Tourism results reach new heights

Among the results, he listed the low level of the unemployment rate and the development of employment, adding that 4.7 million people are currently working. The minimum wage is under strong convergence, real wages are growing, but at the same time, the financial situation of families needs to be further improved, he noted.

Consumption is expanding; tourism results are reaching new peaks and the retail credit market has also expanded, as have the housing and personal loan markets. The housing market grew by 40 percent last year and is showing significant expansion in January, while the car market is characterized by double-digit growth, the minister listed.

Construction production is still low for now, but the order book shows that a significant upswing is expected, especially in the areas of housing construction, logistics and industrial parks, he added.

Economic growth is also supported by the previously announced 21-point action plan, including wage convergence, housing assistance, doubling the size of SMEs, and the Sándor Demján Program.

In addition to these, three additional areas were added over the weekend, the 100 new factories program and the fight against food inflation, and tax cuts continue: after mothers with 4 children, the possibility of personal income tax exemption will also open up for those with 3 and 2 children, in one step for those with 3 children and gradually over four years for those with 2 children – the Minister of National Economy announced.

At the opening, Márton Nagy mentioned that in 2025 the state will pay 1,700 billion forints in interest on retail government securities. There is 14 thousand billion forints of retail government securities in Hungary, which means an average interest rate of 12 percent. Never before has so much interest been paid on retail government securities in such a short time – he said.

Source: Trade Magazin