Ministry of Finance

Mihály Varga

Minister of Finance

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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).

Fiscal expenditures focus on financing of development projects

Ministry of Finance, March 7, 2018 11:09 AM

While the priority of fiscal stability is maintained, the state budget provides funding for the financing of several development and social policy objectives. In February 2018, the disbursement of funds as advance payment for the financing of EU-backed and Modern Cities projects has continued. As a result, the central sub sector of the state budget closed the first two months of 2018 with a deficit of HUF 526.6bn.

Hungary’s GDP up by 4 percent in 2017

Ministry of Finance, March 6, 2018 12:55 PM

Hungary’s economy has switched into a higher gear in 2017. According to the latest report by the Hungarian Central Statistical Office (KSH), in Q4 2017 and in the year 2017 the economy grew by 4.4 percent and 4.0 percent, respectively, year-on-year.

Hungarian economy has proven pessimistic predictions wrong

Ministry of Finance, March 2, 2018 12:40 PM

Last year, Hungary’s GDP grew by 4.2 percent, the largest increase in 12 years. With this, the economy has disproved several gloomy market prognoses, among them those envisioned by credit rating institutions, Minister of State for the Utilization of EU Funds Balázs Rákossy said at a conference organized by business daily Világgazdaság.

Hungarian-Iranian relations in healthcare are growing stronger

Ministry of Finance, March 2, 2018 10:29 AM

Iran and Hungary have a long history of a mutually beneficial economic and financial partnership, Minister for National Economy Mihály Varga stated when he met with Iran’s Minister of Health and Medical Education Ghazizadeh Hashemi in Budapest.

Credit line of EUR 184 million provided for tertiary education development

Ministry of Finance, March 1, 2018 2:32 PM

The European Investment Bank (EIB) and the Council of Europe Development Bank are to grant preferential loans of EUR 184 million for Hungary to develop the campuses of the University of Pécs and the University of Physical Education, Minister of State for Financial Affairs Ágnes Hornung announced. The two credit lines of EUR 92 million each were signed, along with Ágnes Hornung, by European Investment Bank's Vice-President Vazil Hudák and Council of Europe Development Bank Vice Governor Carlo Monticelli earlier today.