Ministry for National Economy

Mihály Varga

Minister for National Economy

Leading news

Goals and growth momentum are to remain the same

Ministry for National Economy, April 20, 2018 2:05 PM

The economic policy objectives of the Government are unchanged: robust and sustainable economic growth, financial stability, full employment, to reduce government debt, cut taxes and raise wages, Minister for National Economy Mihály Varga said at the annual staff meeting of the Hungarian Banking Association. Besides the strengthening of families and maintaining their safety, the new Government is prioritizing sustainable development and the improvement of competitiveness, he noted. He confirmed that PM Viktor Orbán has asked him to continue in his post as minister and become the head of the economic cabinet.

Rate of earnings growth the highest in fifteen years

Ministry for National Economy, April 20, 2018 12:43 PM

In the period January-February 2018, net and gross earnings rose by 12.9 percent year-on-year, the largest increase in the past one-and-a-half decades. Thanks to low inflation, this corresponds to real earnings growth of 10.7 percent, which factor substantially enhances the financial status of Hungarian families and increases their purchasing power.

Industrial sector cooperation within the V4 has entered a new phase

Ministry for National Economy, April 19, 2018 1:24 PM

Amidst the global competition Europe needs a new industrial policy; one which bolsters innovation capacities, facilitates the faster introduction of new technologies, fosters entrepreneurial spirit thus ensuring the position of the Visegrad Four as the EU’s growth engine, Mihály Varga said at the press conference held after a ministerial level meeting of V4 countries. As the Minister for National Economy added, the MoU signed now on industrial policy cooperation would serve as a stepping stone for further partnership within the V4.

The IMF is predicting faster GDP growth in Hungary

Ministry for National Economy, April 18, 2018 4:25 PM

The International Monetary Fund revised its GDP growth estimate for Hungary by 0.4 percentage points in comparison to the prior prognosis published last autumn. International economic institutions and analysts have come to acknowledge that Hungary’s pro-growth economic policy, based on tax cuts and wage hikes, has been effective.

Public finances remained stable

Ministry for National Economy, April 9, 2018 11:52 AM

The central sub sector of the state budget closed the period January-March 2018 with a deficit of HUF 871.9bn. On the basis of current fiscal processes the Government is predicting fiscal deficit of 2.4 percent of GDP for this year and a falling government debt-to-GDP ratio underpinned by economic growth of above 4 percent of GDP.

State debt-to-GDP ratio continued to decline

Ministry for National Economy, April 5, 2018 1:18 PM

As a result of the Government’s fiscal policy, the downward trend in the general government debt-to-GDP ratio of recent years has continued, and thus the indicator fell to 73.6 percent while the budget balance finally showed as expected a deficit of 2 percent of GDP, Minister for National Economy Mihály Varga said, commenting on data published by the KSH for the spring EDP Report.

Nearly 300 SMEs received grants to maintain existing and create new jobs

Ministry for National Economy, April 3, 2018 3:31 PM

293 SMEs have received grants of more than HUF 4bn under the “Scheme for SMEs’ job creating projects”, Minister for National Economy Mihály Varga said.