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News in Brief

The 2019 budget approved by parliament on Friday is a sign of progress, says state secretary

Jul 23, 2018

The government has allocated more funding for priority areas and aims for a strong country with a growing economy, while ensuring security, which is required for sustainable growth

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2019 budget bill presented to parliament

Jun 28, 2018

The finance minister highlighted that there will be a number of tax cuts, salary increases across many sectors and VAT cuts on household products, such as milk

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Hungary’s new budget serves stability and security, while the upcoming EU budget would regroup funds from poorer states to richer ones

Jun 19, 2018 - Zoltán Kovács

According to PM Orbán, the draft budget for 2019 is “massive and earthquake-resistant” and “in line with the goals of the Hungarian nation.” However, the draft of the 2021-2027 EU budget seeks to reward economic policies that failed to observe financial discipline.

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Fidesz say new budget is designed to guarantee security, economic growth, support for families and full employment

Jun 14, 2018

The ruling Fidesz party has said the budget bill presented to parliament by the finance minister envisages a budget of “steady growth”, based on “responsible and provident” planning

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PM Orbán on migration: “The high tide is coming”

Jun 08, 2018 - Zoltán Kovács

While the outcome of recent elections and sources of political instability in Europe figured prominently in Prime Minister Orbán’s interview this morning on Kossuth Radio, he also warned about the coming “high tide” of migration and touched on Hungary’s budget for next year as well as the planned amendment to the Fundamental Law

News in Brief

Hungary’s 2019 budget to be presented to Parliament next week

Jun 06, 2018

Gergely Gulyás described the budget proposal to be presented to Parliament next week as showing Hungary’s positive economic prospects

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Government to submit its 2019 budget to Parliament on June 13th

May 25, 2018

Gergely Gulyás, the minister heading the Prime Minister’s Office, said Parliament may adopt the 2019 budget plans as early as the second half of July

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Hungary has confirmed that there are no “irreconcilable differences” between the goals of the government and the EC's position on the budget

Feb 05, 2018

Hungary has confirmed that there are no “irreconcilable differences” between the goals of the government and the position of the European Commission concerning the community’s budget

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Hungary’s cash flow-based budget deficit reaches 2.69 billion euros in July

Aug 22, 2017

The economy ministry said the state of government finances is “stable” and the deficit target of 2.4 percent of GDP, calculated according to EU accounting rules, “can be safely achieved”

Blog

GDP growth and fiscal discipline mean more tax cuts in Hungary’s 2018 Budget

May 09, 2017 - Zoltán Kovács

Back in 2015, the government decided to put the following year’s budget up to vote in the spring session of the Parliament, an important decision to increase predictability and improve planning. This year is no different. Though 2018 will be an election year, the government has held to a tight fiscal policy in the new budget. Continued stability and growth make possible a boost in competitiveness and tax cuts for families.

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The goal of Hungary's 2018 budget is for "everyone to be better off"

Apr 28, 2017

Prime Minister Viktor Orbán has said that ''the new budget will be the working people's budget" which will include tax cuts and an increased minimum wage.

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Hungary reveals 2018 budget plans

Apr 26, 2017

Hungary's 2018 budget would contain a two percentage point cut in the payroll tax, a one percentage point reduction in the tax on small businesses, a decrease in the VAT rate on internet service and fish, expanded tax preferences for families with children, higher public sector wages and 400 billion for roads and developments in big cities

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Hungary on course to achieve deficit target of 1.7 percent of GDP

Nov 09, 2016

"The modified EU-based deficit target of 1.7 percent looks realistic even reckoning with a run-up in spending related to EU projects in the rest of the year," the Ministry for National Economy has said

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New budget: Hungary scores another fiscal goal in the European cup of financial stability

Jun 23, 2016 - Zoltán Kovács

While Hungary’s national football team continues to surprise at the UEFA European Championship, Hungary surprises in another European competition. For the second year in a row, the country accepted next year’s budget during the spring parliamentary session to build on Hungary’s favorable economic prospects in today’s Europe. Next year’s budget is Hungary’s secret formula to advance on its debt-slashing, GDP growth path.

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Hungary’s big increase in funds for research and innovation

May 17, 2016 - Zoltán Kovács

Research and innovation are key factors in many countries’ strategy to boost economic growth, add value to their economies and attract more foreign direct investment (FDI). Hungary has long recognized the importance of its research and development (R&D) sector and, as announced by Prime Minister Viktor Orbán in his speech at the Hungarian Academy of Science, is planning to invest some 1.2 billion HUF (3.8 billion EUR) for R&D until 2020.

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2017 budget could help bring back Hungarians living abroad

May 10, 2016

The government’s measures will help the younger generation find the opportunities they seek

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2017 Budget Bill outlines plans for government expenditure on healthcare, education and welfare

Apr 27, 2016

Budget plans enable every Hungarian to take a step in the right direction

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Hungary prospers as it clears IMF-EU loan

Apr 25, 2016

Wages are increasing, unemployment is falling, taxes are being cut and investment in renovation and infrastructure is rising.

Blog

Hungary’s 2017 Budget: More Stability, Deeper Tax Cuts

Apr 18, 2016 - Zoltán Kovács

The Hungarian Minister for National Economy Mihály Varga presented Hungary’s 2017 budget plan on Tuesday. The core message signals predictability and stability to investors, while maintaining the government’s popular “one step ahead” policy, especially for families. The budget plans for 3.1 percent GDP growth, a falling debt-to-GDP ratio and a deficit of 2.4 percent.