Ministry of Finance

Mihály Varga

Minister of Finance

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Hungarian Outlook

Hungary’s competitiveness continued to improve this year

Ministry of Finance, 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.

Internet penetration rising steadily in Hungary

Ministry of Finance, September 28, 2017 4:04 PM

According to the latest relevant report by the Hungarian Central Statistical Office (KSH), the Internet services market has continued to expand in the second quarter of 2017. The number of Internet subscriptions grew to 9.1 million by the end of the quarter, which shows an increase of 2.4 percent quarter-on-quarter and 8 percent year-on-year. 69 percent of subscriptions were for mobile Internet services.

Hungary’s tourism sector boom continued

Ministry of Finance, September 21, 2017 4:07 PM

According to the latest data published by the Hungarian Central Statistical Office (KSH), the upward tourism trend that had prevailed in recent years has continued in 2017. The number of tourism nights by international guests has risen steeply, while those by domestic guests were also markedly higher compared to the figures registered one year before. The number of arrivals by foreign guests was another indicator that showed robust growth. The performance of Hungary’s tourism sector is remarkable even when compared to that of other countries within the Visegrad Four.

Positive trends on the government securities market

Ministry of Finance, September 14, 2017 4:09 PM

In addition to a stable central government budget and low current account deficit achieved in Hungary, the financing conditions of external debt have also been improving steadily. On 5 September 2017, the Government Debt Management Agency (ÁKK) issued 3-month Discount Treasury Bills with negative yields – for the first time in its history.

Hungarian economy’s dynamic growth continues

Ministry of Finance, September 7, 2017 4:08 PM

In the second quarter of 2017, the volume of investment within the national economy grew by 27 percent year-on-year. Coupled with robust growth registered in the previous quarter, in the first half of 2017 investment volume was up by some 25 percent compared to the same period of the previous year.

Strong GDP growth momentum persists in Hungary

Ministry of Finance, August 31, 2017 6:10 PM

Data compiled by the Hungarian Central Statistical Office (KSH) show that in the first half of 2017 Hungary posted robust GDP per capita growth: following a year-on-year increase of 3.7 percent in the first quarter, the economy grew by above 3 percent in the second quarter, compared to the corresponding period of the previous year.

Hungary’s food industry is highly competitive in the region

Ministry of Finance, August 24, 2017 4:39 PM

Hungary’s food industry is strong, competitive and has a remarkable weight even from an international perspective, Minister for National Economy Mihály Varga said on 19 July 2017 at the opening of a new project by an agricultural company in Nádudvar, Eastern Hungary.
Hungary is a country of long-standing agricultural traditions that is endowed with excellent natural values, and consequently, it is a country with a long history of manufacturers processing agricultural raw materials. The existing excellent know-how has been complemented and bolstered by technological development financed by foreign funding, and this combination enables the production of goods that meet high international quality standards.

Hungarian accommodation establishment data show continuing growth after tourism saw a record year in 2016

Ministry of Finance, August 17, 2017 4:00 PM

According to data published recently by the Hungarian Central Statistical Office (KSH), in June 2017 the number of tourism nights spent at accommodation establishments grew by 12 percent year-on-year. The number of tourism nights by foreign guests increased the most dynamically, having gained 16 percent in the observed period, while that by domestic guests was up by 8.8 percent compared to the corresponding period of the previous year. Gross revenues at accommodation establishments soared, at current prices, by 22 percent. Thus, the tourism sector has continued to gain weight within the national economy.

Low unemployment rate and high job growth in Hungary

Ministry of Finance, August 10, 2017 4:36 PM

According to the latest labour market report by the Hungarian Central Statistical Office (KSH), in the second quarter of 2017 the unemployment rate continued to decrease and the number of people in employment continued to rise.

Lasting recovery on Hungary’s housing market

Ministry of Finance, August 3, 2017 4:47 PM

According to the latest property price report by the Hungarian Central Statistical Office (KSH) published on 27 July 2017, prices continued to rise in the first quarter of 2017. The latest Housing Market Report by the National Bank of Hungary (May 2017) also shows favourable demand- and supply-side trends.