Ministry of Finance

Mihály Varga

Minister of Finance

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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.

Public finances are stable and predictable

Ministry of Finance, May 8, 2018 2:42 PM

The fiscal policy of the Government continues to focus on boosting economic growth and supporting Hungarian families. Accordingly, expenditures related to the pre-financing of EU-funded projects, the financing of infrastructural projects and one-off items have made the largest impact on the budget in the first four months of 2018.

Number of new dwellings up by 65 percent year-on-year in Q1 2018

Ministry of Finance, May 7, 2018 2:46 PM

In Q1 2018, the number of newly built dwellings completed increased at an unprecedented rate of 65 percent year-on-year, to a total of some 3 400 units. The increase also reflects the success of the Government’s Housing Programme.

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.