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Orbán Welcomes Erdoğan in Budapest

10. 09. 2018. 18:51

Budapest Business Journal

Hungarian Prime Minister Viktor Orbán met with Turkish President Recep Tayyip Erdoğan in Budapest Monday, discussing a variety of topics and lauding cooperation between the two countries at a press conference, where the Turkish leader blamed the Saudis for the recent disappearance of a journalist in Istanbul. More...

STATISTICAL UPDATES: External Trade; Inflation

10. 09. 2018. 18:45

Central Statistical Office

- In EUR terms, exports increased by 0.9% and imports grew by 6.1% in August 2018 compared to the same period of the previous year. The trade surplus was down by EUR 381 million. In the first eight months of 2018, the external trade surplus was EUR 4.6 billion. Details...

- Consumer prices were 3.6% higher on average in September 2018 than a year earlier. Significant price increases were measured over the past year for motor fuels and tobacco. Details...

IMF Raises GDP Growth Forecast for Hungary

10. 09. 2018. 18:43

MTI Econews via bbj.hu

The International Monetary Fund (IMF) has raised its projection for Hungaryʼs GDP growth this year to 4.0% in its fresh World Economic Outlook published Tuesday, state news agency MTI reported. The projection was raised from 3.8% in the forecast released in April, but is still under the governmentʼs official target of 4.3%. More...

Hungary and Poland to Challenge EU Directive on Posted Workers

10. 08. 2018. 18:51

Emerging Europe

Hungary and Poland have confirmed that they will seed the annulment of a revised EU directive on posted workers, calling the new rules “a victory for economic protectionism”. Ever since the European Commission adopted the new posted workers directive in June, which effectively entitles posted workers to the minimum rates of pay in their host countries, there has been increased polarisation between the stance of eastern and western EU member states. More...

 

The Hungarian Budget Finally Sees an Improvement

10. 08. 2018. 18:46

ING Think

Developments related to EU funds are finally becoming beneficial as the budget posted a surplus in September, alleviating the deterioration we've seen since January. More...

Hungarian President Calls for Fight Against Climate Change to Reduce Migratory Pressures

10. 05. 2018. 21:18

Emerging Europe / Nijat Eldarov

János Áder, the president of Hungary, has said that the country should place “significant importance” to climate protection efforts in order to diminish the grave impact of migratory pressures. Speaking at an event held at the National Public Service University, the president commented on the potential of climate change to precipitate further influxes of migrants. More...

Hungary: Industrial Production Picks Up

10. 05. 2018. 20:56

ING Think

We expected Hungarian industrial production to pick up, showing a correction in August... but it has nothing to do with car manufacturing. Hungarian industrial production – based on working-day adjusted data – grew by 4.5% YoY in August, roughly matching ING’s expectations. Details...

Am-Cham and HIPA Jointly Staged 4th "Business Meets Government" Summit

10. 04. 2018. 19:07

Amcham.hu / Robin Marshall

When it comes to reforming the education system to provide businesses with the workers of the future, “Everything is connected to everything,” Deputy State Secretary for Vocational Training and Adult Education Mrs. G. Pölöskei told guests of AmCham’s fourth Business Meets Government Summit. More...

Hungary, Poland Challenge Tighter EU Labor Rules in Court

10. 04. 2018. 18:47

Reuters / Krisztina Than

Hungary and Poland said on Thursday they have gone to the European Court of Justice to challenge tighter European Union rules on the employment of workers from low-pay EU states. More...

Hungary: Retail Rebounds Unexpectedly

10. 03. 2018. 20:30

ING

Retail sector turnover grew at a pace faster than expected on the back of above average consumption, which is why we expect the sector to expand by 6 -7% in the months ahead. The retail sales turnover, adjusted for working days rose by 6.8% year on year in August, beating both market expectations and the average growth rate of 2018 (6.7% YoY). Details...

IAEA Mission Sees Significant Improvements in Hungary’s Regulatory Framework

10. 03. 2018. 20:25

IAEA Press

An International Atomic Energy Agency (IAEA) team of experts said Hungary has made significant improvements to its regulatory framework for nuclear and radiation safety since 2015. More...

Alza.hu to Open 5,000 sqm Showroom in Budapest

10. 03. 2018. 20:22

MTI Econws vioa bbj.hu

The local webstore of Czech online retailer Alza.cz will open a 5,000 square-meter showroom in Budapest on Friday, Alza.czʼs business development director Jaromír Řánek said on Wednesday, according to state news agency MTI. More...   

Hungary Debt Target Attainable Despite Weak Forint - ÁKK Chief

10. 02. 2018. 21:15

portfolio.hu

Hungary’s Government Debt Management Agency (ÁKK) has large enough buffers to cover the budget deficit accumulated due to lagging EU fund payments, CEO György Barcza told Reuters. He added that even the weak forint will not make it difficult to reach the 73.2% of GDP debt target by the end of the year. More...

Hungary Adopts Law to Control Foreign Investment in Sensitive Sectors

10. 02. 2018. 20:59

Reuters

Hungary’s parliament approved new regulations on Tuesday requiring investors from outside the European Economic Area to get government clearance before buying assets seen as sensitive to national security. More...

Slowing Growth in CEE Manufacturing Signals Golden Days are Over

10. 01. 2018. 18:56

Reuters /Krisztina Than, Sandor Peto

Growth in Czech and Polish manufacturing slowed to almost two-year lows in September and Hungarian data also showed a slowdown on Monday, signalling that Central Europe’s fast-growing economies are facing bleaker prospects. More...

 

Intermodal Connections Grow Between Antwerp and Budapest

10. 01. 2018. 18:52

Budapest Business Journal

The Antwerp Port Authority is registering growing traffic in goods between the Belgian port and the markets of Austria and Hungary, according to a press release sent to the Budapest Business Journal. More...

STATISTICAL UPDATE: Industrial Prices

09. 28. 2018. 20:44

Central Statistical Office

Industrial producer prices as a whole were 8.1% higher in August 2018 than in the same period of the previous year. The price change was basically due to wage growth, oil price rise and the weakening of the forint. Domestic output prices increased by 8.3% on average, within which the prices of manufacturing, representing a weight of six-tenths, rose by 8.9% and the prices of energy industry (electricity, gas, steam and air conditioning supply), with a weight of over one-third, by 7.8% compared to a year earlier. Details...

Future of 5% VAT on Residential Properties in Hungary

09. 28. 2018. 20:35

bbj.hu

The reduced 5% VAT rate on residential properties undeniably played an important role in strengthening the real estate industry. Although from the outset the reduction was incorporated for a fixed period of four years, between 2016-2019, many expected the long-term continuation of the rule. The Minister of Finance’s summer announcement cut an end for these hopes. More...

STATISTICAL UPDATE: Employment - Unemployment

09. 27. 2018. 22:34

Central Statistical Office

- In the period of June–August 2018, the average number of employed people was 4,484 thousand, 39 thousand more than a year earlier. The employment rate of people aged 15–64 increased to 69.4%. Details...

- In the same period, the unemployment rate decreased by 0.5 percentage point to 3.7%. Although the degree of improvement was higher for women, their unemployment rate still exceeded that of men. Details...

Russian-Hungarian Consortium Inks €1bn Rolling Stock Deal in Egypt

09. 27. 2018. 22:15

BNE IntelliNews / By Levente Szilagyi

Transmashholding-Hungary, a Russian-Hungarian consortium, is to deliver 1,300 passenger carriages to Egyptian National Railways (ENR) for €1bn, according to the contract signed on September 26. The ENR is planning to renovate the countryʼs old railway system by 2022 for a total cost of €2.6bn. More...

CEE’s Largest Businesses Still Concentrated in Just a Handful of Countries

09. 26. 2018. 20:12

Emerging Europe / Claudia Patricolo

Insurance giant Coface has upgraded the country risk assessment of six emerging European countries: Bulgaria, the Czech Republic, Estonia, Hungary, Latvia and Serbia.... “Although the rising trend of populism and about the EU are increasing the global level of political risk, this has not caused any serious consequences for businesses in CEE so far,” said Declan Daly, CEO of Coface Central and Eastern Europe. More...

