Ministry for National Economy

Mihály Varga

Minister for National Economy

Leading news

Next year’s budget, which includes extra funding for several areas, will assist people who making a living from work

Government, May 23, 2017 5:05 PM

“Next year’s budget will provide assistance to those who want to move forward through work in Hungary; the budget places particular emphasis on job creation, supporting families and security”, Parliamentary State Secretary Csaba Dömötör from the Cabinet Office of the Prime Minister said at a press conference in Budapest on Tuesday. Minister of State for Labour Market and Vocational Education Péter Cseresznyés from the Ministry for National Economy pointed out that several areas will be receiving additional funding.

Strong retail sales momentum persisted March 2017

Ministry for National Economy, May 23, 2017 3:01 PM

The volume of retail sales grew by 3.3 percent and 3.4 percent in March 2017 and in Q1 2017, respectively, in Hungary. The Ministry for National Economy expects the existing upward trend, in place for 45 months, to persist in the remainder of the year, thanks – among other factors – to job growth, the Government-initiated six-year wage agreement and low inflation.

Competitiveness-boosting measures submitted to parliament

Ministry for National Economy, May 18, 2017 2:12 PM

The National Assembly is scheduled to debate the amendments proposed by the National Competitiveness Council with the aim of improving regulatory environment for businesses, Minister for National Economy Mihály Varga stated earlier today. Provided these recommendations are approved, the new regulations may enter into force as early as this summer, he said.

The Hungarian economy switched to a higher gear

Ministry for National Economy, May 16, 2017 2:06 PM

Hungary’s economic growth rate of 4.1 percent is the highest year-on-year figure in three years. The rate of growth beats prior estimates by international institutions and market analysts by a wide margin, while it is in line with the Ministry’s predictions. Favourable data are the result of the six-year wage agreement concluded in November 2016, tax reductions and rising output in the industrial and construction sectors.

Relations between Hungary and China continue to strengthen

Ministry for National Economy, May 16, 2017 11:02 AM

Minister for National Economy Mihály Varga concluded a Memorandum of Understanding (MoU) with leaders of China’s largest bank, the Industrial and Commercial Bank of China (ICBC) and the ICBC-founded Sino-CEE Investment Cooperation Fund in Beijing on Saturday. The profit-oriented capital investment fund plans to invest EUR 10bn in the Central and Eastern European region.

Fitch Ratings affirmed Hungary’s rating

Ministry for National Economy, May 15, 2017 2:53 PM

Fitch Rating has left Hungary’s sovereign credit rating unchanged, with stable outlook. In the report that has accompanied the announcement, Fitch predicts accelerating economic growth in Hungary. Expansion is expected to be driven substantially by consumption growth, which will be fuelled by the further decrease in unemployment and rising wages.

IMF is also upbeat about the Hungarian economy

Ministry for National Economy, May 15, 2017 9:33 AM

The IMF’s Executive Director for Hungary published the Staff Report on Article IV Consultation on 10 May 2017, which followed the findings of experts of economic policy consultations held in February-March in Budapest.

Year-on-year industrial output growth above 13 percent in March

Ministry for National Economy, May 12, 2017 12:46 PM

In March 2017, output of the industrial sector grew by 13.4 percent year-on-year. In Q1 2017, output was up by 7.8 percent year-on-year. Output was higher in all thirteen manufacturing sub sectors. Incoming data show that year-on-year output growth in the Hungarian industrial sector significantly exceeded that of the EU and the three other Visegrad Group members.

European Commission predicts accelerating economic growth

Ministry for National Economy, May 12, 2017 11:10 AM

In the Spring 2017 Economic Forecast, the European Commission revised upward its prediction for Hungary’s economic growth, to 3.6 percent in 2017 and 3.5 percent in 2018. The Hungarian Government prognosticates a slightly higher growth rate of 4 percent for both years. The Commission’s growth forecast is higher than it was in the autumn report, and thus the institute acknowledges that in this period the country’s growth rate is to exceed that of the EU.