Ministry of Finance

Mihály Varga

Minister of Finance

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Parliament passes the 2015 tax laws

Ministry of Finance, November 18, 2014 2:39 PM

The three most important pillars of Hungary’s taxation regime will continue to remain the promotion of families, low taxation for small and medium-sized businesses, and the maintenance of taxes levied on specific sectors.

Hungarian economic expansion in Q3 2014 exceeds prior estimates

Ministry of Finance, November 14, 2014 12:45 PM

In the third quarter of 2014, the Hungarian economy grew by 3.2 percent year-on-year. This GDP growth figure is well above prior expectations as economic fundamentals facilitating the expansion have become sounder and more sustainable also in the long term. In the EU, Poland registered the largest growth with 3.4 percent, while Romania and Hungary share the second place in the ranking with regard to the observed period.

Private sector behind most new jobs

Ministry of Finance, November 13, 2014 4:18 PM

Employment has been on the rise for eleven months in Hungary and the bulk of employment growth have been generated by the private sector, Minister of State for Vocational Training and Labour Market Sándor Czomba said at a conference on corporate responsibility in Budapest.

New deposit insurance bill submitted to Parliament

Ministry of Finance, November 13, 2014 10:40 AM

The Ministry for National Economy has submitted to the Parliament a new regulatory package on deposit insurance. Thanks to the proposal, Hungary will join the uniform European Deposit Guarantee Scheme.

Award for Successful Enterprises presented for the month of October 2014

Ministry of Finance, November 12, 2014 2:10 PM

Minister for National Economy Mihály Varga presented the “Investor of the Month” award to Poppe+Portthoff Hungária Gépgyártó Ltd; while “Kis” Szerelő és Kereskedő Ltd was awarded the “SME of the Month” title, and in the category of “Startup of the Month” the Minister handed the award to H3Hungary Ltd at a ceremony held in the building of the Ministry for National Economy in Budapest.

Hungarian industrial sector accelerating again

Ministry of Finance, November 12, 2014 10:47 AM

Following moderate expansion in August, as factories temporarily halted production due to summer recess, in September 2014 Hungary’s industrial output picked up speed again as expected and achieved outstanding growth of 7.6 percent year-on-year. Several factors are signalling that this growth is based on sound fundamentals: expansion has been underpinned by both exports and domestic demand; output was higher in twelve out of the altogether thirteen manufacturing sub sectors and output increased in the every Hungarian region in the initial nine months of the year.

Consumer prices were down again in October

Ministry of Finance, November 11, 2014 1:26 PM

Similarly to September, consumer prices were also lower in the month of October 2014. According to data compiled by the Hungarian Central Statistical Office, in October 2014 prices were 0.4 percent lower year-on-year. The key factor shaping inflation was the mandatory lowering of utility prices.

Tourism traffic continued to rise in September 2014

Ministry of Finance, November 10, 2014 3:14 PM

In September 2014, tourism traffic growth within the Hungarian tourism sector has continued, as the number of tourism nights reached 2 million, while the total number of guests jumped by 4.9 percent, year-on-year. Higher traffic is also reflected by income data: accommodation fee revenues exceeded HUF 18bn, which constitutes an increase of some 9 percent in the observed period. Growth in the number of domestic guests has continued to be an engine of the sector’s remarkable performance. This trend has been driven by tourism investment projects, better quality services and the SZÉP Card.

Moody’s upgraded Hungary’s credit rating outlook

Ministry of Finance, November 10, 2014 2:27 PM

Moody’s upgraded the country’s credit rating outlook from negative to stable, stating Government achievements in curbing debt and igniting economic growth. The institution finds three key factors behind this improvement.

Hungary repaid EUR 2bn to the European Union

Ministry of Finance, November 7, 2014 1:47 PM

An instalment of EUR 2bn, agreed upon in the loan agreement Hungary concluded with the European Commission in the autumn of 2008, was transferred at the end of October 2014 to the account of the European Union. Due to technical accounting issues, Hungary’s state debt is lower as of today.