NEWS IN BRIEF

09. 26. 2018. 20:02

- Dahua Technology, a China-based provider of solutions in the global video surveillance industry, has opened its European supply center in Zalaegerszeg (180 km southwest of Budapest), according to a press release sent to the Budapest Business Journal.

- Rehau Automotive has formally laid the cornerstone of a €150m exterior car components plant at Újhartyán near Budapest in Hungary. More from Plastics News Europe.

- Hungary-based Cellum, a mobile transactions solutions provider, has signed an agreement with Deloitte Touche Tohmatsu LLC, one of Japanʼs largest professional services firms, with the companies aiming to introduce QR code-based mobile payments in Japan. More from bbj.hu

- U.S.-based Precision for Medicine, part of the Precision Medicine Group, announced on Tuesday the acquisition of Hungaryʼs Argint International, a contract research organization for small and mid-sized biotech companies, national news agency MTI reported. More...

Taiwanese Company SINBON Opens New Factory in Hungary

09. 26. 2018. 12:47

Taiwan Times

As Taiwan continues to increases economic ties across the world, a new business venture in Europe has been established by Taiwanese company SINBON in Hungary. The electronics company held a ceremony and a small celebration last week to mark the opening of a new factory in Tatabánya, Hungary.

Apologies

09. 26. 2018. 12:42

The Chamber’s website will be completely revamped. Until then, however, some functions (images, etc.) on this site will be unavailable. – The Editor

Deficit 121% of Full-year Target at End of August, Ministry Confirms

09. 26. 2018. 12:33

Budapest Business Journal

Hungaryʼs cash flow-based general government, excluding local councils, ran a HUF 1,646.2 billion deficit at the end of August, thus reaching 121% of the HUF 1,360.7 bln full-year target, the Ministry of Finance confirmed in a second reading of data released Monday.  More...

Consumer Confidence Up, Business Confidence Down in September

09. 24. 2018. 20:48

bbj.hu

Economic research institute GKIʼs economic sentiment index, its combined gauge of consumer and business confidence, declined 1.2 points to 5.5 in September, falling for the second month in a row to a level last seen about a year ago, Hungarian news agency MTI reported Monday. More...

Big-ticket Firms vie for Budapest Transport Museum

09. 24. 2018. 20:39

Building Online

The organisers of the design competition to create a new base for the Hungarian Museum of Transport have revealed a shortlist for the project that contains some of the world’s most famous practices. Foster & Partners, David Chipperfield, Caruso St John, Diller Scofidio & Renfro and Amanda Levete in running for Hungary competition. More...

The 11 Best Restaurants in Budapest

09. 24. 2018. 20:26

Time-Out Budapest

Treat your taste buds to the best restaurants in Budapest including Michelin-starred dining, open-air eateries and cafés. Details

OPINION: Why Hungary’s Economy Matters to Europe

09. 21. 2018. 23:43

Gulf News Thinkers / By Mick O'Reilly

They love their paperwork in Brussels. Data too. And statistics. And there’s a whole organisation for the European Union that does nothing but generate statistics for a whole army or statisticians to analyse and ponder over. But there’s an interesting thing about statistics and particularly the scale and depth collected by Eurostat — the data provides a very real insight into the psyche of politicians and their policies... Viktor Orban talks a tough line on dealing with refugees, but his Achilles heel might very well be the economy. More...

Budapest Airport Starts Construction of a New European Gateway for Air Cargo

09. 21. 2018. 23:34

Aviation Pros

Construction of Budapest Airport’s (BUD) new dedicated freight centre, Cargo City, part of the EUR160 million BUD:2020 Development Programme at the Hungarian hub, has begun. The EUR32.6 million investment into a new 20,000 sq m cargo handling facility and new dedicated B747-8F freighter stands, will centralise cargo operations and expand the airport’s handling capacity to handle increasing air cargo volumes at BUD in the years to come. More...

Deficit Target Achievable with ‘Robust’ Spending Control, Says Fiscal Council

09. 20. 2018. 21:51

Budapest Business Journal

In a biannual opinion on budget trends released on Wednesday, Hungaryʼs Fiscal Council said the governmentʼs deficit target of 2.4% of GDP for this year is achievable but will require "robust control of expenditures, especially in the case of central budget-funded institutions." More...

CEE’s Largest Start-up Centre Opens in Hungary

09. 20. 2018. 21:42

Emerging Europe / Claudia Patricolo

Central and Eastern Europe’s largest start-up centre has opened in Budapest’s Millenáris Park, an investment worth more than five billion forints (around 15.42 million euros). “The initiative is aimed at lending momentum to human assets and improving the conditions for businesses,” said Hungarian Finance Minister Mihály Varga said at the centre’s opening ceremony, adding that the government is ready to support new ventures based on innovation and higher efficiency. More...

Govʼt to Launch Policies to Improve Foreign Language Skills

09. 19. 2018. 20:49

MTI Econews via bbj.hu

Hungaryʼs government has tasked ministries to come up with policy measures to support recommendations by the National Competitiveness Council aimed at improving Hungariansʼ foreign language skills, a resolution published in the latest issue of the official gazette Magyar Közlöny shows, as reported by state news agency MTI. More...

Ford Opens New Regional Business Centre in Budapest

09. 19. 2018. 20:30

Emerging Europe / Claudia Patricolo

Automotive manufacturer Ford has opened a new regional European business service centre in Budapest. By the end of the year it will employ 700 people, becoming the biggest service centre of its kind in Europe. More...

 

Moscow, Budapest Should Expand Financial Cooperation, Says Hungarian PM

09. 18. 2018. 17:55

Hungarian Prime Minister Viktor Orban has asked Russian President Vladimir Putin to consider expansion of financial cooperation between the two countries... "I consider financial cooperation to be very important," he told a press conference following the meeting of presidents in Moscow on Tuesday. Despite the decline in the Russian-Hungarian trade turnover due to the EU sanctions against Moscow, the countries have managed to reverse the negative trend, he said. More...

Hungarian Central Bank Publishes New Growth, Inflation Estimates

09. 18. 2018. 17:45

portfolio.hu

The National Bank of Hungary (MNB) has left both its GDP and inflation estimates unchanged in its updated Report on Inflation to be published in its entirety on Thursday. The bank’s growth estimate remains 4.4% and its CPI forecast 2.8% for 2018. More...   Also about Central Bank policy from ReuutersHungary's Central Bank Tweaks its Tools, Flags "Gradual Policy Normalisation"

STATISTiCAL UPDATE: Construction Output Volume Increased by 38,0% in July

09. 17. 2018. 18:59

Central Statistical Office

The volume of construction output was 38.0% higher in June 2018 than a year earlier based on raw data. Output increased in both main groups of construction: in the construction of buildings by 28.5% and in civil engineering works by 48.3%. Based on seasonally and working day adjusted indices construction output increased by 4.5% in July compared to the previous month. Details...

Special Effects International Ltd. Expands Global Presence to Dubai

09. 14. 2018. 22:12

bbj.hu

Internationally acclaimed event service provider Special Effects has acquired ownership in the Dubai-based Kraftwerk Design & Production agency, expanding its market presence in Europe, the United States and Asia to the Arabic markets. More...

STATISTICAL UPDATE: Industrial Production

09. 13. 2018. 19:57

Central Statistical Office

In July 2018 the volume of industrial output grew by 6.2% year-on-year. Based on working-day adjusted data production rose by 3.9%. Details...

Russia's Putin, Hungary's Orban to Discuss Energy Issues, Gas Supply Next Week

09. 12. 2018. 19:14

Reuters / Krisztina Than

Energy issues will be “very heavily on the agenda” at a meeting between Hungarian Prime Minister Viktor Orban and Russian President Vladimir Putin next Tuesday in Moscow, Foreign Minister Peter Szijjarto told Reuters on Wednesday. More...

