Ministry for National Economy

Mihály Varga

Minister for National Economy

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Hungarian Outlook

2017 was a strong year for the Hungarian construction sector

Ministry for National Economy, February 16, 2018 11:10 AM

According to the latest report of the Hungarian Central Statistical Office (KSH), the volume of construction sector output grew by 29.6 percent year-on-year in 2017. Output was higher in each construction sub sector, and the rate of growth is remarkable even from an EU perspective, despite the low base.

Rising industrial output and sales lifted producer prices in the sector

Ministry for National Economy, February 9, 2018 12:53 PM

According to the latest data published by the Hungarian Central Statistical Office (KSH), the upward trend in industrial output has continued in 2017. Last week at a board meeting of the Association of Hungarian Pharmaceutical Manufacturers (MAGYOSZ), Minister for National Economy Mihály Varga said that besides the motor vehicle industry the pharma industry was a major growth engine of the Hungarian economy. Producer prices in the sector have also picked up concurrently with surging industrial sector output. In December 2017, producer prices grew by 3.9 percent year-on-year, while in the year 2017 they were up by 3.3 percent compared to the level of the previous year.

Hungary’s labour market indicators continued to improve

Ministry for National Economy, February 1, 2018 4:12 PM

“Every Hungarian able and willing to work can have a job now,” Minister for National Economy Mihály Varga has recently said. He also spoke of a new era in employment that followed a positive trend reversal on the labour market, brought about by the Government’s pro-growth economic policy and steady economic expansion.

2017 was a year of robust earnings growth in Hungary

Ministry for National Economy, January 26, 2018 9:28 AM

In the period January-November 2017, on average earnings increased markedly in Hungary. Growth has been fuelled by several factors. The wage agreement concluded in November 2016 and the strong impetus it had given to the economy coupled with pressing labour shortages caused wages to rise dynamically. In the observed period, the earnings gap between the poorest and the wealthiest counties has slightly narrowed. Experts predict that this year’s earnings growth rate will be similar to the increase seen in 2017.

Hungary’s foreign trade grew dynamically in 2017

Ministry for National Economy, January 19, 2018 12:52 PM

Currently available data show that, at current prices, Hungary’s external trade of goods in 2017 is predicted to have posted the largest growth in years. According to a recently published report by the Hungarian Central Statistical Office (KSH), in the period January-November 2017 the value of both inbound and outbound trade of goods already exceeded the level seen in the full year of 2016. The value of exports and imports totalled EUR 93.3bn and EUR 85.6bn, respectively, up by 8.8 percent and 11.9 percent year-on-year. The trade surplus, at EUR 7 741 million, was EUR 1 493 million lower than it was in the corresponding period of 2016.

Hungary’s exposure to external risks diminished further in Q3 2017

Ministry for National Economy, January 11, 2018 4:05 PM

The National Bank of Hungary (MNB) published the latest Report on the Balance of Payments at the beginning of January 2018, analysing data for the third quarter of last year. The study finds that trends prevalent in prior quarters continued in the observed period. Although the current account surplus has declined the external vulnerability of the economy improved further due to the overall decrease in external debt levels.

Tourism sector trends indicate robust current and future expansion

Ministry for National Economy, January 5, 2018 9:35 AM

According to data by the Hungarian Central Statistical Office (KSH), trends prevalent in current years have persisted and the expansion of Hungary’s tourism sector has continued. The number of tourism nights by Hungarian residents has increased dynamically over the past one year, while that of foreign residents soared in the observed period. When data on the turnover and the number of nights spent at accommodation establishments are compared within the Visegrad Four, it also shows that Hungary has performed well.

Hungary’s economy closed the year 2017 with good results

Ministry for National Economy, December 28, 2017 3:56 PM

2017 was a successful year for the Hungarian economy. Increasingly positive data in the regular reports published by Hungarian Central Statistical Office (KSH) showed favourable trends in various economic sectors. In the period Q1-Q3 2017, the volume of GDP, the most comprehensive indicator of overall economic performance, gained 3.8 percent compared to the corresponding period of the previous year, and for the full year the pace of growth is expected to significantly exceed last year’s 2 percent and the EU’s average.

Public finances became even more stable this year

Ministry for National Economy, December 21, 2017 4:00 PM

In the first ten months of the year, the composition of general government debt has improved markedly: the share of HUF-denominated debt continued to increase and that of foreign currency debt has accordingly declined. In addition, the share of securities held by residents has also increased significantly.

Following years of record high output Hungary’s agricultural sector performance was remarkable in 2017

Ministry for National Economy, December 14, 2017 5:09 PM

Both output and gross value added in Hungary’s agricultural sector have in recent years grown continuously in terms of current prices. Following the crisis years, especially since 2012, the output volume of arable crops has soared. This has been the result, among other factors, of the larger amount and more focused utilization of EU funding as well as the positive impact of years of favourable weather conditions on productivity.