Ministry for National Economy

Mihály Varga

Minister for National Economy

Leading news

Volume of retail sales rising for four-and-a-half years

Ministry for National Economy, February 23, 2018 1:00 PM

Rising wages have caused retail sales to gain 5 percent in 2017 and 6.1 percent in the period December 2016-December 2017. As result, retail sales have been on the rise for the 54th consecutive month. Job growth, favourable economic conditions and the six-year wage and tax agreement have also been among the positive factors seen behind the upward trend.

2017 was a year of booming housing market

Ministry for National Economy, February 23, 2018 11:43 AM

In the year 2017, 38 thousand building permits have been issued, the highest figure in nine years, Minister for National Economy Mihály Varga was quoted as he was commenting on the latest housing data published by the Hungarian Central Statistical Office (KSH).

Wages in real terms gained above 10 percent in 2017

Ministry for National Economy, February 20, 2018 3:37 PM

Wages in real terms have been rising for five years; this means Hungarian families have a growing amount of money at their disposal. Thanks to double-digit real wage growth, people who earn their living from work have received extra income worth more than one month of wage last year in comparison to 2016. Taking into account family tax allowances, real wages have increased by 36 percent since 2010 -- twice the pace of growth observed in 2002-2010, under the Socialist-Liberal governments.

Migration cannot be the cure to labour market problems

Ministry for National Economy, February 15, 2018 1:15 PM

Employment has improved markedly since 2010 in Hungary: the number of people with a job has grown by some 750 thousand and the unemployment rate has fallen by two-thirds, Minister for National Economy Mihály Varga has said a conference in Budapest.

Hungary’s economy switched into a higher gear

Ministry for National Economy, February 14, 2018 1:51 PM

Stable and rapid economic growth shows that the economy policy based on wage hikes and tax cuts has been bearing fruits, and thus the standard of living of Hungarians has improved substantially, Minister for National Economy Mihály Varga said, commenting on the latest GDP flash report of 2017 released by the Hungarian Central Statistical Office (KSH).

Industrial output up by some 5 percent in 2017

Ministry for National Economy, February 13, 2018 1:31 PM

The volume of industrial output rose by 4.8 percent last year in Hungary, and thus the sector’s output has risen by some 35 percent since January 2010. Thanks to the Government’s re-industrialization programme, the support of capacity-expansion projects and other projects enabled by a lower corporate income tax rate, output growth is expected to continue this year.

Hungary to prepay Paks II loan

Ministry for National Economy, February 9, 2018 10:26 AM

Hungary is pre-paying EUR 78.2 million, the amount the country has hitherto drawn from the credit line provided by Russia, Minister for National Economy Mihály Varga told business daily Világgazdaság. Maintaining the loan agreement in the long term, he said, was nonetheless necessary as it provided a safety net for the project.