Ministry for National Economy

Mihály Varga

Minister for National Economy

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Economy Minister Varga: we are building a strong and competitive economy

Ministry for National Economy, June 12, 2014 10:16 AM

The Ministry for National Economy (NGM) is aiming to build a strong and competitive economy which brings success and opportunities for everyone, Mihály Varga said at a press conference where he introduced his Ministers of State.

Tourist traffic soared by more than 20 percent year-on-year in Hungary

Ministry for National Economy, June 10, 2014 1:43 PM

In April 2014, double-digit growth was recorded concerning the number of guests and tourism nights as well as revenues at accommodation establishments. Domestic tourism also increased dynamically: the number of tourism nights by domestic guests soared by 21.9 percent, while respective revenues jumped by 25.6 percent compared to April 2013. In the opinion of the Ministry for National Economy, the upward domestic tourism trend, which has been in place for several years now and which has continued this year, has bolstered and reinforced the tourism sector and it has also mitigated the still very pronounced seasonal fluctuation.

Kazakhstan is Hungary’s strategic partner in Central Asia

Ministry for National Economy, June 5, 2014 4:24 PM

Last year, Kazakhstan was the third largest trading partner of Hungary within the Commonwealth of Independent States, with a total trade volume exceeding USD 261 million and up by 6.5 percent compared to last year. Within the above amount, the value of Hungarian exports was USD 210 million, signalling an increase of 34.3 percent year-on-year, Minister for National Economy Mihály Varga said at the press conference following the fourth session of the Inter-Governmental Committee (IGC) on Hungarian-Kazakh Economic Cooperation.

Hungary’s GDP up by 3.5 percent in Q1 2014

Ministry for National Economy, June 4, 2014 3:33 PM

In Q1 2014, Hungary’s GDP increased by 3.5 percent year-on-year. Quarter-on-quarter, the economy expanded by 1.1 percent. In international comparison, Hungary’s quarter-on-quarter growth was – along with Poland’s – the highest within the European Union. Final data are in line with preliminary statistics.

Investment growth hits record high

Ministry for National Economy, June 4, 2014 1:19 PM

In Q1 2014, the volume of investment increased by 22.6 percent year-on-year. Whereas the 15 percent growth in the previous quarter was a ten-year record high, current data show an unprecedented increase. As all major economic sectors have contributed to the steady improvement which has been observed in the past four quarters, it can be concluded that Hungarian economic growth has been placed on a sound footing.

Exporters had a great start in the new year

Ministry for National Economy, June 4, 2014 1:17 PM

In light of Q1 2014 data, the value of exports to international markets totalled EUR 20.8bn in the observed period. Foreign buyers purchased mainly products of the vehicle manufacturing, machinery manufacturing and food industry.