Ministry of Finance

Mihály Varga

Minister of Finance

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Sovereign debt further decreased

Ministry of Finance, April 6, 2018 8:40 AM

As a result of the civic government’s fiscal policy, similar to earlier years, last year, too, the percentage of sovereign debt further decreased to 73.6 per cent of GDP, while the budget deficit amounted to 2 per cent of GDP in line with the government’s expectations, the Minister for National Economy stated evaluating the data published by the Central Statistical Office for the spring EDP report.

State finances are stable, sovereign debt is on the decrease

Ministry of Finance, April 6, 2018 8:38 AM

It is important information both for financial investors and investors in the real economy that state finances are stable and the sovereign debt is on the decrease, Péter Benő Banai, Minister of State for State Finances at the Ministry for National Economy said on the public service television news channel M1 in response to data published by the Central Statistical Office on Wednesday.

State debt-to-GDP ratio continued to decline

Ministry of Finance, April 5, 2018 1:18 PM

As a result of the Government’s fiscal policy, the downward trend in the general government debt-to-GDP ratio of recent years has continued, and thus the indicator fell to 73.6 percent while the budget balance finally showed as expected a deficit of 2 percent of GDP, Minister for National Economy Mihály Varga said, commenting on data published by the KSH for the spring EDP Report.

Nearly 300 SMEs received grants to maintain existing and create new jobs

Ministry of Finance, April 3, 2018 3:31 PM

293 SMEs have received grants of more than HUF 4bn under the “Scheme for SMEs’ job creating projects”, Minister for National Economy Mihály Varga said.

Number of private sector jobs up by nearly 130 thousand year-on-year

Ministry of Finance, March 28, 2018 1:25 PM

The Government’s employment measures have been bearing fruits: according to KSH data for December 2017-February 2018, the number of people with a job rose by more than 750 thousand compared to 2010, Minister for National Economy Mihály Varga said.

Retailers saw soaring sales in January 2018

Ministry of Finance, March 22, 2018 11:36 AM

In January 2018, the volume of retail sales grew by 7.8 percent year-on-year, according to both unadjusted and calendar-adjusted data. This shows an unbroken upward sales trend of 55 months. This trend in the past four-years-and-a-half has been driven, among other factors, by job growth, VAT reductions and real wage growth generated by the six-year wage agreement.

Hungary to host Euroskills in 2018

Ministry of Finance, March 21, 2018 2:20 PM

Hungary is the first within the CEE region to host Euroskills, the European Championship of young professionals, Minister for National Economy Mihály Varga said at the ceremonial opening of the event in Budapest. At this year’s gathering, the best qualified 600 young professionals from 28 EU member states compete against each other with their skills in six categories.

Accelerating wage growth predicted for 2018

Ministry of Finance, March 20, 2018 3:52 PM

Following wage growth of more than 10 percent real last year, in the beginning of this year wages rose by 11.5 percent year-on-year in Hungary, Minister for National Economy Mihály Varga said.

Volume of industrial output up by 40 percent since 2010

Ministry of Finance, March 14, 2018 2:38 PM

Hungary’s re-industrialization has been on track. Thanks to a favourable economic environment and Government incentives, the output of the sector has increased by some 40 percent since 2010, Minister for National Economy Mihály Varga said, commenting on data released by the Hungarian Central Statistical Office (KSH). As the Minister added, in January 2018 the volume of industrial output grew by 6.9 percent year-on-year, and thanks to recently implemented capacity expansion projects growth was expected to continue in the near future.

Expansion of Hungary’s construction sector gathering pace

Ministry of Finance, March 14, 2018 2:03 PM

The Government’s measures aiming to support the construction sector have come to fruition. Thanks to the housing programme, the preferential VAT rate on new homes and active industrial policy, the sector has been growing in a persistent and robust manner, Minister for National Economy Mihály Varga said, commenting on the latest data published by the Hungarian Central Statistical Office (KSH).