Ministry of Finance

Mihály Varga

Minister of Finance

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Hungarian Outlook

Hungary is set to become more competitive in coming years

Ministry of Finance, July 6, 2018 9:30 AM

“Having left the years of groundwork behind, we must now aim for maintaining rapid economic growth, increasing efficiency and productivity, and improving competitiveness,” Minister of Finance Mihály Varga has recently said.

Hungary’s public finances are stable and predictable

Ministry of Finance, June 28, 2018 4:03 PM

Thanks to Government measures, positive trends prevalent in public finances over the past months have continued. The Ministry of Finance published a preliminary report of the end-of-May status of the central sub sector of the state budget on 20 June 2018.

Hungary’s Internet market growing dynamically

Ministry of Finance, June 21, 2018 4:10 PM

According to the latest report of the Hungarian Central Statistical Office (KSH), the dynamic growth trend in the use of Internet continued in the first quarter of 2018. The number of Internet subscriptions rose to some 9.6 million by the end of the quarter, up by 5.2 percent compared to the first quarter of the previous year. The great majority of subscriptions, 69 percent, were for mobile Internet connection.

Hungary’s robust GDP growth is set to continue in 2018

Ministry of Finance, June 15, 2018 10:52 AM

According to a report published by the Hungarian Central Statistical Office (KSH) last week, in Q1 2018 the volume of Hungary’s GDP was up by 4.4 percent year-on-year. Seasonally and calendar-effect adjusted and reconciled data show that economic performance improved by 4.7 percent year-on-year and by 1.2 percent quarter-on-quarter. Market-based services were the main driving force behind the expansion.

Hungary’s firmly positive balance of trade persists

Ministry of Finance, June 8, 2018 9:40 AM

According to recently published data by the Hungarian Central Statistical Office (KSH), Hungary’s export and import trends remained sound in the first quarter of 2018. The external trade of goods and services sectors posted a surplus of EUR 2.1bn and EUR 2.0bn, respectively.

Positive job growth and unemployment trends still prevail in Hungary

Ministry of Finance, June 1, 2018 9:58 AM

The number of people out of job has fallen to one-third, some 177 thousand, of the figure registered eight years ago, thanks to adequate economic and employment measures, Minister of Finance Mihály Varga said.

Hungary’s economy characterized by stable economic and robust investment growth

Ministry of Finance, May 24, 2018 4:09 PM

Raw data showed that in the first quarter of 2018 Hungary’s GDP was up by 4.4 percent year-on-year. According to data weighted and adjusted for seasonal and calendar effects, GDP grew by 4.7 percent year-on-year and by 1.2 percent month-on-month. The fact that investment activity has been strong in almost every sector of the national economy signals that the current pace of growth is highly likely to persist even after the volume of investment has hit a historic high in 2017.

Hungary’s tourism sector boom persists in 2018

Ministry of Finance, May 18, 2018 1:35 PM

According to data released by the Hungarian Central Statistical Office (KSH) last week, the positive trend which had prevailed in recent years in Hungary’s tourism sector appears to have continued. The number of tourism nights by both domestic and international guests have increased dynamically compared to the figures recorded in the same period of the previous year. The number of arrivals by domestic guests has also grown visibly. When compared to similar data from V4+4 countries, Hungary’s ranking in terms of the number of tourism nights spent at accommodation establishments continues to be stable. Antal Rogán, the Minister heading the Prime Minister’s Cabinet Office and designated to be responsible for the sector in the next Orbán administration, has recently said he was aiming to increase the share of tourism within Hungary’s GDP from the current 10 percent to at least 16 percent.

Hungary’s economic outlook to remain bright in coming years

Ministry of Finance, May 10, 2018 4:02 PM

The Government of Hungary has recently published the country’s Convergence Programme with an outlook for 2018-2022 and the European Commission has also released a spring forecast for 2018-2019. Both studies predict robust economic growth above the EU average for this year in Hungary.

German investors remained committed to Hungary

Ministry of Finance, May 3, 2018 4:00 PM

The business sentiment survey of the German-Hungarian Chamber of Industry and Commerce (DUIHK) published on 17 April shows an even more upbeat picture than before. The fact that the share of enterprises which would once again choose Hungary as their investment destination rose to 84 percent signals that German enterprises are content with conditions in the country.