Varga Optimistic on Long Term

09. 12. 2018. 19:01

The Budapest Times

Hungary's economy grew by an annual 4.8 percent in the second quarter of 2018, up from 4.4 percent in the previous quarter, the Central Statistical Office (KSH) has said. Its second Q2 reading was revised up from a preliminary 4.6 percent. KSH attributed the upward revision to better than expected performance of market-based services, which contributed the most to growth. More...

European Parliament Adopts Harsh Report Condemning Hungary

09. 12. 2018. 11:00

Emerging Europe / Claudia Patricolo

The European Parliament has voted by an overwhelming majority to approve a report which asks EU member states to determine, in accordance with Article 7 of the Treaty on the European Union, whether Hungary is at risk of breaching the EU´s founding values. More...

STATISTICAL UPDATE: Prices

09. 11. 2018. 20:40

Central Statistical Office

Consumer prices were 3.4% higher on average in August 2018 than a year earlier. Significant price increases were measured over the past year for motor fuels and tobacco. Details...

IEER Monthly Bulletin of Economic Trends - August

09. 11. 2018. 20:19

Institute for Economic and Enterprise Research

Based on the opinion of 400 managers on the outlook of their businesses collected in July, the survey found that the level of business confidence in Hungary was slightly higher in the second quarter than in the previous one. The index has also showed, however, that the sentiment in the small and medium-sized sector was less favourable. - The second part of the Bulletin examines the practice, methods and effects of offering fringe benefits to employees. Read or download the Bulletin from here.

Deficit Rises to 121% of Full-Year Target in August

09. 10. 2018. 18:26

MTI Econews - via bbj.hu

Hungaryʼs cash flow-based general government, excluding local councils, ran a HUF 1,646.2 billion deficit at the end of August, the Ministry of Finance said in a preliminary release on Friday. The deficit thus reached 121% of the HUF 1,360.7 bln full-year target, MTI-Econews calculated. More...   Read also: Int’l reserves up EUR 320 mln in August:

Meet the Stars of Contemporary Hungarian Photography

09. 10. 2018. 12:00

HUCK Magazin - Miss Rosen

Reality and fiction, nature and culture, past and present: A new exhibition examines the last three decades of image-making in Hungary. "It’s not enough to have talent, you also have to be Hungarian,” Robert Capa famously quipped [twisting Sándor Korda's bon mot: "It's not enough to be Hungarian, you must also have talent!" Editor] , noting the impressive prevalence of his countrymen leaving their mark on photography throughout the 20th century. André Kertész, Brassaï, Martin Munkácsi, György Kepes, and László Moholy-Nagy are just a few of the artists who elevated the form and put their small landlocked country on the global art map. An exhibition of the same title will be on view at the Robert Capa Contemporary Photography Center in Budapest (October 8­–December 9, 2018). More...

Local Startup Xeropan Raises EUR 800,000 from Hiventures

09. 07. 2018. 19:47

Budapest Business Journal

Local language learning startup Xeropan has raised almost EUR 800,000 from state-owned venture capital investment fund Hiventures, according to a press release sent to the Budapest Business Journal. More...

Hungarian Banks Make Use of Scheme to Make No-risk Return

09. 07. 2018. 19:41

BNE Intellinews / By Levente Szilagyi

The huge yield difference between retail bonds and those sold to institutional investors has helped banks and some wealthy individuals to make a profit without any risk, local media reported on September 6. Holding bonds issued for retail investors by banks was a lucrative business for years until the state debt manager closed the loopholes, Index reported. The government allowed Hungarian banks to distribute local bonds for retail investors, offering them a 1% fee. More...

 

 

We No Longer Want to Pay for Hungary, Poland, Says French Foreign Minister

09. 06. 2018. 19:24

Portfolio

France does not want to finance a populist Europe, countries that do not respect fundamental principles, the country’s foreign minister Jean-Yves Le Drian has indicated. The politician said Hungary and Poland are such member states, Euractiv Poland’s media partner Gazeta Wyborcza reported. More...

ING: Hungary: Long, Slow Summer in Industry

09. 06. 2018. 19:20

ING

Industrial production – based on working-day adjusted data – increased by 3.8% year-on-year in July, well below market expectations. It counts as another disappointment after retail sales data, so the third quarter has been full of downside surprises, so far. More...

Palkovics Meets US Ambassador to Discuss Energy, Economic Development

09. 06. 2018. 15:00

bbj.hu

Innovation and Technology Minister Lászlo Palkovics met with David Cornstein, the United Statesʼ Ambassador to Hungary, to discuss cooperation in energy, economic development and innovation, the Ministry for Innovation and Technology said today (Thursday). More...

Singapore's Surbana Jurong and GRAPHISOFT Enter Into Strategic Partnership

09. 05. 2018. 20:52

CISION PR Newswire / Press Release

GRAPHISOFT®, the global leader in Building Information Modeling (BIM) solutions for architects, and Surbana Jurong Consultants, a leading Singapore-based multidisciplinary urban, infrastructure and management services consultancy firm, have signed a Memorandum of Understanding effective September 3, 2018. More...

Hungary 7th in IBMʼs Global Location Trends Report

09. 05. 2018. 20:44

Budapest Business Journal

Hungary has achieved 7th place in IBM’s Global Location Trends report based on the number of jobs created in a country by foreign direct investment (FDI) relative to the size of the country’s population, Tamás Menczer, deputy state secretary at the Ministry of Foreign Affairs and Trade, said at a press briefing Tuesday. More...

STATISTICAL UPDATE: Retail

09. 05. 2018. 20:40

Central Statistical Office

In July 2018, the volume of sales in retail shops increased by 5.4% according to raw data and by 5.3% adjusted for calendar effects compared to the same period of the previous year. In January–July 2018, the volume of sales – also according to calendar adjusted data – was 6.7% higher than in the corresponding period of the previous year. Details...

Hungary Set to Begin Buying Croatian LNG from 2019

09. 04. 2018. 18:23

Emerging Europe / Claudia Patricolo

Thanks to the LNG terminal on the island of Croatian island of Krk, Hungary could be importing gas from its southern neighbour by the end of 2019. More...

Hungary’s Instant Payments System to Go Live in 2019

09. 04. 2018. 18:11

Banking Technology / Written by

Hungary’s hunger for instant payments will be sated as the participants say that on 1 July 2019 the system will go live. According to the confident pair of GIRO and Nets, the implementation is an “historic step not only for GIRO… but for the entire Hungarian financial system, because it will bring changes and significant advantages to all participants in the national payment ecosystem”. More...

 

Fitch Maintains Hungary ’BBB-’ Rating

09. 03. 2018. 19:36

Budapest Business Journal

Fitch Ratings affirmed Hungary’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at "BBB-", just over the investment grade threshold, in a scheduled review on Friday.  More...   Read also: GKI raises 2018 growth forecast to 4.2%.

Duke of York Set for Diplomatic Trip to Hungary

09. 03. 2018. 19:28

Belfast Telegraph

The Duke of York will visit Hungary later this month for a three-day trip which will include a meeting with the country’s right-wing nationalist prime minister Viktor Orban. Andrew’s official trip, requested by the Government, will see the royal attend events focused on the topics of education, science, technology and engineering. More...

STATISTICAL UPDATES: Industrial Prices; External Trade (2nd Estimate)

08. 31. 2018. 21:11

Central Statistical Office

- Industrial producer prices as a whole were 8.4% higher in July 2018 than in the same period of the previous year. The price change was basically due to wage growth, oil price rise and the weakening of the forint. Details...

- In June 2018, the export volume increased by 8.9% and the import volume by 6.4% compared to the same month of the previous year. In the first six months of 2018, the external trade surplus was EUR 4.2 billion. Details...

Investments Increased by 15% in Second Quarter

08. 30. 2018. 18:35

Central Statistical Office

In the 2nd quarter of 2018 the expansion of investments in the national economy continued, the volume of investments exceeded the high base in the same period of the previous year by 15%. Investments grew in almost the whole of Hungary’s economy. In the 1st half of 2018 the volume of investments increased by 13% compared to a year earlier. Details...

