Ministry of Finance

Mihály Varga

Minister of Finance

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Hungarian Outlook

Even more encouraging data signal recovery of Hungarian real estate market

Ministry of Finance, February 26, 2015 4:03 PM

Data published by the Hungarian Central Statistical Office (KSH) on 24 February 2015 indicate that the number of building permits issued in Hungary has overcome a key level in 2014.
Data from Q2 2014 on the floor area of residential property for which building permits have been issued show that the 2010 level has been reached. The number and floor area of residential property units the building of which was approved had bottomed out in 2013 and a sharp trend reversal was recorded in 2014. Last year, the number of building permits issued for residential property was 9633, up by 28 percent compared to 2013 statistics.

Government to ease burden of Hungarian banking sector

Ministry of Finance, February 19, 2015 4:09 PM

In order to increase the profitability and lending capacity of the Hungarian banking sector, the Government of Hungary concluded a Memorandum of Understanding (MoU) with the European Bank for Reconstruction and Development (EBRD).

Consumer prices continue to decline in Hungary

Ministry of Finance, February 12, 2015 4:09 PM

In the month of January 2015, consumer prices were on average 1.4 percent lower in comparison to the corresponding period of the previous year. In this period, prices of automotive fuel and household energy fell significantly. The former drop was caused by declining crude oil prices on global markets, while the latter was the result of the Government-mandated public utility price cuts that had been aimed to ease the financial burden on families.

Tourism sector is set to become an economic growth engine in 2015

Ministry of Finance, February 5, 2015 4:51 PM

The Hungarian Government has been placing special emphasis on reinvigorating and supporting the domestic tourism sector. Allocations for tourism sector development in this year’s budget total HUF 5bn, up by HUF 2bn compared to the previous year. Statistics show that Hungary’s popularity as tourism destination has been increasing among domestic and international travellers as well. The country’s special characteristics in comparison to other European states and the Government’s tourist-friendly policy are also contributing to this trend.

Positive trend reversal on Hungary’s real estate market in 2014

Ministry of Finance, January 29, 2015 4:04 PM

During the years following 2008, the average price per square meter of real estates had been gradually falling, but since a positive U-turn in 2014 demand has been rising on the Hungarian market, both in the commercial and residential segments. The Family Housing Grant scheme to be launched in 2015 will add further impetus to the rebound on the real estate market.

Positive wage growth trend unbroken for the 23rd consecutive month in Hungary

Ministry of Finance, January 22, 2015 4:07 PM

As the Hungarian Central Statistical Office (KSH) reported earlier this week, in January-November 2014 wages in real terms were up by 2.9 percent within the national economy.

Industrial output grew by some 6 percent in November 2014

Ministry of Finance, January 15, 2015 4:03 PM

In line with preliminary data, the volume of industrial output was 5.8 percent higher in November 2014, in comparison to the corresponding period of the previous year.

Hungary’s labour market indicators continue to improve

Ministry of Finance, January 8, 2015 4:12 PM

According to the latest data, the positive trend regarding growth in the number of people in employment has remained intact. In September-November 2014, the number of those in employment aged 15-74 years increased by 188 thousand, from 3 million 967 thousand one year ago to 4 million 155 thousand.

RDI sector to receive EUR 2200 in 2014-2020

Ministry of Finance, December 19, 2014 10:31 AM

Hungary has pledged to increase spending on R&D-related projects to 1.8 percent of GDP until 2020, while in 2012 1.3 percent of GDP was disbursed for the same purpose. Hungary’s economic policy aims to close the gap with world leaders in the long term: with countries which devote 3 percent of GDP on research and development.

Investment volume up for the fifth consecutive quarter in Hungary

Ministry of Finance, December 11, 2014 4:03 PM

On 28 November, the Hungarian Central Statistical Office (KSH) published the latest data on the volume of investment in Hungary. These show that investment volume in the third quarter was 16.3 percent higher year-on-year. Thus, this indicator has risen for the fifth month in a row.