers. The directive on posted workers has been in effect for 20 years, and it has been instrumental for the undisrupted operation of the EU’s internal market and for safeguarding one of the EU’s key priorities, the freedom to provide services.
Budapest to host next EBRD conference on economic growth and investment opportunities
Ministry of Finance, May 12, 2016 2:51 PM
The Board of Governors of the EBRD – supported also by Hungary – re-elected Sir Suma Chakrabarti as President for a second 4-year term. At the annual general meeting of the European bank for Reconstruction and Development, the Board of Governors applauded Sir Chakrabarti’s track record in the past four years. The EBRD has significantly contributed – through, for example, the acceleration of lending – to the post-crisis rebound of the economies of beneficiaries.
Yuan-denominated Hungarian government bonds are traded on the London Stock Exchange
Ministry of Finance, May 12, 2016 1:48 PM
Yuan-denominated Hungarian government bonds issued in April 2016 through the experts of the London Stock Exchange and the Bank of China are now also being traded in the capital city of the United Kingdom, Minister for National Economy Mihály Varga said, after he had opened the trading day on the London Stock Exchange.
Predictability and safety are the main characteristics of next year’s budget
Ministry of Finance, May 11, 2016 3:04 PM
The National Assembly began the general debate of the draft bill of the 2017 Budget on Wednesday.