Ministry for National Economy

Mihály Varga

Minister for National Economy

Leading news

Retail trade growth at an eight-year record high

Ministry for National Economy, April 24, 2014 9:57 AM

The eight-month upward trend of retail sales continued in February: the year-on-year increase of 6.7 percent registered in this period is the best figure since 2006. Data are indicating that household consumption has continued to improve, due -- among others -- to the cutting of utility costs, the introduction of family tax allowance, the wage hike for healthcare employees and teachers, record-breaking employment growth, the increase of wages in real terms and the overall improvement of consumer confidence.

Accessing EU resources through tenders becomes less complicated

Ministry for National Economy, April 15, 2014 5:09 PM

The Government has decided to delegate the majority of tasks of the Hungarian Economic Development Centre PLC (MAG) to the Ministry for National Economy. Through the transformation of the institutional system the Government aims to make administrative processes related to EU development projects and tenders more efficient and put in place a one-stop tendering system, Minister of State for Economic Cooperation István Komoróczki said at the company’s staff meeting.

Hungarian industrial output gained more than 8 percent

Ministry for National Economy, April 14, 2014 11:51 AM

Following the more than 6 percent growth registered in January, Hungarian industrial output continued to increase in February by gaining 8.1 percent year-on-year. The vehicle manufacturing sector was the most significant growth factor, but the fact that expansion was recorded in ten out of the altogether thirteen sub sectors shows that growth has been based on a sound footing.

Hungary’s foreign trade volume continues to increase

Ministry for National Economy, April 10, 2014 9:51 AM

The multi-month upward trend of the volume of Hungary’s foreign trade continued in 2014: in the first month of the year, exports and imports increased by 6.1 percent and 3.6 percent, respectively, while foreign trade surplus is up by EUR 209 million, to EUR 482 million, in comparison to January 2013. Industrial output growth and the significant increase of industrial export orders have already augured positive data.

The EU is against the tax-free status of home-made pálinka

Ministry for National Economy, April 10, 2014 11:50 AM

The European Union has decided that the distilling of pálinka shall be subject to taxation even under the quantity of 50 litres per year. Following the decision, the Government will initiate consultations with the European Commission with the aim of ensuring that the tradition of distilling pálinka lives on in Hungary in accordance with the EU regulatory framework.

Double-digit tourism sector growth continues

Ministry for National Economy, April 10, 2014 3:13 PM

Data published earlier today by the Hungarian Central Statistical Office (KSH) regarding the tourism traffic at accommodation establishments in the month of February show a marked growth of 10-20 percent compared to the previous year, which was also a year of record high expansion. Although tourism traffic is typically low in January and February, the increase of tourism nights and revenues at accommodations give room for optimism as far as this year is concerned.

First quarter fiscal data in line with expectations

Ministry for National Economy, April 8, 2014 4:08 PM

The general government budget balance in the first quarter of 2014 was in line with the Government’s prior expectations. The central sub sector of the state budget posted a deficit of HUF 701.2bn in the initial three months of 2014.

Government to pay special attention to supporting FDI

Ministry for National Economy, April 4, 2014 2:29 PM

One of the key strategic goals of the Government is to turn Hungary into an R&D hub within Europe, and to this end special attention will be paid to supporting FDI, Minister for National Economy Mihály Varga said at the presentation ceremony for the “Award for Successful Enterprises” held in the building of the Ministry for National Economy in Budapest.

Government keen on turning Budapest into a regional startup centre

Ministry for National Economy, April 3, 2014 3:12 PM

The Government will take several steps already this year in order to turn Budapest into the startup centre of Central and Eastern Europe, Minister of State Zoltán Cséfalvay said at the opening ceremony of the SmartMobil 2014 conference.