The Minister for National Economy Mihály Varga said at a presentation held at the Óbuda University, he hopes that “there will be room for more rate cuts; it is a possibility given the historic low level of inflation.”
In the third quarter of 2013, according to unadjusted data Hungary’s year-on-year GDP growth was 1.8 percent, higher than the preliminary figure, while GDP was up by 1.6 percent on the basis of data adjusted for seasonal and calendar effects. Quarter-on-quarter, GDP increased by 0.9 percent. Thanks to the Government’s economic policy, the Hungarian economy has entered a steady growth path.
The upward trend of retail sales growth, in place for several months, continued in October, as the sector expanded by 2.5 percent year-on-year. Besides the increase, which was the highest in six months, over the past period some other outstanding results were achieved such as constantly rebounding foreign trade, growing investment, GDP growth of 1.7 percent in the third quarter, better-than-expected industrial and construction sector data as well as record-breaking employment figures.
It is the Government’s priority to support families. To this end, new measures have been introduced in the past month, which aim to support families with children. With these steps, the Government aims to encourage Hungarians to have more children and mothers to have more children within a shorter period of time.
The renewed Baby bond, which can be purchased as of today, is another financial tool for assisting parents in bringing up their children, Minister for National Economy Mihály Varga said.
The coming period is a period of development, as the Government plans to allocate some 10 percent – about HUF 700bn -- of EU funding within the 2014-2020 fiscal period to research and development, Minister of State for Parliament Zoltán Cséfalvay said at a business lunch where representatives of the Swiss-Hungarian Chamber of Commerce, the Hungarian-French Chamber of Commerce and Industry, Italy’s Chamber of Commerce in Hungary and the British Chamber of Commerce in Hungary participated.
According to Ministerial Commissioner Piroska Szalai, who is responsible for improving the employment prospects of women, the number of women in employment will increase this year.
In the third quarter of this year, the volume of investment increased by 9.8 percent, a figure unseen since 2004. The fact that the majority of sectors within the national economy contributed to this growth signals steady and sound future expansion for the Hungarian economy.