Hungarian Conservative

Real estate prices in Hungary have shown outstanding growth among the European markets this year so far, the Azerbaijani news site AzerNews reports. Similarly, according to leading Hungarian real estate listing website Ingatlan.com, the average time it takes to sell a listed property on their site has significantly decreased.

The financial software developer Taxually, the manufacturing company Continest, and the logistics and transportation company United Shipping Hungaria have even made the top 100 on the Financial Times’ list. Minister of National Economy Márton Nagy hosted the top executives of the thirteen Hungarian companies included on the list for a congratulatory meeting.

Minister for National Economy Márton Nagy presented the new competitiveness strategy for 2024⁠–⁠2030 adopted by the government at a press conference held in Budapest on Monday. According to him, economic growth between 2 to ⁠3 per cent is expected this year.

The agency expects substantial foreign investments in battery production to further attract funding, leading to increased job creation, technological advancements, and enhanced exports. Scope Ratings emphasized that Hungary’s BBB credit ratings are reinforced by the robust structure of external and public liabilities.

In his remarks at an economic conference held in Sopron on Saturday, Government Commissioner for the Development of Modern Settlements Alpár Gyopáros emphasized the pivotal role of villages in shaping the future of Hungary, citing their ability to provide a quality of life and a sense of community that urban environments often lack.

The minister stressed the importance of maintaining disciplined fiscal policies this year, aiming for an annual average inflation rate of around 5 per cent. He firmly asserted that until the inflation rate returns to a more moderate range, fiscal spending should be limited.

Nearly 16 million tourists spent over 41 million guest nights in Hungary last year, with the revenues of the hospitality sector seeing a double-digit growth, surpassing inflation.

Balázs Hankó underscored Hungary’s strides in scientific and educational excellence, noting that 12 Hungarian universities now rank among the top five per cent globally. He outlined ambitious goals, aiming for one Hungarian university to enter the world’s top 100 by 2030, with three making it into the top 100 institutions in the European Union.

Hungary’s commitment to significantly enhancing educator salaries not only acknowledges the invaluable contribution of educators but also aims to bolster the quality of education by attracting and retaining top talent in the teaching profession. The decision comes as part of Hungary’s broader efforts to navigate pandemic challenges and foster a robust recovery in the education sector.

The minister noted a ruling by Hungary’s Supreme Court, declaring that Budapest could not be even partially exempt from its obligation to pay its taxes. Varga said if the Budapest city council failed to meet its obligations, the government ‘will follow the given legal provisions along the clear decisions taken by the judiciary’.

According to the minister’s briefing, this brings the total amount of EU funds allocated to Hungary in the past days to a substantial 470 billion forints. Last Thursday witnessed a transfer of €779.5 million (equivalent to 300 billion forints) from the recovery funds.

Despite extraordinary expenditures, the government has consistently reduced the budget deficit and the national debt year after year, the Ministry of Finance emphasized in its interim report released on the situation of the central subsystem of public finances, excluding local governments, at the end of November.



Katalin Novák reminded that in the last 30 years, the population of Hungary has decreased by more than 700,000, and the ethnic Hungarian population of the neighbouring countries has also significantly diminished. However, she said, that decline is not something that cannot be stopped. ‘Let the Carpathian Basin be the source of passing on life,’ she declared.

On the basis of the ten-point proposal developed by the Ministry of Economic Development, the Hungarian government is launching a 2.9 billion forint Automotive Supplier Development Programme to enhance the role of Hungarian businesses as suppliers of multinationals in Hungary.

Hungary’s economy expanded by 0.9 per cent in the third quarter of this year compared with the previous quarter, adjusted data show, and contracted by 0.4 per cent year on year, based on unadjusted data, the Central Statistical Office (KSH) said on Tuesday.

Katalin Novák stressed that the roundtable is not a government agency. Its members will make recommendations to the government and ‘encourage people to contribute to the dialogue,’ she explained. The roundtable comprises representatives of the private and public spheres, as well as the scientific community.

This positive trajectory in Hungary’s financial landscape had an impact on the nation’s global ranking in terms of wealth. Hungary has advanced two positions, now sitting at 30th place among the world’s nations, demonstrating the country’s progress despite the challenging economic conditions.

The robust recovery of inbound tourism greatly contributed to the positive tourism results in July. Compared to the same month last year, nearly a fifth more foreign guests, totalling 900,000, overnighted in Hungary.

The credit rating agency expects a three per cent economic growth in Hungary next year, supported by strong exports, a high investment rate, and rising real wages.

The Prime Minister stated that both the European and Hungarian economies are influenced by the Russo-Ukrainian war. If the war were to end, both economies could show their ‘better side.’

In a recent interview with business news site Világgazdaság, Hungarian Tourism Agency CEO Péter Horváth highlighted that the number of guest nights booked by foreign visitors to Hungary is on the rise, while domestic tourism has shrunk, which is in line with international trends in the industry. On the whole, however, the total number of nights booked has increased by four per cent in the first five months compared to last year.

In his interview with Richard Quest, Péter Szijjártó asked the rhetorical question: ‘Do you think all this would be possible if there were systemic corruption? Because if there is systemic corruption, there is no growth, investors do not come, and they do not bring their money here.’

Over the last couple of years, Chinese investments have greatly contributed to economic growth in Hungary, in sectors ranging from cargo transport to battery manufacturing.

The Hungarian economy’s second quarter performance has surprised analysts – according to official data, Hungary’s GDP has grown by 6,5 per cent compared to the same period last year.