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

The government is putting into effect HUF 105 billion worth of measures from the planned HUF 500 billion bureaucracy-reduction programme for businesses, National Economy Ministry state secretary Zoltán Cséfalvay announced in Budapest on Thursday.

The government will decide on the second, HUF 400 billion, phase of the program in autumn.

The minister of national economy noted in April 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 and will generate 100,000-150,000 new jobs by the end of the current parliamentary cycle.