ReneSola Nabs Funds for 8-MW Solar Project in Hungary

08. 30. 2018. 18:32

Renewables Now

China’s ReneSola Ltd (NYSE:SOL) said today it has closed on long-term project financing for the development of an 8-MW solar project in Hungary, licensed under the local feed-in tariff (FiT) scheme called KAT. More...

STUDY: Positioning Central and Eastern Europe for Chinese investors?

08. 29. 2018. 18:54

Asia Dialogue / Written by Ágnes Szunomár.

After the Chinese government initiated the go global policy, which was aimed at encouraging domestic companies to become globally competitive, Europe – including CEE to a lesser extent – also became a target region for Chinese FDI. The role of Chinese FDl in CEE – compared with all the invested capital here – is still very small, but in the last one and a half decades this capital inflow accelerated significantly. More...

CEU Stops Programs for Registered Refugees and Asylum Seekers in Hungary

08. 29. 2018. 18:44

portfolio.hu

Central European University (CEU) has announced the immediate suspension of its education programs for registered refugees and asylum seekers, citing legislation that came into effect in Hungary on 24 August. More...

State Audit Office Assesses First-half Fiscal Trends

08. 28. 2018. 19:08

MTI Econews via bbj.hu

Hungaryʼs State Audit Office (ÁSZ) acknowledged favorable macroeconomic trends in a first-half fiscal assessment released on Tuesday, but said risks are presented by pre-financing for European Union-funded projects as well as overspending by budget-funded institutions, national news agency MTI reported. More...

Salvini Holds Up Hungary as Model of Successful Economic and Immigration Reform

08. 28. 2018. 18:57

Breitbart

Italian Interior Minister Matteo Salvini has pointed to Hungary’s stellar economic reform under Prime Minister Viktor Orbán as a model for Italy and Europe. With Italy’s populist government under attack from the European Union (EU) over the question of immigration, Mr. Salvini has noted that Hungary’s economic health has progressed hand-in-hand with a well-structured immigration policy. More...   Read also from Reuters: Daily Briefing: Hardline Summit

Poultry Processor Plans HUF 15 bln Capacity Expansion

08. 27. 2018. 18:37

bbj.hu

Hungarian poultry company Master Good Kft. plans a HUF 15 billion capacity expansion at its base in Kisvárda (NE Hungary), Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday. The government is supporting the investment with a HUF 3.4 bln grant. More...

Central and Eastern Europe as a Part of China’s Global South Narrative

08. 27. 2018. 18:26

Asia Dialogue / Written by Bartosz Kowalski.

... In recent years, China has been once again trying to emphasise ideological ties with Central and Eastern Europe based on a shared socialist past. In 2012, in order to enhance cooperation with CEE, Beijing inaugurated the “16+1” initiative, whose membership in the European part is clearly based on CEE countries’ previous communist experience. More...

 

Retail Chains Expand, Small Shops Suffer

08. 24. 2018. 20:00

Budapest Business Journal

The Hungarian unit of French retailer Auchan projects a more than 10% increase in net turnover this year, CEO Dominique Ducoux said on Thursday. Meanwhile, the retail sector is struggling with a heavy labor shortage, with small shops hit particularly hard. More...

Microsoft Faces Investigation over its Business Practices in Hungary

08. 24. 2018. 19:55

Consumer Affairs / By 

The U.S. Justice Department and Securities and Exchange Commission (SEC) are putting Microsoft under a magnifying glass to examine how the tech giant is conducting business in Hungary. According to the Wall Street Journal (WSJ), U.S. authorities are taking a hard look at whether Microsoft used bribery or corruption in software sales in Hungary going back to 2013-14. Specifically, regulators are attempting to find out if Microsoft purportedly sold its Excel and Word software at a deep discount to middleman countries, then turned around and sold the same software to the Hungarian government at a 30-40 percent higher price. More...

Who Benefits from the Weak Forint?

08. 23. 2018. 20:21

GKI Economic Research Co.

Following the Fed’s raise in interest rates and the normalisation of American monetary policy, the European Central Bank has also embarked on a path of contractionary policy (a strategy that the National Bank of Hungary is yet to pursue). The change in international financial conditions, the possibility of a global trade war, the shock experienced by the Turkish financial system, as well as the uncertainty in the Italian political scene have all led to an outflow of capital from developing countries, including Hungary. After a few years of constant but modest decline in value, the forint depreciated significantly: from April to early July, the EUR/HUF exchange rate decreased by 6 percent, and the USD/HUF exchange rate fell by 10 percent, followed by a slight appreciation of the currency. Download full article.

Water Levels in Danube Recede to Record Lows, Hindering Shipping in Hungary

08. 22. 2018. 18:55

Reuters

Water levels on the Danube dropped to record lows on three sections of the river in Hungary on Wednesday due to a recent drought, hindering passenger cruise ships and causing losses to freight shipping companies. More...

STATISTICAL UPDATE: Earnings

08. 22. 2018. 18:51

Central Statistical Office

In June 2018, average gross earnings amounted to HUF 329,600, 11.2% higher than a year earlier. In January–June 2018, average gross earnings amounted to HUF 324,400 and average net earnings to HUF 215,700, both of them grew to the same extent, by 11.9% compared to the same period of the previous year. Rises of 8% in the minimum wage and 12% in the guaranteed minimum wage as well as salary adjustments affecting specific areas of the public sector and the employees of some state owned public service companies had an impact on earnings growth. Details...

S&P Affirms Hungary ʼBBB-/A-3ʼ Ratings; Outlook ʼPositiveʼ

08. 21. 2018. 19:43

Budapest Business Journal

Standard & Poorʼs Global Ratings on Friday affirmed Hungaryʼs "BBB-/A-3" long and short-term foreign and local currency sovereign credit ratings. The outlook on the ratings remains "positive," Hungarian news agency MTI reported. More...

Foster + Partners' Budapest Tower will be Built Despite City's New Skyscraper Ban

08. 21. 2018. 16:00

dezeen /

Budapest is to introduce a ban on all buildings over 90 metres, but this will not impact Foster + Partners' plan to build a 120-metre-tall tower, which has already won planning permission. The Hungarian government is introducing a skyscraper ban in order to preserve the skyline of Budapest, said Gergely Gulyás, minister of the prime minister's office, during a press conference. More...

Hungaryʼs State Debt at 74.5% of GDP

08. 17. 2018. 19:58

MTI Econews via Budapest Business Journal

Hungaryʼs state debt as a percentage of GDP reached 74.5% at the end of the second quarter, fresh data released by the National Bank of Hungary (MNB) show, as reported by state news wire MTI Friday. More...

 

Sziget Festival 2018 Review: A Wonderfully Unique Few Days

08. 17. 2018. 19:52

Independent / Jack Shepherd

Anyone who has been to, say, Reading or Glastonbury can confirm that three-day festivals are a tiring affair. Spare a thought, then, for the punters who have just returned home after spending seven days camped out at Hungary’s Sziget Festival. - Based on an island in the centre of Budapest (Sziget means “island” in Hungarian), this festival has seven consecutive nights of headliners, with this year’s line-up book-ended by two of the biggest artists on the planet right now: Kendrick Lamar and Arctic Monkeys. More...

 

 

CEE Boom Passes Peak

08. 16. 2018. 18:37

BNE  Intellinews / By Ben Aris in Berlin

The boom Central and Eastern Europe (CEE) has been enjoying for the last four years has reached its peak as countries in the region start to run up against their structural limits. While all the countries are still enjoying robust growth, the rate of expansion is starting to slow and in some cases has begun to fall. More...

Soros Foundation to Quit Hungary by End-August

08. 16. 2018. 18:31

AFP

The foundation run by US billionaire George Soros said Thursday that the last of its operations in Hungary would cease by August 31, with its activities being transferred to Berlin. The Open Society Foundations (OSF) announced in May that it was leaving Hungary, citing what it called the "repressive" policies of nationalist firebrand Prime Minister Viktor Orban. More...

