In coming years the country must increasingly utilize domestic resources to boost growth, Minister for National Economy Mihály Varga said at Tusnádfürdő.
The budget balance has been stable, and the deficit target for 2016 -- 2 percent of GDP -- is realistic and attainable, Deputy State Secretary for Public Finances Péter Benő Banai told public news channel M1.
Wages in real terms were up by 7.5 percent year-on-year in the period January-May 2016, according to the flash report of the Hungarian Central Statistical Office (KSH). Thus, an upward wage growth trend has been in place for the 21st consecutive month in Hungary. Since May 2015, the number of people employed by enterprises with at least five employees has increased by some 79 thousand, a record high figure.
In the month of June 2016, the share of forex debt within the total volume of state debt was down by 5 percent year-on-year. Positive fiscal processes have also been recognized in the latest analysis by Moody’s Investors Service. The rating agency is expecting Hungary’s government debt-to-GDP ratio to decline further in coming years.
Minister for National Economy Mihály Varga discussed economic relations between the United Arab Emirates and Hungary as well as potential fields of cooperation with UAE Foreign Minister Abdullah Bin Zayid Al Nahyan. The Hungarian Minister expressed his conviction that Hungarian enterprises could successfully join urban development projects in the Emirates.
The Government assigns a major role for the pharmaceuticals industry, which may be one of the breakout points of Hungary’s economy, Minister for National Economy Mihály Varga said at the inauguration ceremony Pilisborosjenő-based Meditop Ltd.
In May 2016, the volume of industrial output was up by 9.2 percent in comparison to the corresponding period of the previous year, and in the initial five months of the year output increased by 3 percent.
The Brexit is an important signal, Minister for National Economy Mihály Varga said at today’s ECOFIN session in Brussels. In the opinion of the Minister, the first ECOFIN meeting that took place after Brexit has made it clear that only strong and sovereign national economies can turn Europe competitive again.
Companies operating in Hungary can build their success on Hungary’s economic environment, which has been offering an increasing number of opportunities, and the support of the Government, Minister for National Economy Mihály Varga said at the ceremony for presenting the Awards for Successful Enterprises in Budapest.
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