Ministry of Finance

Mihály Varga

Minister of Finance

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EUR 2.1bn allocated for research and development

Ministry of Finance, September 9, 2014 4:10 PM

In the coming EU fiscal period, Hungary will spend EUR 2.1bn on R&D, double the amount received from cohesion funds in the previous period, Minister for National Economy Mihály Varga said at the opening ceremony of National Instruments’ (NI) Science Park in Debrecen.

Tourism shows record results in the initial seven months of the year

Ministry of Finance, September 9, 2014 11:57 AM

Hungarian accommodation establishments received 5.25 million guests in the initial seven months of 2014, who spent 13.4 million tourism nights in the country and the gross accommodation charges they paid totalled HUF 101bn. The number of domestic guests and gross accommodation charge revenues continued to record growth exceeding 10 percent, while the total number of guests and the number of tourism nights gained 7.3 percent and 5.6 percent, respectively.

The Government supports electric vehicles

Ministry of Finance, September 9, 2014 11:09 AM

Under the Ányos Jedlik Programme, the Government promotes electrically-powered vehicles and the export of related Hungarian products, Minister of State for Economic Regulation Béla Glattfelder said at a press conference in Budapest.

The August 2014 cash-flow balance of the state budget highly favourable compared to results in past years

Ministry of Finance, September 8, 2014 3:42 PM

The central sub sector of the state budget in the month of August 2014 posted a deficit of HUF 7.4bn, the lowest figure in ten years.

Test run started at the new tobacco factory of British American Tobacco

Ministry of Finance, September 8, 2014 1:38 PM

The investment project of British American Tobacco (BAT) proves that Government measures aiming to protect non-smokers and hinder the access of youth to tobacco products did not weaken market competition. The group’s project is a sign of trust in the Hungarian labour force and the Government, Minister for National Economy Mihály Varga said at the opening ceremony of the new production site of Pécsi Dohánygyár Kft.

The production facility of ZF Lenksysteme inaugurated in Maklár

Ministry of Finance, September 8, 2014 10:25 AM

According to the latest data from the month of July, Hungarian industrial output increased by 12.3 percent year-on-year and thus Hungary’s economy is one of the fastest growing in Europe, Minister of State for Economic Regulation Béla Glattfelder said at the inauguration ceremony of the new site of ZF Lenksysteme manufacturing electronic steering gears in Maklár. The facility was completed as the result of a EUR 150 million investment project, where state-of-the-art, material- and energy efficient electronic steering gears will be produced.

Hungarian economy shall be kept on a sustainable growth path

Ministry of Finance, September 5, 2014 11:49 AM

The conversion of forex loans into forint denominated ones shall start in spring next year, after the parliament has adopted related regulations, Minister for National Economy Mihály Varga said at the 52nd Congress of the Hungarian Economic Association in Nyíregyháza.

Unprecedented GDP Growth in Hungary in the Past Eight Years

Ministry of Finance, September 3, 2014 2:13 PM

The Gross Domestic Product has never increased in Hungary at the rate recorded in the second quarter of 2014. As the preliminary data indicated, the Hungarian economy expanded by 3.9%, which represents a growth rate of 0.8% in relation to the previous quarter. The way in which we managed to maintain a balanced budget alongside recording growth is particularly favourable, i.e., the budget deficit is consistently below 3%. The Hungarian economy is performing exceptional well in EU, as well as regional comparison. Hungary's economy grew at the fastest pace in the EU in relation to the same period of the previous year.

160,000 new jobs, predominantly in the private sector

Ministry of Finance, August 28, 2014 9:49 AM

According to new data published on Wednesday by the Central Statistical Office, 160 thousand more people were in employment in May-July than in the same period last year. The vast majority of these new jobs were created within the private sector, in view of the fact that the number of migrant workers and people employed in public work programmes did not increase significantly during that time, the Ministry of National Economy’s Minister of State for the Labour Market and Training Sándor Czomba said on Wednesday.

Government considers assistance for car loan holders

Ministry of Finance, August 22, 2014 11:20 AM

The Government will decide in the autumn on whether to include foreign-currency car loans in the forint conversion relief scheme, Minister of National Economy Mihály Varga said late on Thursday.