Ministry for National Economy

Mihály Varga

Minister for National Economy

Leading news

Industrial sector output up by some 40 percent since 2010, October 2017

Ministry for National Economy, December 13, 2017 1:43 PM

In October 2017, the volume of industrial output grew by 7.6 percent year-on-year, while in the period January-October 2017 output increased by 5.4 percent. Since January 2010 and the beginning of 2014, the sector’s output gained 37 percent and 20.3 percent, respectively, in Hungary. The latter figure places Hungary as first in terms of industrial output growth within the region, and it is well above the 7.9 percent average increase in the European Union.

Landlords to save more than HUF 3bn in 2018

Ministry for National Economy, December 12, 2017 11:34 AM

Next year, property owners will benefit from lower red tape and substantially lower tax liabilities. Those who let their property for the long term will have to pay only personal income tax of 15 percent, while those who let it for short periods (e.g. through Airbnb) may opt for a highly favourable flat-rate tax when they rent out up to three properties.

Fiscal processes and public finances remained predictable

Ministry for National Economy, December 8, 2017 11:15 AM

The state budget continues to pre-finance EU-funded projects and facilitate the realization of the Government’s economic policy objectives. This has led to a deficit of HUF 1639bn in the general government budget at the end of November 2017. The ESA deficit target of 2.4 percent of GDP, however, will be attained this year.

The significance of vehicle manufacturing within the Hungarian economy is expected to increase

Ministry for National Economy, December 7, 2017 9:30 AM

“The significance of vehicle manufacturing within the Hungarian economy is expected to not only remain stable, but also to improve”, the Ministry for National Economy’s Minister of State for Economic Development and Regulation István Lepsényi said in Budapest at a forum on the automotive industry, part of a series of “In Focus” conferences organised by the HG Media Group.

Economic growth is picking up in Hungary

Ministry for National Economy, December 5, 2017 2:42 PM

According to the latest report of the Hungarian Central Statistical Office (KSH), in Q3 2017 Hungary’s GDP grew by 3.9 percent year-on-year. Data adjusted for seasonal and calendar effects show an increase of 4.1 percent. With the exception of the agricultural sector, on which bad weather had taken a toll, every economic sector has contributed to higher output.

MoU on health industry cooperation signed with Iran

Ministry for National Economy, December 4, 2017 2:29 PM

Improving relations between Hungary and Iran, among them the health industry partnership we have started, are expected to open up great opportunities for Hungarian enterprises, Minister Mihály Varga said after having met with Minister of Health S.H. Zadeh Hashemi in Tehran. The Minister had arrived in Iran for a two-day official visit on Saturday with a delegation of twenty businesspeople and several high-ranking officials of state institutions.

Business relations with Iran growing steadily

Ministry for National Economy, December 4, 2017 11:10 AM

Iran, as a market of almost 80 million people, can provide great opportunities for Hungarian companies, while Hungary may become a gateway Iran to Europe for, Minister for National Economy Mihály Varga said after he had met with Minister of Economic Affairs and Finance Masoud Karbassian in Tehran.

Strengthening economic relations with China is a strategic goal for Hungary

Ministry for National Economy, December 1, 2017 11:11 AM

Cooperation between China and the Central and Eastern European countries, and the expansion of economic relations are set to produce indisputable advantages of all participants, Minister for National Economy Mihály Varga pointed out at the roundtable discussion organized by the SINO-CEEF Fund in Budapest.