The number of people in employment has been nearing 4 million 300 thousand in Hungary, according to the latest job report of the Hungarian Central Statistical Office (KSH). In the period February-April 2016, the number of people aged 15-74 years in employment rose by 153 thousand year-on-year, to 4 million 294 thousand. This has been the highest figure in 26 years, and it is up by 585 thousand since 2010, when the term of the new government began.
In March 2016, the volume of retail sales grew by 5.5 percent year-on-year. Since 2010, retail sales have increased by 15.1 percent in Hungary, well above the average growth of the EU (6.5 percent), and it is also one of the best figures in the region.
The Government aims to place the Hungarian economy on a growth path that can ensure dynamic growth without external resources, Minister for National Economy Mihály Varga said at the conference organized by business daily Világgazdaság on the future of Hungary.
Reform measures launched by the Government in 2010 have borne results, and these are reflected in the upgrade by Fitch Ratings, Minister for National Economy Mihály Varga said at a press conference.
Fitch Ratings announced that the investment grade status of Hungarian sovereign bonds has been restored. The upgrade proves that the transformation of the Hungarian economy has been successful, and Hungarian reforms have been working.
Wages in real terms grew markedly in Q1 2016, by 7.4 percent year-on-year, according to the latest report of the Hungarian Central Statistical Office (KSH). Thus, an upward wage growth trend has been in place for the 39th consecutive month in Hungary. In comparison to March 2015, the number of employees in the private sector – at enterprises with at least five employees – was up significantly, by 65 thousand, in the observed period. This has mainly been the result of growing labour demand, the reduction of taxes on labour, the Job Protection Action as well as to measures aimed at higher economic activity.
Minister for National Economy Mihály Varga and representatives of several institutions and car industry companies active in industrial R&D have signed a Memorandum of Understanding on building and operating a test track for alternative technology vehicles. As the Minister pointed out, Hungary can only be an initiator and active participant of Europe’s industrial revival if it can contribute to the development of the latest industrial procedures in a constructive way.
The Hungarian Government shares the opinion of the European Commission concerning the majority of recommendations formulated for Hungary. These recommendations point out general strategic goals rather than concrete measures. The current proposals are more balanced in comparison to those in former years, and they better reflect achievements of the dialogue with the Commission during the European semester.
In Q1 2016, the output of the Hungarian economy grew by 0.9 percent year-on-year, according to preliminary data compiled by the Hungarian Central Statistical Office (KSH). Modest growth at the beginning of the year has been the consequence of the cyclicality of EU fund inflows and lower output at motor vehicle manufacturers. In the entire year, GDP growth is expected to pick up substantially, thanks to economic fundamentals and Government measures. The soaring number of building permits also signals a positive trend.
International Communications Office
+36 1 896 1905