Ministry of Finance

Mihály Varga

Minister of Finance

Leading news

Hungary has moved up in competitiveness rankings

Ministry of Finance, October 9, 2019 12:43 PM

Compared with last year, Hungary has moved up one place, and is currently ranked 47th in the World Economic Forum’s (WEF) competitiveness rankings for this year. According to the report, the higher ranking is due to the improved corporate perception of Hungary’s economic policy, the country’s macroeconomic stability, improving processes observed on the labour market and Hungary’s infrastructure.

The Hungarian economy is on stable footing

Ministry of Finance, October 8, 2019 4:07 PM

“The Hungarian economy is on a stable footing. While in 2011 state debt exceeded 80 percent of GDP, according to the latest data it is now under the psychological margin of 70 percent, hitting 68.2 percent at the end of June, and the GDP growth for the second quarter of 2019 reached 5.2 percent, placing Hungary second in the EU rankings” , the Ministry of Finance’s Parliamentary State Secretary András Tállai said at a press conference on Tuesday in Budapest.

Sustainable growth, stable state finances

Ministry of Finance, October 8, 2019 12:37 PM

The latest data regarding state finances shows that the situation of the budget is stable, and so the 1.8 per cent to GDP deficit target set for the whole of 2019 according to EU methodology continues to remain attainable. Processes in the real economy, in particular, the GDP growth above 5 per cent in the first two quarters, the rise in wages and the fact that in the summer months unemployment fell to 3.4 per cent, guarantee the balance of the central budget.

Majority of tax-related points of Economy Protection Action Plan are already in effect

Ministry of Finance, October 5, 2019 5:00 PM

Four of the Economy Protection Action Plan’s seven points have already taken effect. The reduction of the rate of the small business tax (kiva) and the VAT on hotel and accommodation services will alleviate the burdens of businesses from 1 January 2020. Rules relating to the simplification of taxation, too, will enter into force, with the proviso that the Ministry of Finance will start assisting businesses affected by the phasing out of the simplified tax of businesses with the changeover already from the end of September, Minister of State for Tax Affairs Norbert Izer told the Hungarian news agency MTI.

Number of women in employment has increased by three hundred thousand in nine years

Ministry of Finance, October 1, 2019 9:00 PM

In the past nine years, the number of women in employment in Hungary has increased by three hundred thousand, and this increase is due to the fact that since 2010 significant changes have occurred in the country’s employment policy, the Minister of State for Employment Policy and Corporate Relations of the Ministry of Finance said on Monday in Kapuvár.

Finance Minister Varga: Hungarian economic growth is sustainable

Ministry of Finance, October 1, 2019 8:00 PM

On Tuesday in Budapest, at a conference entitled Inspiring Hungary organised by the Hungarian Investment Promotion Agency (HIPA), the Finance Minister described Hungary’s economic growth as sustainable despite the slowing down of the global economy.

Hungary will remain an investment destination in the upcoming years

Ministry of Finance, October 1, 2019 4:12 PM

“Thanks to its over the European Union average economic growth, falling tax burdens, and its consistent and calculable economic policy, Hungary will be able to remain an attractive investment destination it the upcoming years”, Minister of Finance Mihály Varga declared at the Inspiring Hungary international economy conference in Budapest.

Real wages continue to rise

Ministry of Finance, September 30, 2019 8:00 PM

In Hungary, real wages have increased steadily for more than six and a half years, meaning for 79 months; in the past one year alone, there has been a seven-per cent increase, Finance Minister Mihály Varga said commenting on the latest earnings data.

Hungarian economy continues to remain stable, deficit and sovereign debt have further decreased

Ministry of Finance, September 30, 2019 8:00 PM

The Ministry of Finance submitted the bill regarding the implementation of the 2018 budget (discharge bill) to Parliament today. According to the document, the Hungarian economy performed above the EU’s average level, the deficit of state finances calculated according to EU methodology was better than planned, and the sovereign debt level to GDP was lower than predicted.