External Financing Capacity Shrinks in Q2 - MNB

08. 15. 2018. 19:57
bbj.hu
Hungaryʼs net external financing capacity - the combined surpluses of the current and capital accounts - was EUR 1.38 billion in the second quarter of 2018, state news agency MTI calculated, based on monthly preliminary data released by the National Bank of Hungary (MNB) on Tuesday. More...

Hungary: Real Chance of a Rating Upgrade

08. 15. 2018. 19:46

ING Bank / Peter Virovacz Senior Economist, Hungary

After strong second-quarter GDP data, Hungary may be set for more good news by the end of the week. S&P upgraded Hungary's credit outlook to 'positive' a year ago, will it finally raise its rating? More...

Hungary's Finance Ministry: Cryptocurrencies Aren't a Legal Payment Method

08. 15. 2018. 19:42

CryptoGlobe / Francisco Memoria

Hungary’s Finance Ministry has recently revealed the country is working on a regulatory framework for cryptocurrencies like bitcoin, although it doesn’t yet consider them a legal payment method. More...

Hungarian Healthcare System Back in the Spotlight

08. 14. 2018. 23:57

Emerging Europe / Claudia Patricolo

The healthcare system in Hungary has again come under scrutiny following statements made by one of prime minister Viktor Orbán’s closest friends, the head of the State Audit Office (SAO) László Domokos. In an interview with the far-right newspaper Magyar Idok, Mr Domokos said that anarchy and scandal dominate the country’s public healthcare system. More...

 

 

GDP Growth Exceeds Expectations in Q2

08. 14. 2018. 23:51

Budapest Business Journal

In the second quarter of 2018, gross domestic product (GDP) in Hungary rose by 4.4% according to seasonally and calendar-adjusted and reconciled data, the Central Statistical Office (KSH) said in a flash report released on Tuesday.  More... Full KSH report

Tech Companies May Profit from Real Estate Market

08. 13. 2018. 19:39

bbj.hu

Technological developments, digitalization and automation will significantly change the commercial real estate market, and players need to start preparing for this, says a study released by Deloitte. More...

REAL ESTATE: Euphoria on Home Market: Demand and Prices Both May Rise Further

08. 13. 2018. 19:17

GKI Economic Research Co.

The GKI real estate index rose to 4 points in July 2018, while the Budapest index stood at 5 points. The index has increased by nearly 2 points and the Budapest index has gone up by 3 points, compared to the previous survey conducted in April. Both indices have increased by 4 points, compared to one year earlier and reached their historical peaks indicating that real estate market players have never been so optimistic during earlier surveys. Full report.

STATISTICAL UPDATES: External Trade; Construction

08. 10. 2018. 21:24

Central Statistical Office

- In EUR terms, exports grew by 8.9% and imports by 8.4% in June 2018 compared to the same period of the previous year. The trade surplus was up by EUR 119 million. Details...

- he volume of construction output was 28.2% higher in June 2018 than a year earlier based on raw data... In the second quarter construction producer prices increased by 9.2% compared to the same period of the previous year. Details...

OPINION: The New Divide

08. 10. 2018. 21:17

Emerging Europe / Craig Turp

When BMW announced at the beginning of August that it is to spend more than one billion euros constructing a new factory on a greenfield site close to Debrecen in Hungary, it announced what is likely to be the biggest single foreign direct investment anywhere in emerging Europe this year.... Hungary may have its problems – an increasingly autocratic prime minister who now talks of exporting illiberal democracy to the rest of Europe is not the least of them – but its road infrastructure is the envy of emerging Europe (and beyond). More...

One of World’s Most Dovish Central Banks Faces Test of Unity

08. 09. 2018. 19:19

Bloomberg / By

Market sentiment may turn and its currency may tumble, but one thing hasn’t wavered in Hungary: the unity of its central bank. It’s been more than two years since there was a dissenting voice on the panel that sets interest rates at the National Bank of Hungary. The minutes of its last meeting, released Wednesday, showed that run extended to a 26th meeting in July, when borrowing costs were left at a record low. More...

Festival-Goers in Budapest Cool off in the Danube

08. 09. 2018. 19:14

Reuters

At Hungary’s Sziget Festival, the Danube river is providing revelers with some welcome respite from the searing temperatures that have hit much of Europe. More...

Hungary: Inflation Jump Causes Mild Surprise

08. 08. 2018. 20:12

ING / Peter Virovacz

Headline inflation came in at 3.4% year on year in July, posting another 0.3ppt acceleration compared to the previous month. The fact that the number remains above the 3% target for the second month was a mild upside surprise, but as it matches the National Bank of Hungary's latest forecast, we hardly see any move by the central bank. More...

The City You Thought You Knew

08. 08. 2018. 20:07

The Budapest Times

Here at The Budapest Times, whenever out and about in the big city lately, we find ourselves looking down (at manhole covers, stumbling stones, and “K stones”), looking up (at bullet holes, Zsolnay ceramic coloured-tile roofs, tympanums) and looking all around (at everything else). We’re seeing things with new eyes, and it’s all a result of reading Ms Tittel’s fascinating new guide book. More...

STATISTICAL UPDATES: Retail; Industrial Output

08. 07. 2018. 18:26

Central Statistical Office

- In June 2018, the volume of sales in retail shops increased by 6.5% according to raw data and by 6.1% adjusted for calendar effects compared to the same period of the previous year. In January–June 2018, the volume of sales – also according to calendar adjusted data – was 6.9% higher than in the corresponding period of the previous year. Details...

- In June 2018, the volume of industrial output grew by 4.2% year-on-year. Based on working-day adjusted data, the production rose by 3.1%. Details...

Government Deficit Reaches 109.6% of Full-year Target

08. 07. 2018. 18:18

bbj.hu

The government deficit, which had already surpassed the full-year target in June, has increased by a further 5%. The cash flow-based general government, excluding local councils, stood at HUF 1.491 trillion deficit at the end of July, the Ministry of Finance said today. More...

Hungarian Data Release Could Affect Forint This Week

08. 06. 2018. 19:33

portfolio.hu

The key macroeconomic release in Hungary this week will be the July inflation data by the Central Statistical Office (KSH) on Wednesday. The CPI print should be watched more closely as it could set the path for the forint in the coming period. Inflation stats are also in the pipeline in the United States at the end of the week, and investors will also be paying attention to British and Japanese GDP data. More...

German Investors Preparing for Future Challenges in Automotive Industry

08. 06. 2018. 19:20

Budapest Business Journal

Hungary is positioning itself to be a key proving ground of autonomous vehicles by attracting the investments of German companies. By creating tax breaks, subsidies and investing in infrastructure, the government has taken leaps be a key player in the development of the autonomous vehicle. However, there will still be several challenges faced by the auto industry in the coming years. Some of the key factors that will determine success in the industry will be the infrastructure available, data protection/cyber security, liability and protecting technology. More...

IMF Executive Board Concludes Article IV Consultation with Hungary

08. 03. 2018. 20:39

IMF Press Release

Hungary has achieved several years of strong growth and substantially reduced its external debt. Growth is expected to be around 4 percent in 2018, similar to last year... With economic expansion well entrenched, now is the time to do more to reduce fiscal vulnerabilities and create space for policy to be able to react again when new shocks hit. Full text...

STATISTICAL UPDATE: External Trade

08. 02. 2018. 17:16

Central Statistical Office

In May 2018, the export volume didn’t change and the import volume increased by 2.4% compared to the same month of the previous year. The surplus was EUR 596 million, EUR 226 million less than the figure in May 2017. According to calendar adjusted data, export and import volumes increased by 3.5% and 4.4%, respectively. In the first five months of 2018, the external trade surplus was EUR 3.2 billion. Details...

OTP Bank to Acquire SocGen’s Bulgaria and Albania Businesses

08. 02. 2018. 17:07

Retail Banker Int'l

French banking giant Societe Generale has agreed to sell its majority stakes in Bulgarian and Albanian banking operations to Hungary’s OTP Bank. As part of the deal, SocGen will sell a 99.74% stake in Bulgarian arm Societe Generale Expressbank  (SGEB) and a 88.89% stake in Banka Societe Generale Albania (SGAL) to the Hungarian lender. More...

