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Government to prepare HUF 500 bln business bureaucracy reduction program this summer

The government will formulate a HUF 500 billion bureaucracy reduction program for businesses in two phases this summer, National Economy Minister György Matolcsy said.

Matolcsy said that the government would prepare the first, HUF 100 billion, phase of the program by the end of July and the second, HUF 400 billion, phase of the program by the end of August.

Matolcsy remarked that the government aims to reduce the administrative costs of bureaucracy in Hungary's business sphere, noting that the impact of the program will be palpable already next year.

The minister of national economy noted that enterprises in Hungary currently pay HUF 3,000 billion in yearly bureaucratic costs, amounting to 10.5% of the country's annual GDP.

Matolcsy said that the bureaucracy reduction program would increase Hungary's economic growth by 1.2-1.3% of GDP by the end of the current parliamentary cycle.