In September 2015, the volume of retail sales grew by 5.1 percent year-on-year, and thus the sector’s positive sales trend has been in place for the 28th consecutive month. In the initial nine months of the year, the volume of sales was up by 5.9 percent year-on-year. These growth figures exceed both the EU and the Euro-zone averages.
The MoU on the issuance of renminbi-denominated government bonds was signed by Prime Minister Viktor Orbán and Bank of China President Tian Guoli. Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó and Minister for National Economy Mihály Varga also participated at the event. Mihály Varga called the signing of the document a major milestone, as Hungary is the first country in the Central and Eastern European region to issue a renminbi bond. The Minister added it was a sign of confidence in the Hungarian economy and stable growth.
The Hungarian Government is pursuing an initiating and active role in the realization of international blueprints designed to promote e-mobility, Minister for National Economy Mihály Varga said at the conference “New Road to Electro-mobility in the EU”, organized by NGM.
Fitch Ratings has left Hungary’s credit rating unchanged at BB+, with positive outlook.
In the latest report, Fitch predicts that Hungarian economic growth will remain stable in the coming years. Economic expansion is expected to be underpinned by banks’ improving business environment which may boost lending. The creation of jobs, low inflation, the forint conversion of mortgages as well as bank refunds will continue to contribute to domestic consumption growth.
In the period January-September 2015, wages in real terms increased significantly, by 4.2 percent, within the national economy, the Hungarian Central Statistical Office (KSH) reported earlier today. In comparison to September 2014, the number of private sector jobs was 47 thousand higher at enterprises with at least five employees.
The Ministry for National Economy is expecting another amount of HUF 300bn of EU funds in the month of November 2015, and that will significantly reduce cash-flow deficit as well as the general government debt-to-GDP ratio, Minister of State for Public Finances Péter Benő Banai said at a panel discussion.
Hungary has taken on an active role internationally in combating tax fraud; Minister for National Economy Mihály Varga said at the conference organized by PricewaterhouseCoopers (PwC) with the title “VAT Fraud in the CEE region”.
The modifications adopted earlier today will ease regulation and simplify processes for tax-paying enterprises and private persons alike, Minister of State and Government Commissioner András Tállai said, following the adoption of the package.
In the third quarter of 2015, the Hungarian economy expanded by 2.3 percent year-on-year and by 0.5 percent month-on-month. GDP growth averaged 2.8 percent in the initial three quarters of 2015. Growth that was lower than in prior quarters stemmed from weaker agricultural sector output due to a dry summer. Excluding that factor, analysts of the Ministry for National Economy estimate that GDP growth would have reached some 3 percent.