 

Budapest’s Zsidai Group’s Overseas Expansion Continues in Marbella, Spain

08. 01. 2018. 17:51

Budapest Times

Zsidai Gastronomy Group is a family business that runs 20 restaurants, cafés, bars, pubs and two luxury boutique hotels in Budapest, Vienna and Marbella. The group entered the international gastro scene via Vienna and Marbella in 2017, and it is at the latter in Spain that the Zsidai group has completed an extensive redesign for Kempinski Hotel Bahía which has seen the hotel reopen with a new lobby and three refreshed culinary hotspots. More...

Orban Loyalists Take Control of Prominent Hungarian News Channel

08. 01. 2018. 17:44

Reuters

New management close to Prime Minister Viktor Orban took over a prominent Hungarian news television channel on Wednesday, cementing his ruling Fidesz party’s dominance of the media as it solidifies its hold on power. More...

PPF Group Completes Acquisition of Telenor’s CEE Assets

08. 01. 2018. 17:40

TeleGeography

PPF Group, which is controlled by the Czech entrepreneur Petr Kellner, has completed its acquisition of Telenor Group’s telecommunications assets in Central and Eastern Europe (CEE), specifically in Hungary, Bulgaria, Montenegro and Serbia. In a press release, PPF Group confirmed it has received all the necessary approvals from the relevant authorities and completed all other requisite processes. ‘As a result, PPF Group now holds full control over Telenor’s operations in the aforementioned countries,’ the statement read. More...

Hungary Picked for €1bn BMW Car Plant

07. 31. 2018. 18:35

Global Construction Review / By GCR Staff

German car maker BMW will spend a billion euros ($1.17bn) building a new assembly plant in Hungary, its first new factory in Europe in nearly 20 years. The new plant in the town of Debrecen will produce up to 150,000 conventional and electric vehicles a year, and create more than 1,000 new jobs, the company said today. More...

STATISTICAL UPDATE: Industrial Producer Prices

07. 31. 2018. 13:00

Central Statistical Office

Industrial producer prices as a whole were 7.5% higher in June 2018 than in the same period of the previous year. The price change was basically due to an 8% growth in minimum wages at the beginning of 2018, as well as to an oil price rise compared to the base period and to the weakening of the average exchange rate of the forint. Details...

STATISTICAL UPDATE: Construction

07. 30. 2018. 19:20

Central Statistical Office

In the first half of 2018, 6,517 new dwellings were built, 30% more than a year earlier. Based on issued dwelling construction permits and simple declarations, the number of homes to be built fell by 8.9% to 18,066 compared to the first half of 2017.Details

Orbán: Major Changes Coming from September

07. 30. 2018. 19:18

Budapest Business Journal

Following a third consecutive general election victory, the time has come for a "new intellectual and cultural approach" in building Hungary, Prime Minister Viktor Orbán said in Tusnádfürdő/Băile Tușnad in Romania on Saturday, at the annual Bálványos Summer Open University and Student Camp (Tusványos). More...

Mymove.hu Launches Europe’s First Online Fitness School

07. 27. 2018. 20:49

bbj.hu

Hungarian company Mymove.hu has launched what it calls Europe’s first online school for fitness trainers, offering both regular and National Qualifications Register (OKJ) certified courses for aerobics, dance, and fitness instructors. More...

STATISTICAL UPDATES: Employment, Unemployment

07. 27. 2018. 20:43

Central Statistical Office

In the period of April–June 2018, the employment rate of people aged 15–64 increased to 69.3%. Details...

 

In the same period the unemployment rate decreased by 0.7 percentage point to 3.6%. Details...

GLOBAL: How the Medical-Tourism Business Thrives

07. 26. 2018. 17:21

Economist

... Croatia is one of a number of treatment hotspots in the medical-tourism industry. Babies are made in Barbados, sexes are changed in Bangkok, teeth are replaced in Hungary or Mexico and hair is transplanted in Turkey. More...

 

STATISTICAL UPDATE: Retail

07. 26. 2018. 17:16

Central Statistical Office

In May 2018, the volume of sales in retail shops increased by 7.7% adjusted for calendar effects compared to the same period of the previous year. The volume of sales rose by 5.6% in specialized and non-specialized food shops, by 9.8% in non-food retail shops and by 8.1% in automotive fuel retailing. In January–May 2018, the volume of sales was 7.1% higher than in the corresponding period of the previous year. Details...

Hyatt Signs With Városház Utca Kft for First Hyatt Regency in Budapest, Hungary

07. 25. 2018. 21:44

Hotel Online

Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with Városház Utca Projekt Ingatlanforgalmazó Kft. for the first Hyatt Regency hotel in Budapest, Hungary. The 231-room property is expected to open in early 2020. More...

TRAVEL TIP: Tisza-Lake Ecocentre Poroszló

07. 25. 2018. 21:22

The new touristic complex by Lake Tisza (about 130 km from Budapest on the M3 motorway) was built to collect and display the amazing nature and wildlife of the River Tisza valley and Tisza-tó, the second largest lake in Hungary. It was opened to the public in April 2012. The Centre offers a whole day programme with a 3D cinema, "A night in the forest" exhibition of reptiles and amphibia in terrariums, children's playroom "enchanted waterworld", a lookout tower and a huge freshwater aquarium. More...

Hungarian Central Bank Keeps Rates on Hold, Sticks to Dovish Message

07. 24. 2018. 19:56

Reuters / By Krisztina Than

Hungary’s central bank left its interest rates unchanged at record lows on Tuesday as expected, ignoring the forint’s recent losses against the euro which have so far not pushed inflation higher. More...

Audi Begins Building E-Tron Electric Motors in Hungary

07. 24. 2018. 19:51

RoadShow / by

One of Audi's highest-volume engine plants has now started building electric motors. The Audi Hungaria facility in Győr, Hungary, began building what the company calls "electric motor axles," which combine motors with their power-control electronics. The production of these motors will be key as Audi ramps up its electrification efforts, specifically the launch of the E-Tron electric SUV. More...

A Test Track Takes Hungary Deeper into R&D

07. 23. 2018. 20:20

Automotive News Europe / 

Hungarian officials believe the country's new $15 million Zalaegerszeg test track will become a magnet for future auto investment. Prime Minister Viktor Orbán has gone so far to say the track will be the genesis of "the Hungarian automotive industry's Silicon Valley," putting the country firmly on the world map of vehicle research, development and testing. More...

Yoga on the Danube as Budapest Bridge Transformed into Urban Park

07. 23. 2018. 20:09

Reuters

As the sun rises above Budapest, hundreds of people spread out their yoga mats on a bridge over the Danube, at the start of a day when the river crossing turns into a unique venue for concerts, dance and picnics. More..,

Parliament Approves 2019 Budget, Tax Changes

07. 21. 2018. 16:58

Budapest Business Journal

The Hungarian Parliament approved the 2019 budget on Friday, winding up the summer session. The House also approved several tax changes, including a controversial levy aimed at punishing NGOs seen to be funding or promoting what the government defines as illegal immigration. More...

Govʼt Repeals Law Targeting Big Retailers, But Eyes New Measures

07. 20. 2018. 21:17

MTI Econews via bbj.hu

Hungaryʼs government has submitted to Parliament a bill that would annul provisions on loss-making retailers that have come under the scrutiny of the European Commission. At the same time, a report today indicates it could yet introduce new measures to prevent multinational supermarket chains from "cooking their books." More...

A Better Way to Control a Swarm of Drones

07. 19. 2018. 19:07

by Bob Yirka, Tech Xplore

A team of researchers from Hungary, Norway and the Netherlands has found a way to better control a large swarm of drones—give them more autonomy. In their paper published in the journal Science Robotics, the group describes their approach and how well it has worked in real drone swarms. More...

Romania and Hungary Clash Over Black Sea Gas Distribution

07. 18. 2018. 20:47

Deutsche Welle

Gas deposits off Romania's coast worth billions of dollars have drawn the country into an economic row with Hungary. The EU is aiming to reduce its energy dependence on Russia, and Budapest wants to play a key role. More...

