Ministry for National Economy

Mihály Varga

Minister for National Economy

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Hungarian Outlook

Low unemployment rate and high job growth in Hungary

Ministry for National Economy, August 10, 2017 4:36 PM

According to the latest labour market report by the Hungarian Central Statistical Office (KSH), in the second quarter of 2017 the unemployment rate continued to decrease and the number of people in employment continued to rise.

Lasting recovery on Hungary’s housing market

Ministry for National Economy, August 3, 2017 4:47 PM

According to the latest property price report by the Hungarian Central Statistical Office (KSH) published on 27 July 2017, prices continued to rise in the first quarter of 2017. The latest Housing Market Report by the National Bank of Hungary (May 2017) also shows favourable demand- and supply-side trends.

Great agricultural sector performance was a main factor behind Hungary’s GDP growth in 2016

Ministry for National Economy, July 27, 2017 4:05 PM

According to data compiled by the Hungarian Central Statistical Office (KSH), Hungary’s agricultural sector had a bumper year in 2016. The volume of both crop and livestock production was higher, and total output in the agricultural sector was up by 8.7 percent compared to the previous year. Thus, the sector added 3.8 percent to the country’s annual GDP.

Hungary’s construction sector boom continues

Ministry for National Economy, July 20, 2017 4:36 PM

Output volume growth observed at Hungary’s construction sector has continued: in May 2017, the volume of output rose by 35.4 percent and 7.5 percent year-on-year and quarter-on-quarter, respectively – the latest construction sector flash report by the Hungarian Central Statistical Office (KSH) has announced.

Hungary’s net external financing capacity exceeds 5 percent of GDP

Ministry for National Economy, July 14, 2017 10:27 AM

In the first quarter of 2017, Hungary’s net external financing capacity was EUR 1352 million (HUF 420bn), data adjusted for seasonal effects show, which corresponds to 5 percent of GDP as of Q1 2017 – according to a recent press release of the National Bank of Hungary (MNB).

Hungary’s confidence indices at a record high

Ministry for National Economy, July 6, 2017 4:07 PM

The European Commission published the latest data of the European Sentiment Indicator (ESI) on 29 June 2017. According to the survey, the indicator has hit the highest level in ten years and the index for Hungary was also at an all-time high. In addition, the GKI Economic Sentiment Index and Business Confidence Index also showed unprecedented levels.

Positive inflation trends persist in the Hungarian economy

Ministry for National Economy, June 29, 2017 4:25 PM

The National Bank of Hungary (MNB) published its latest inflation report on 22 June 2017, in which the bank predict that inflation – underpinned by favourable domestic and international effects – is set to rise slightly and hit the rate considered to be sustainable and in line with the MNB’s target in the first half of 2019.

Savings and assets of households continued to increase

Ministry for National Economy, June 22, 2017 4:11 PM

Household savings continued to growth, while the ratio of assets held in financial instruments has almost hit 50 percent. The gross wealth of Hungarian households has reached a level which is considered high even within the region.

Hungary posted stable economic growth in Q1 2017

Ministry for National Economy, June 15, 2017 5:33 PM

Following subdued growth in the year 2016, the latest data compiled by the Hungarian central Statistical Office (KSH) show that in Q1 2017 Hungary’s GDP grew by 4.2 percent year-on-year. This has been the second largest growth rate in the past eleven years. According to seasonally and calendar-effect-adjusted and reconciled data, economic output was up by 3.8 percent compared to the corresponding period of the previous year and by 1.3 percent quarter-on-quarter.

Lending trends have improved in Hungary

Ministry for National Economy, June 8, 2017 4:24 PM

In Q1 2017, the loan portfolio at non-financial enterprises rose by more than 4 percent year-on-year. The third phase of the Funding for Growth Scheme was closed at the end of the first quarter, with 98 percent of funds utilized. The loans provided by banks for SMEs under the Market-based Lending Scheme have continued to boost corporate lending. The value of the portfolio of household loans increased for the first time since 2010, and value of new household loan contracts has risen by some 50 percent over the past one year.