Ministry of Finance

Mihály Varga

Minister of Finance

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Sales volume at retail stores rose significantly in March 2018

Ministry of Finance, May 7, 2018 1:34 PM

The rate of retail sales growth in the month of March was even higher, 8.5 percent year-on-year, than in the first two months of the year. It has been the highest rate of growth since January 2015. Thanks to the Government’s economic policy based on tax reductions and wage hikes, sales volume at retailers has increased spectacularly: the sector has been expanding for the 57th consecutive month, and sales have increased by some 30 percent since January 2010.

Economic policy to focus on the strengthening of economic growth

Ministry of Finance, May 7, 2018 1:16 PM

The main economic policy task of the next four years will be to step up economic growth, Minister Mihály Varga told MTI, presenting Hungary’s Convergence Programme for 2018-2022.

European Commission predicts accelerating economic growth 2018-2019

Ministry of Finance, May 7, 2018 11:23 AM

Compared to the previous forecast, in the latest spring study the European Commission has turned markedly more upbeat on the Hungarian economy’s outlook. Despite the upward revision of growth estimates, the new figures are still below those of the Government of Hungary.

Notes for 1 May, the International Workers’ Day

Ministry of Finance, May 2, 2018 1:25 PM

Landing a job is increasingly worth it in Hungary. Since 2010, the unemployment rate has fallen by two-thirds, to a historic low; tax cuts and wage hikes are leaving more and more money at employees and wages in real terms have been rising steadily for more than five years now.

Joint action must be taken against tax avoidance by digital enterprises

Ministry of Finance, May 2, 2018 1:23 PM

Taxation requires an innovative approach also when it comes to challenges of digitalization, therefore cooperation and data exchange between the tax authorities of member states must be bolstered, Minister for National Economy Mihály Varga said at a recent ECOFIN session in Sofia, Bulgaria.

An economic policy boosting competitiveness is the key to convergence

Ministry of Finance, May 2, 2018 12:13 PM

The factor that can best facilitate economic convergence is not membership in the euro-zone but an economic policy which prioritizes competitiveness, Minister for National Economy Mihály Varga said in Sofia, Bulgaria, at an informal ECOFIN session.

Goals and growth momentum are to remain the same

Ministry of Finance, April 20, 2018 2:05 PM

The economic policy objectives of the Government are unchanged: robust and sustainable economic growth, financial stability, full employment, to reduce government debt, cut taxes and raise wages, Minister for National Economy Mihály Varga said at the annual staff meeting of the Hungarian Banking Association. Besides the strengthening of families and maintaining their safety, the new Government is prioritizing sustainable development and the improvement of competitiveness, he noted. He confirmed that PM Viktor Orbán has asked him to continue in his post as minister and become the head of the economic cabinet.

Rate of earnings growth the highest in fifteen years

Ministry of Finance, April 20, 2018 12:43 PM

In the period January-February 2018, net and gross earnings rose by 12.9 percent year-on-year, the largest increase in the past one-and-a-half decades. Thanks to low inflation, this corresponds to real earnings growth of 10.7 percent, which factor substantially enhances the financial status of Hungarian families and increases their purchasing power.

Industrial sector cooperation within the V4 has entered a new phase

Ministry of Finance, April 19, 2018 1:24 PM

Amidst the global competition Europe needs a new industrial policy; one which bolsters innovation capacities, facilitates the faster introduction of new technologies, fosters entrepreneurial spirit thus ensuring the position of the Visegrad Four as the EU’s growth engine, Mihály Varga said at the press conference held after a ministerial level meeting of V4 countries. As the Minister for National Economy added, the MoU signed now on industrial policy cooperation would serve as a stepping stone for further partnership within the V4.

The IMF is predicting faster GDP growth in Hungary

Ministry of Finance, April 18, 2018 4:25 PM

The International Monetary Fund revised its GDP growth estimate for Hungary by 0.4 percentage points in comparison to the prior prognosis published last autumn. International economic institutions and analysts have come to acknowledge that Hungary’s pro-growth economic policy, based on tax cuts and wage hikes, has been effective.