Hungary Raises Production Incentive From 25% to 30%

07. 18. 2018. 20:41

Variety / By

Hungary, which has hosted numerous Hollywood blockbuster shoots and ranks as Europe’s second most popular filming destination after Britain, has raised its production incentive from 25% to 30%. Hollywood movies filming in the country include the sixth installment of the “Terminator” franchise, starring Arnold Schwarzenegger, and Will Smith’s thriller “Gemini Man,” directed by Ang Lee. More...

Looking for Home in Berlin or Budapest? Prepare to Pay More

07. 17. 2018. 23:45

Channel3000.com / By: ALANNA PETROFF (Original reporting: CNN Money)

There's a nice little real estate boom underway in Europe. Europe took 11 of the top 20 spots on a ranking of cities with the largest price increases in the first quarter, according to global property agency Knight Frank. Prices spiked more than 14 percent over the previous year in Berlin, Rotterdam and Budapest. More...

Hungarian Academy President Vows to Keep Fighting for Independence as Government Takes Control

07. 17. 2018. 23:30

Science / By Kata Karáth

Today, Hungary’s parliament approved an amendment that makes it legally possible to transfer a large part of the budget of the Hungarian Academy of Sciences (MTA) in Budapest to the country’s newly established Ministry of Innovation and Technology (MIT).... Last week, Science Insider talked to MTA President László Lovász, who has negotiated at length with Palkovics in search of a last-minute compromise. This interview has been edited for brevity and clarity. More...

Council Recommends Hungary Make Structural Adjustment

07. 16. 2018. 20:16

Budapest Business Journal

The EUʼs Economic and Financial Affairs Council (ECOFIN) recommends that nominal growth in net primary government expenditure in Hungary should not exceed 3.9%, corresponding to an annual structural adjustment of 0.75% of GDP in 2019, in its country-specific recommendations formally adopted on July 13. More...

STATISTICAL UPDATE: Construction

07. 16. 2018. 19:55

Central Statistical Office

The volume of construction output was 15.1% higher in May 2018 than a year earlier based on raw data. Output increased in both main groups of construction: in the construction of buildings by 8.8% and in civil engineering works by 23.7%. Based on seasonally and working day adjusted indices, construction output increased by 6.1% in May compared to the previous month. More...

Bill Outlines Priority Budapest Developments

07. 16. 2018. 12:00

Budapest Business Journal

The government submitted a bill on priority developments in Budapest on Monday. The bill defines how the state will be involved in major developments in Budapest, including a new Student City and the area of Buda Castle. More...

End of Grace Period for Online Invoicing Nears

07. 13. 2018. 20:11

Budapest Business Journal

The grace period for online invoicing in Hungary ends on July 31, with the regulation having come into effect from the beginning of this month. Those unable to comply by the deadline are advised to look for alternatives. More...

Cordia Starts 1,300 Apartment Development in Budapest (HU)

07. 13. 2018. 20:06

Europe Real Estate

Futureal Group’s residential subsidiary Cordia has commenced the development of 1,300-apartment scheme in the 9th district of Budapest, Hungary. The latest project of Hungary’s leading residential developer will contribute to the urban regeneration of Mid-Ferencvaros. The rehabilitation of this area first started in the early 2000s. More...

GDP Growth Steady, Exports May Slow, EC Predicts

07. 12. 2018. 17:38

Budapest Business Journal

The European Commission (EC) has confirmed its earlier projection for Hungaryʼs GDP growth this year of 4% in its Summer 2018 Interim Economic Forecast. The EC puts 2019 GDP growth at 3.2%, also confirming its previous forecast in May. More...

Central Bank Submits New Proposals for Improving Competitiveness

07. 12. 2018. 17:31

NBH Press Release

After 2010, Hungary passed a period of successful stabilisation. The fundamentals of the Hungarian economy are sound, and convergence to the developed economies has restarted. However, successful long-term competitiveness requires a targeted improvement in competitiveness. At the invitation of the National Competitiveness Council, the Magyar Nemzeti Bank today presented its proposal consisting of 180 points focusing on increasing competitiveness in an effort to support the Government’s work. Full text...

STATISTICAL UPDATE: Prices

07. 11. 2018. 19:42

Central Statistical Office

Consumer prices were 3.1% higher on average in June 2018 than a year earlier. Significant price increases were measured over the past year for motor fuels as well as tobacco. Details...

Hungary Richter Buys Intellectual Property Rights

07. 10. 2018. 17:26

portfolio.hu

Gedeon Richter, Hungary’s leading pharmaceutical producer, has announced on Tuesday that it acquired for five million Swiss francs the intellectual property rights, relevant studies, related data and documents of Bemfola / Afolia, for the use in the United States. More...

Weak Forint Seen Denting Car Imports

07. 09. 2018. 19:24

MTI Econews via bbj.hu

The weakening of the Hungarian forint compared to foreign currencies is raising the cost of importing used cars from abroad, which could lead to buyers postponing purchases and waiting for the local currency to strengthen, the National Association of Hungarian Car Dealers (MGOE) said Monday. More...

Emerging Europe Sees Big Increase in Labour Costs

07. 09. 2018. 19:14

Emerging Europe / Craig Turp

Labour costs in Romania saw the biggest increase of any EU country during the first quarter of 2018, according to new figures released by Eurostat. Annual increases in hourly labour costs for the whole economy in Romania registered a rise of 12.7 per cent, followed by Latvia (11.2 per cent) and Hungary (10.3 per cent). More.... - See also Hungary Unit Labour Costs statistics

New Measures to Support the Establishment and Expansion of R&D Centers

07. 06. 2018. 22:37

Budapest Business Journal / Marcell Tatai-Szabó, Financial Advisor State Aid Specialist, Noerr & Partners Law Office

The Hungarian government introduced a new R&D cash incentive under its VIP cash grant system for large enterprises in 2017 in order to promote the establishment of R&D centers and the expansion of already existing facilities. The growing number of public announcements by the Ministry of Foreign Affairs and Trade indicates the success of the new scheme. More...

Ten Brilliant Start-ups from Budapest to Watch

07. 05. 2018. 21:39

SiliconRepublic / by John Kennedy

One of Europe’s most beautiful cities and a treasure trove of museums, libraries, baths, opera houses and art galleries, Budapest also boasts a compelling tech start-up ecosystem....For start-ups, Budapest is an affordable place to live and it tops the charts for cheap and fast broadband.  More...

Giant Co. Investing 15m Euros to Build Hungary Plant

07. 05. 2018. 21:32

Taipei Times

Bicycle maker Giant Manufacturing Co yesterday said it plans to spend 15 million euros (US$17.6 million) to build a new plant in northern Hungary to cement its position in the European market....Giant said it chose Hungary as a base because of its favorable location and well-developed transportation network, which could help the company expand its sales channels in eastern Europe, chairwoman Bonnie Tu said in a statement. More...

STATISTICAL UPDATES: Retail; External Trade

07. 04. 2018. 22:33

Central Statistical Office

- In May 2018, the volume of sales in retail shops increased by 7.2% according to raw data and by 7.8% adjusted for calendar effects compared to the same period of the previous year. Details...

- In April 2018, export volume increased by 12% and import volume by 16% compared to the same month of the previous year. In the first four months of 2018, the external trade surplus was EUR 2.6 billion. Details...

Hungary's Central Bank Stands Firm in Face of Rising Yields, Weaker Forint

07. 04. 2018. 22:18

BNE IntelliNews

The Hungarian forint gained more than 1% against the euro on July 3, drifting below its all-time low of 330.7 earlier in the day. The central bank hopes to sit out the storm without giving in to the market's expectations to end its dovish policies, but bond yields have continued to creep up higher. More...    Also on this subject: MNB communication evasive on exchange rate      The Editor's note: After its dismal position on Tuesday, the Hungarian forint has firmed slighlty and stood against the Euro at 327.5 by Wednesday evening.

