The number of Chinese tourists visiting Hungary has increased at a steady pace year after year, and it showed unprecedented growth this year: in light of data for January-September 2014, the number of Chinese guests was up by more than 20 percent, Deputy State Secretary for Tourism Ádám Ruszinkó told state news agency MTI.
The state budget of 2015 will help achieve the Government’s three key objectives, the assistance of families, the creation of jobs and economic growth, Minister for National Economy Mihály Varga said in his opening speech marking the start of the general parliamentary debate of the budget bill.
The three most important pillars of Hungary’s taxation regime will continue to remain the promotion of families, low taxation for small and medium-sized businesses, and the maintenance of taxes levied on specific sectors.
In the third quarter of 2014, the Hungarian economy grew by 3.2 percent year-on-year. This GDP growth figure is well above prior expectations as economic fundamentals facilitating the expansion have become sounder and more sustainable also in the long term. In the EU, Poland registered the largest growth with 3.4 percent, while Romania and Hungary share the second place in the ranking with regard to the observed period.
Employment has been on the rise for eleven months in Hungary and the bulk of employment growth have been generated by the private sector, Minister of State for Vocational Training and Labour Market Sándor Czomba said at a conference on corporate responsibility in Budapest.
The Ministry for National Economy has submitted to the Parliament a new regulatory package on deposit insurance. Thanks to the proposal, Hungary will join the uniform European Deposit Guarantee Scheme.
Minister for National Economy Mihály Varga presented the “Investor of the Month” award to Poppe+Portthoff Hungária Gépgyártó Ltd; while “Kis” Szerelő és Kereskedő Ltd was awarded the “SME of the Month” title, and in the category of “Startup of the Month” the Minister handed the award to H3Hungary Ltd at a ceremony held in the building of the Ministry for National Economy in Budapest.
Following moderate expansion in August, as factories temporarily halted production due to summer recess, in September 2014 Hungary’s industrial output picked up speed again as expected and achieved outstanding growth of 7.6 percent year-on-year. Several factors are signalling that this growth is based on sound fundamentals: expansion has been underpinned by both exports and domestic demand; output was higher in twelve out of the altogether thirteen manufacturing sub sectors and output increased in the every Hungarian region in the initial nine months of the year.
Similarly to September, consumer prices were also lower in the month of October 2014. According to data compiled by the Hungarian Central Statistical Office, in October 2014 prices were 0.4 percent lower year-on-year. The key factor shaping inflation was the mandatory lowering of utility prices.