Ministry of Finance

Mihály Varga

Minister of Finance

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OECD growth estimate for Hungary above that of the Government

Ministry of Finance, May 30, 2018 1:54 PM

In the latest Economic Outlook, the OECD predicts economic growth of 4.4 percent for this year in Hungary, Minister of Finance Mihály Varga said. Commenting on the report after a ministerial-level meeting at the organization’s headquarters in Paris, the Minister said the OECD had revised the former estimates of November 2017 for both this year and next by 0.8 percentage points each.

The unemployment rate has been declining for the 70th consecutive month in Hungary, February-April 2018

Ministry of Finance, May 29, 2018 1:37 PM

Thanks to favourable economic and job market trends, the number of unemployed people has fallen to one-third, to 177 000, of the figure seen in 2010, Minister of Finance Mihály Varga said.

Hungarian-Vietnamese relations improving rapidly

Ministry of Finance, May 29, 2018 1:36 PM

“Vietnam has been a traditional partner of Hungary in Southeast Asia, and we regard the country’s economic development and achievements with great respect”, Minister of Finance Mihály Varga said. The Minister received CPV Central Committee member and Central Economic Commission Chairman Nguyen Van Binh in his office.

Banking union discussed at ECOFIN session

Ministry of Finance, May 25, 2018 11:20 AM

Euro-zone stability is important for Hungary, Minister of Finance Mihály Varga said. At the extended meeting of the Eurogroup, the Minister said that Hungary had supported the full transformation of the banking union from the very beginning, including the third pillar of banking union: the currently discussed deposit insurance scheme and related safety-nets.

Trend reversal in competitiveness has begun

Ministry of Finance, May 24, 2018 3:24 PM

According to the latest data compiled by the Institute for Management Development (IMD) of Switzerland, Hungary advanced five places on this year’s competitiveness ranking, Minister of Finance Mihály Varga said at a press conference earlier today. Along with improving macro-economic statistics, international competitiveness rankings and valuations by economic stakeholders also confirm that a trend reversal has taken place with regard to Hungary’s competitiveness.

Economic Cabinet formed and convened for first meeting

Ministry of Finance, May 23, 2018 1:18 PM

The first session of the Economic Cabinet held earlier today focused on the Budget of 2019 and economic policy issues of the next years, Finance Minister and Head of the Cabinet Mihály Varga said.

Real earnings growth of more than 10 percent registered in Q1 2018

Ministry of Finance, May 23, 2018 10:39 AM

Earnings in real terms increased markedly, by 10.2 percent year-on-year in the first quarter of 2018. Gross and net earnings both gained 12.4 percent in the observed period. Thanks to the six-year wage agreement concluded in November 2016, earnings were up, in the period January 2017-March 2018, by more than 20 percent within the national economy. This growth has helped narrow the wage gap with the EU. The steady real earnings growth trend prevalent for more than five years proves that having a job has been increasingly worth it in Hungary.

Hungary’s economic growth is robust and stable

Ministry of Finance, May 15, 2018 1:24 PM

In the first quarter of 2018, Hungary’s economy was on a steadily ascending growth path; GDP grew by 4.7 percent year-on-year. Incoming data confirm the strong growth potential of the Hungarian economy, incoming Finance Minister Mihály Varga said.

EBRD upwardly revised prior estimate on Hungary’s economic growth

Ministry of Finance, May 9, 2018 3:25 PM

The analysts of the European Bank for Reconstruction and Development (EBRD) share the view of the Government and see a bright economic outlook for Hungary, Minister for National Economy Mihály Varga said following the annual meeting of the Bank held in Amman, Jordan. The Minister said that Hungary’s economic policy now received recognition again after the IMF had earlier also upwardly revised economic growth expectations for Hungary.

Hungary is counting on the EBRD to assume an even more an active role in the country

Ministry of Finance, May 9, 2018 11:20 AM

“We are expecting the European Bank for Reconstruction and Development (EBRD) to step up activities in Hungary”, Minister for National Economy Mihály Varga said at the EBRD’s Annual Meeting and Business Forum held in Amman, Jordan. The Minister has met with, among others, EBRD Vice President Jürgen Rigterink.