Daily News Hungary economy

Budapest (MTI) – An economy ministry state secretary has said this year’s figures showed that the “Hungarian model” was working and that it was possible to have lower income taxes while generating higher revenue.

Peter Beno Banai, who is in charge of the budget, told public television on Friday that January’s budget figures had met the government’s expectations. The January shortfall came to 53.8 billion forints, or just over 6 percent of the full-year target, compared with 75.4 billion a year before.

He added that on the basis of a single month’s worth of data is was not possible to draw far-reaching conclusions, but the January figure was lower than last year’s because more people were in the labour market than the government had expected and more people were paying tax.

Banai, commenting on the European Commission’s forecast published on Thursday, said the decent economic performance of the past few years had been recognised both by the commission and several economists, whereas many had harboured doubts about the economic policies chosen by the government in 2010.

“Now we see that the Hungarian path can be called successful, and this was proven by the European Commission’s data on Thursday,” he said.

Source: http://mtva.hu/hu/hungary-matters

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