Ministry of Finance

Mihály Varga

Minister of Finance

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Hungarian Outlook

Wage growth has picked up pace in Hungary

Ministry of Finance, April 5, 2018 4:20 PM

According to the latest data published by the Hungarian Central Statistical Office (KSH), earnings in real terms have been up for 61 consecutive months. Among the main drivers of steady growth have been public sector career models and the Government-initiated six-year wage agreement, Minister for National Economy Mihály Varga said, commenting on the news.

Hungary’s balance of payments account remained positive in Q4 2017

Ministry of Finance, March 29, 2018 4:33 PM

Persistently positive real economic trends, among them export and import growth, have caused Hungary’s balance of payments account to remain positive also in the last quarter of 2017 – as the latest report by the National Bank of Hungary (MNB) shows.

Financing conditions of public finances continued to improve in January 2018

Ministry of Finance, March 22, 2018 5:59 PM

The financing policy pursued in recent years has continued in the month of January 2018. Regarding financing, the State of Hungary has been increasingly relying on domestic resources and the Hungarian national currency. This policy has helped gradually improve the financing structure of public finances and reduce external exposure.

Hungary’s economy is off to a good start this year

Ministry of Finance, March 14, 2018 4:18 PM

The Hungarian economy has been on a stable growth path. Following last year’s robust performance, the first data published by the Hungarian Central Statistical Office (KSH) are also pointing to strong growth momentum at the beginning of the year. In the first month of 2018, the volume of industrial output increased by 6.9 percent year-on-year, while the volume of retail sales gained 7.5 percent and the value of the export of goods – in euro terms -- was up by 10 percent in the observed period. Currently available data are signalling a promising outlook for the remainder of the year.

Positive unemployment and employment trends persist in Hungary

Ministry of Finance, March 9, 2018 9:30 AM

Thanks to favourable economic trends and Government measures implemented in the past seven years, employment has hit a record high in Hungary, Minister for National Economy Mihály Varga said at a recent conference on EU employment programmes. The latest data published by the Hungarian Central Statistical Office (KSH) have confirmed the Minister’s words: they show that in the period November 2017-January 2018 the unemployment rate has edged lower once again and the number of people in employment has grown in comparison to the corresponding period of the previous year.

Upward retail sales trend remained unchanged in 2017

Ministry of Finance, March 1, 2018 4:02 PM

Hungary’s retail sector has been expanding for four-and-a-half years. Rising domestic purchasing power, improving labour market conditions, soaring real wages and supportive Government measures – which, as a whole, have been boosting household finances -- are seen to be the drivers of growth.

The Hungarian economy closed the year 2017 with outstanding performance

Ministry of Finance, February 23, 2018 8:25 AM

The Hungarian economy put up a great performance in the last quarter of 2017. According to the flash report of the Hungarian Central Statistical Office (KSH), unadjusted data show that in Q4 2017 the volume of Hungary’s GDP rose by 4.4 percent year-on-year, while data adjusted for seasonal and calendar effects show growth of 4.8 percent in the observed period. The pace of growth was higher than prior analyst expectations but it was in line with the figure formerly predicted by the Ministry for National Economy. The last occasion when a similar growth rate had been figured by the KSH was in Q4 2005, twelve years ago.

2017 was a strong year for the Hungarian construction sector

Ministry of Finance, 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 of Finance, 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 of Finance, 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.