Ministry of Finance

Mihály Varga

Minister of Finance

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Earnings in real terms up by 9 percent in January-August 2018

Ministry of Finance, October 19, 2018 10:41 AM

Earnings in real terms increased by 9 percent in the period January-August 2018, fuelling household income growth, which in turn has improved the finances of Hungarian families. The positive trend in real earnings growth has been unbroken for the 68th consecutive month, thanks to the six-year wage agreement, public sector career models and private sector wage hikes.

Wages were raised and taxes were cut significantly in 2017

Ministry of Finance, October 18, 2018 3:27 PM

Wages were raised and taxes were cut significantly in 2017; the pace of economic growth has accelerated and it is having an impact on families, enterprises and every Hungarian, Minister of Finance Mihály Varga said at the parliamentary debate concerning the bill on the execution and discharge of the state budget.

Hungary advanced 12 places on World Economic Forum competitiveness ranking

Ministry of Finance, October 18, 2018 12:56 PM

Hungary is currently the 48th on the new competitiveness ranking of the World Economic Forum (WEF), well ahead of rank 69 the country had in 2016 and rank 60 in 2017. This improvement reflects the trend reversal in Hungary’s competitiveness, a fact which has come to be acknowledged – after market players and credit rating agencies – also by the majority of research papers.

Everybody gains if financial awareness is improved

Ministry of Finance, October 15, 2018 2:28 PM

One learns all his life how to prudently manage his finances, and the state is responsible for improving the financial awareness of people, Minister of Finance Mihály Varga said at the inauguration of the Fintelligence Financial Education Centre of the University of Debrecen. That is why the Government has launched, the Minister added, the National Financial Awareness Development Strategy.

The number of Hungarian enterprises active on Asian markets set to increase

Ministry of Finance, October 12, 2018 11:17 AM

The International Monetary Fund and the World Bank Group have come to acknowledge the achievements of Hungary’s economic policy. The fact that the IMF has recently revised upward the country’s growth estimate reflects this recognition, Minister of Finance Mihály Varga said. The Minister represents Hungary as head of the Hungarian delegation at the Annual Meeting of the IMF and the World Bank Group in Bali, Indonesia.

IMF revised upward Hungary’s growth estimate again

Ministry of Finance, October 9, 2018 10:29 AM

Compared to the previous expectations published in July the latest World Economic Outlook shows a 0.2 percentage points higher growth rate for this year and a 0.3 percentage points higher rate for next year. Accordingly, Hungary’s GDP growth is expected at 4 percent for 2018, which rate is roughly in line with the Government’s estimate.

HUF 70bn of loans with preferential conditions secured to help fund Hungarian development projects

Ministry of Finance, October 8, 2018 2:58 PM

The State of Hungary and the European Investment Bank (EIB) concluded a loan contract of more than HUF 70bn (EUR 400 million) to be used by Hungary as own funds required for the co-financing of EU-funded projects, Minister of Finance Mihály Varga said. The contract signed by Minister of Finance Mihály Varga and EIB Vice-President Vazil Hudák aims to help the implementation of projects in the fields of, among others, transport infrastructure, drinking water supply and energy efficiency.

National Competitiveness Strategy to be submitted to the Government soon

Ministry of Finance, October 8, 2018 2:39 PM

A national competitiveness strategy with the main points of growth is to be submitted to the Government soon, Minister of Finance Mihály Varga said at the latest meeting of the National Competitiveness Council.

Dynamic economic growth also helps achieve the deficit target

Ministry of Finance, October 8, 2018 1:24 PM

Rising fiscal revenues, driven by solid economic performance, continue to underpin the stability of public finances, help reach social policy objectives as well as the financing of Hungarian and EU development projects. For the year 2018, the Government maintains that the 4 percent economic growth and 2.4 percent fiscal deficit targets will be met.

Central and Eastern Europe is one of Europe’s most rapidly growing regions

Ministry of Finance, October 3, 2018 4:11 PM

“The economic growth of the Central and Eastern European region is developing much more rapidly that the EU average; the region could remain the engine of European growth in the upcoming years”, Minister of Finance Mihály Varga said at a meeting of EU Finance Ministers in Luxembourg.