Ministry for National Economy

Mihály Varga

Minister for National Economy

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Hungarian Outlook

Pace of Hungary’s GDP growth picked up in the third quarter of 2017

Ministry for National Economy, December 7, 2017 4:51 PM

The Hungarian Central Statistical Office (KSH) published a second estimate of GDP growth for the third quarter of 2017 on 5 December 2017. The latest data show that in the observed period GDP per capita grew by 3.9 percent year-on-year.

Hungary’s dynamic investment growth persisted in Q3 2017

Ministry for National Economy, November 30, 2017 5:14 PM

In Q3 2017, the volume of investment rose by 3.5 percent quarter-on-quarter and by 18.3 percent year-on-year. According to the latest flash report of the Hungarian Central Statistical Office (KSH), in the first three quarters of the year the volume of investment was up by 22.6 percent compared to the corresponding period of 2016.

Retail sales growth trend unbroken for more than four years in Hungary

Ministry for National Economy, November 23, 2017 4:15 PM

According to the latest report by the Hungarian Central Statistical Office (KSH), the long-term upward trend in retail sales remained unchanged in the month of September 2017. September was the 51st month in a row when sales were rising in the sector: data adjusted for calendar effects show that the volume of sales increased by 6 percent year-on-year. In the period January-September 2017, the volume of sales was up by 4.3 percent compared to the corresponding period of the previous year.

Another credit rating agency turned positive on Hungary’s credit rating outlook

Ministry for National Economy, November 16, 2017 4:16 PM

On 10 November, Fitch Ratings followed other credit rating agencies and revised the outlook of Hungary’s sovereign credit rating from “stable” to “positive”. Fitch had been the first of the “big three” credit rating agencies to restore Hungary’s position in the investment-grade category last year, a move followed by the two other major agencies later in the same year. The latest decision presages a further potential upgrade possibly within the next year.

Successful government bond swap transaction in Hungary

Ministry for National Economy, November 9, 2017 4:05 PM

The Hungarian Government Debt Management Agency (ÁKK) has managed to significantly improve the composition of Hungary’s central government debt as it had bought back USD-denominated securities and concurrently issued new EUR-denominated ones in the same value. Through the bond swap, the ÁKK has reduced the rate of payable interest, substantially extended maturity and rebalanced liabilities in favour of the euro, the currency more closely linked to the forint. The transaction has left the share of foreign currency debt within the total amount of debt unchanged.

Falling unemployment and rising employment rates in Hungary

Ministry for National Economy, November 2, 2017 4:10 PM

Thanks to favourable economic trends and supportive Government measures, the number of people in employment has hit a new record high, Minister for National Economy Mihály Varga said at a press conference last week. The latest labour market data published by the Hungarian Central Statistical Office (KSH) confirm this: in the third quarter of 2017, the unemployment rate edged further down and the number of people with a job continued to rise in comparison to the same period of the previous year.

Data show that the expansion of Hungary’s construction sector is solid and persistent

Ministry for National Economy, October 26, 2017 5:24 PM

In the period January-August 2017, the volume of construction sector output surged by 27.9 percent year-on-year, according to the flash report of the Hungarian Central Statistical Office (KSH) in which the latest statistics for the month of August 2017 were published. The latest relevant Eurostat publication also shows that in the observed month Hungary’s construction sector posted the largest year-on-year growth rate within the European Union, even if the large increase was also due to a very low base.

Strong industrial sector growth momentum persists in Hungary

Ministry for National Economy, October 19, 2017 5:16 PM

According to the latest report by the Hungarian Central Statistical Office (KSH), the industrial sector continued to expand in the month of August 2017. In August 2017, the volume of industrial sector output was up by 6.8 percent year-on-year and 5.5 percent month-on-month. In the period January-August 2017, the volume of industrial sector output and export sales of the sector’s products grew by 5.1 percent and 5.6 percent year-on-year, respectively.

Investor confidence in Hungarian government securities remains unchanged

Ministry for National Economy, October 12, 2017 4:09 PM

The Government Debt Management Agency (ÁKK) auctioned 12-month Discount Treasury Bills with an average yield of 0.00 percent on 5 October 2017, while two weeks before new government securities had been sold with negative yields. During the course of this year, auctions have resulted more than once in negative yields in the case of securities with short maturities. This shows that the financing conditions of Hungarian government debt have improved steadily and remarkably in recent years.

Hungary’s competitiveness continued to improve this year

Ministry for National Economy, October 6, 2017 9:08 AM

According to the global competitiveness survey published in September 2017 by the World Economic Forum (WEF), Hungary has advanced nine places compared to last year’s ranking. The improvement aptly shows that makers of international surveys have joined credit rating agencies among institutions that acknowledge the performance of the Hungarian economy.