Economy & Policy

Hungary could win the European title for tax cuts

In parallel with its reduction of tax burdens, Hungary has moved from the bottom of the continent's economic rankings to the top.

Speaking on Monday at the handover of the Knipl Kft. investment, Foreign Minister Péter Szijjártó said the Hungarian economy had achieved considerable success despite the extraordinary difficulties over the past couple of years. He also said that the government’s pro-investment policy, which promotes job creation, was necessary for these achievements.

According to the minister, Hungary has doubled the average economic growth rate of the EU, export and investment records have been broken, and there are one million more people working in the country today than in 2010.

The state provided a HUF 283 million subsidy for the HUF 566 million investment by Knipl Ltd, a domestically owned company that manufactures painting technology equipment. The support will help save 345 jobs.

In his speech, Szijjártó stressed the need for a strong economy. A total of 1,434 companies decided to launch HUF 1.7 trillion worth of investments over the past two years under the government’s robust investment stimulus program, saving 270,000 jobs, he said. 

Hungarian-owned firms have now become so strong that they account for about 80 percent of the companies announcing these developments.

The minister also pointed out that 16 companies in Tolna County had taken advantage of this opportunity and made investments worth HUF 8.5 billion with the support of the government, thus helping to save 2,200 jobs. He added that unemployment in the county was around 10 percent in 2010, but has now fallen below the national average to 2.2 percent.

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