Ministry of Finance

Mihály Varga

Minister of Finance

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Report shows significant effect of Small and Medium-Sized Enterprises on growth

Ministry of Finance, July 8, 2014 4:25 PM

The share of SMEs in Hungarian export sales has increased by three percent over the course of just three years, primarily thanks to medium-sized companies. This was just one of the findings of the report on the state of small and medium-sized enterprises for the year 2011-2012, which the cabinet approved at its meeting yesterday.

The deficit of the budget’s central subsystem for the first two quarters of 2014

Ministry of Finance, July 7, 2014 4:00 PM

The deficit of the budget’s central subsystem for months 1-6 2013 was HUF 813.7bn forints (EUR 2.62bn), which is equivalent to 82.6% of the planned annual ceiling.

Foreign currency loans to be eliminated from the Hungarian market by end of 2014

Ministry of Finance, July 7, 2014 2:44 PM

Foreign-currency denominated loans will be eliminated from Hungary's lending market by way of converting them to forint loans before the end of this year, Minister of National Economy Mihály Varga told public media on Monday.

No discussions about launching EDP against Hungary

Ministry of Finance, July 2, 2014 4:30 PM

Minister of National Economy Mihály Varga said in connection with a critical report published by the European Commission that there was "absolutely no talk" about launching an excessive deficit procedure (EDP) against the country.

Number of those in employment continues to be above 4 million

Ministry of Finance, June 27, 2014 10:50 AM

According to the flash report of the Hungarian Central Statistical Office (KSH) published this morning, the upward employment trend is unbroken. In March-May 2014, the number of people aged 15-74 years in employment increased by 195 thousand, from 3 million 910 thousand one year ago to 4 million 105 thousand. Accordingly, the employment rate edged up from 51.2 percent to 54 percent. Besides public work programmes, more and more people are employed by the private sector which confirms the effectiveness of the Government’s employment policy.

Government bill on forex loans to be completed already this week

Ministry of Finance, June 26, 2014 1:37 PM

The Government will submit to parliament a bill which translates the Kuria’s resolution for the uniformity of the law into the legal system, Minister for National Economy Mihály Varga announced at a press conference, adding that the Government aims to legally settle the issue of forex borrowers in two steps.

Upward retail sales trend in place for one year and a half

Ministry of Finance, June 25, 2014 10:06 AM

The retail sector continued to grow robustly in the month of April. In comparison to the corresponding period of 2013, the volume of retail sales jumped by 9 percent in April 2014.

Country-specific recommendations by Brussels changed favourably

Ministry of Finance, June 23, 2014 2:08 PM

As far as country-specific recommendations are concerned, Hungary has achieved significant results, Minister for National Economy Mihály Varga stated following an Ecofin session in Brussels. Among others, he said, the Commission omitted from the report their former recommendation on fiscal adjustments totalling 1 percent of GDP.

Ministry for National Economy relaunches student work programme

Ministry of Finance, June 19, 2014 2:32 PM

As of 1 July 2014, the Ministry for National Economy relaunches the summer student work programme this year, within which students aged 16-25 years may obtain work at local governments or their institutions.

Wages in real terms increase by more than 4 percent in April

Ministry of Finance, June 19, 2014 9:43 AM

According to the flash report by the Hungarian Central Statistical Office (KSH), wages in real terms continue to increase dynamically. In April 2014, wages in real terms were up significantly, by 4.2 percent year-on-year. This result is also contributable to certain Government measures, such as the cutting of utility prices, public sector wage hike, the Job Protection Action Plan as well as measures aimed at stimulating labour market activity.