Ministry of Finance

Mihály Varga

Minister of Finance

Leading news

Data show great economic performance in the first half of 2018

Ministry of Finance, August 16, 2018 9:28 AM

Hungary’s economy grew year-on-year by 4.6 percent in the second quarter and by 4.5 percent in the first half of 2018. These data show that Hungary’s economy has switched into a higher gear, thanks mainly to the stimulating effect of the six-year wage and tax agreement.

Economic growth to be reached together with an unchanged fiscal deficit target

Ministry of Finance, August 9, 2018 3:45 PM

In the first seven months of the year, trends which had led to higher budget revenues parallel to tax cuts persisted. Projects aiming to reach social policy targets and investment programmes are set to help achieve economic growth of above 4 percent and a deficit target of 2.4 percent of GDP.

Net earnings up by more than 50 percent since 2012

Ministry of Finance, July 20, 2018 1:11 PM

Net earnings increased by 51 percent over the past six years in Hungary, and earnings in real terms also grew by some 32 percent. Real earnings have been rising steadily for 65 months in Hungary thanks to public sector wage hikes, rising labour demand in the private sector and the six-year wage agreement.

The costs of holding a bank account to become more transparent

Ministry of Finance, July 16, 2018 2:41 PM

As of the middle of next year, banks are going to be obliged to draw up a list of fees for each type of retail payment account and upload the resulting Terms and Conditions to a comparative data base. The Ministry of Finance has released a draft of the relevant Government Decree for social consultation.

Minister Varga met with Amazon and Boeing managers on the last leg of his US trip

Ministry of Finance, July 16, 2018 1:23 PM

Hungary is determined to maintain strong bilateral relations with the USA; last year, the volume of bilateral trade exceeded USD 5.4bn, Minister of Finance Mihály Varga said when he visited the Amazon headquarters and met with Vice Presidents Susan Pointer and Dave Bozeman in Seattle.

National Competitiveness Council discussed economic strategies at today’s session

Ministry of Finance, July 10, 2018 2:27 PM

The National Competitiveness Council discussed three economic development strategies at the last two meetings, Minister of Finance Mihály Varga said. After a blueprint was presented in June by the Hungarian Chamber of Commerce and Industry, the Council has now debated the strategies of the National Bank of Hungary and the Ministry for Innovation and Technology, he added.

Economic trends also help meet the deficit target

Ministry of Finance, July 6, 2018 11:01 AM

Extra fiscal revenues other than tax revenues also confirm the adequacy of the Government’s economic policy. The growth in expenditures is mainly due to the pre-financing of state- and EU-funded projects. The Ministry of Finance continues to expect economic growth of above 4 percent of GDP and fiscal deficit of 2.4 percent for the year 2018.

Hungary’s economic growth is sustainable

Ministry of Finance, July 5, 2018 3:25 PM

“The growth trajectory is also sustainable according to international feedback, meaning the Hungarian economy is expected to increase by around 4 percent both this year and next year”, Minister of Finance Mihály Varga said on Tuesday on InfoRádió.

Tax authority to supervise data traffic of each vending machine in Hungary

Ministry of Finance, July 2, 2018 10:47 AM

The 1st of July is a milestone in Hungary’s tax history: as of today, the National Tax and Customs Administration will be capable of directly seeing data of large VAT bills and vending machines for food and beverages. Besides improving taxation morale, these two measures are also expected to reduce the country’s tax gap to 10 percent of GDP within the coming years.