External Financing Capacity Improves in Q1 - MNB

07. 03. 2018. 22:42

bbj.hu

In Q1 2018, net lending of the Hungarian economy rose due to rising absorption of EU transfers. As a result of the net savings position and FDI inflows, external debt indicators continued to decline, further reducing external vulnerability, the National Bank of Hungary (MNB) said in a quarterly Balance of Payments report released Tuesday.  More...

Hungarian Academy to Draw up Alternative Research Budget

07. 03. 2018. 22:35

Times Higher Education / By Ellie Bothwell

The Hungarian Academy of Sciences is set to put forward an “alternative proposal” for the country’s research budget, after the government moved to put the Ministry of Innovation and Technology in charge of financing research institutions, seen as the latest attack on sector autonomy by the authoritarian Orbán administration.  More...

 

Financial Market Awaits MNB Reaction on Forint Depreciation

07. 02. 2018. 18:17

bbj.hu

After a brief recovery Friday, the Hungarian forint depreciated again to 330 against the euro. Meanwhile, the National Bank of Hungary (MNB) indicated that Governor György Matolcsy will not appear before Parliamentʼs Budget Committee on Wednesday. More...

STATISTICAL UPDATE: General Government Sector

07. 02. 2018. 18:08

Central Statistical Office

The general government sector closed the 1st quarter of 2018, according to preliminary data, with a deficit of HUF 115.5 billion, representing 1.1% of GDP. The balance deteriorated by HUF 402.3 billion, or by 4.2 percentage points as a proportion of GDP compared to the same period of the previous year. Details...

STATISTICAL UPDATE: Industrial Prices

06. 30. 2018. 16:04

Central Statistical Office

Industrial producer prices as a whole were 5.3% higher in May 2018 than in the same period of the previous year. Details

Hungary Orders 20 Airbus H145M Military Helicopters

06. 30. 2018. 15:59

TheDefensePost / Joanne Stocker

Hungary has ordered 20 H145M military helicopters as part of its armed forces modernization program, Airbus said in a release. The helicopters are equipped with the company’s HForce weapons management system, which will allow Hungary “to equip and operate their aircraft with a large set of ballistic or guided air-to-ground and air-to-air weapons,” Airbus said in the Friday, June 29 release. Full article

IMF Hails Hungarian Progress, Calls for Structural Reforms

06. 28. 2018. 20:33

Emerging Europe / Yoan Stanev

IMF staff have published their preliminary findings from an official visit to Hungary. Their report hailed Hungary’s achievement of several years’ economic growth and reduced external debt. However, it adds that “with economic expansion well entrenched, now is the time to do more to reduce this vulnerability and create space for policy to be able to react again when new shocks hit.” More...

Denmarkʼs Foss to Build Biotech R&D Base in Pécs

06. 27. 2018. 19:45

Budapest Business Journal

Danish biotechnology firm Foss laid the cornerstone of a HUF 2 billion R&D center in Pécs (SW Hungary) on Tuesday. The investment is supported with a HUF 773 million government grant, Minister of Foreign Affairs and Trade Péter Szijjártó said at the ceremony. More...

AirBridgeCargo Adds Budapest Freighter Call

06. 27. 2018. 13:00

Air Cargo News

AirBridgeCargo (ABC) Airlines has added a twice-weekly call at Budapest airport to its schedule as it looks to continue growing Asia-Europe volumes. The new service will deploy Boeing 747 freighters and will operate on Tuesdays and Saturdays offering 139 tons of capacity on each flight. More...

OPINION: Worrying Changes in Hungary

06. 26. 2018. 17:07

Nature

Travel writers like to call Hungary a land of contrasts. But the cliché has been true there in recent years, as the ultranationalist government of Viktor Orbán has tightened its grip. Although European Union politicians have watched Hungary’s increasingly anti-democratic tendencies with mounting concern, researchers have seen the nation’s research base begin to flourish, with new internationally competitive laboratories. More...

Soros University Says it Plans to Stay in Hungary

06. 26. 2018. 17:03

Reuters / Marton Dunai

Startups Happy to Move to Budapest

06. 25. 2018. 19:32

Budapest Business News

Teams in Design Terminal’s latest mentor program have said the Hungarian capital is emerging as an important location for startup firms. Three foreign and three local startups participated in Design Terminal’s 2018 spring mentor program. More...

Budapest On Film: 10 Beautiful Movie Locations in the Hungarian Capital

06. 25. 2018. 19:23

Nathan Kay, CNN

Budapest's starring role in various film productions has become more and more frequent, adding a touch of Eastern European sparkle to the silver screen.The stunning Hungarian capital has provided a backdrop for many big budget flicks, including "Blade Runner 2049," "Red Sparrow," "Inferno," Spy," "Evita," "Atomic Blonde," "Tinker Tailor Soldier Spy," and there's even more to come. More...

 

Hungary's Balance of Payment: 2018 Q1

06. 22. 2018. 19:09

National Bank of Hungary

In 2018 Q1,1 Hungary’s unadjusted net external financing capacity (i.e. the combined surplus on its current and capital accounts) amounted to EUR 2,148 million (HUF 667 billion). Adjusted for seasonal effects, the measure stood at EUR 1,831 million (HUF 556 billion), equal to 5.6 per cent of quarterly GDP. Download full report

Orbán Allies Target Hungarian Social Scientists, in Battle with Academy of Sciences

06. 22. 2018. 19:00

Science Business / By Florin Zubascu

An article in conservative magazine Figyelo smears researchers studying immigration, gay rights and gender, in escalating conflict between government and Hungarian Academy of Sciences. More...

 

A Festival a Month

06. 21. 2018. 17:25

The Budapest Times

The outdoor summer festival season will soon be in full swing. In June, the Telekom Volt festival awaits those keen on the slightly more alternative bands. In July, the shore of Balaton in Zamárdi will be filled with electronic music at Balaton Sound, and to top it all off, in early August, Sziget will open its doors for the 26th time in the heart of the Hungarian capital. More...

MOL Investing in "Breakthrough" Naphtha-to-Olefins Technology

06. 21. 2018. 17:20

Plastics News Europe

Hungary’s energy company MOL Group has entered into a strategic partnership with the Netherlands-based refining and petrochemicals technology company Inovacat to upscale and commercialise the Dutch company's Gasolfin technology. More...

Bill Would Require Disclosure of Acquisitions by ‘Foreign’ Investors

06. 21. 2018. 17:10

Budapest Business Journal

The government submitted a bill to Parliament late Tuesday that would require foreign investors from outside of the European Union, the European Economic Area (EEA) and Switzerland to disclose to the authorities certain acquisitions in Hungary.  More...

PROPERTY: House Hunting in … Hungary

06. 20. 2018. 18:01

New York Times

Budapest’s luxury housing stock has increased in quantity and quality in recent years, said Chris Clarke, a founder of the real estate agency Clarke & White, and is “becoming on par” with that of other European cities. Historically, many of the luxury offerings were older renovated apartments and villas, Mr. Clarke said, but new high-end developments often have large terraces, smart home features and views of the Danube. More...

 

Hungarian Householdsʼ Material Welfare Trails Regional Peers

06. 20. 2018. 17:48

bbj.hu

Hungaryʼs Actual Individual Consumption (AIC), a measure of the material welfare of households, was 63% of the European Union average last year, at purchasing power parity, shows a report released Tuesday by Eurostat, the EUʼs statistics office. More... Eurostat's full report

Forint Rebounds as Central Bank Envisions End to Loose Policy

06. 19. 2018. 20:58

Reuters / Sándor Pető

The forint sharply rebounded from a 3-year low to the euro on Tuesday after the Hungarian central bank (NBH) set a time frame for the first time for ending its six-year-old loose policy. The bank kept interest rates at record lows, but said that "the current loose monetary conditions can no longer prevail up to the end of the 5 to 8-quarter horizon of monetary policy". More...  Read or download the Central Bank's Press Release

STATISTICAL UPDATE: Volume of Construction Output Increased by 14.2% in April

06. 18. 2018. 18:38

Central Statistical Office

The volume of construction output was 14.2% higher in April 2018 than a year earlier based on raw data. Output increased in both main groups of construction: in the construction of buildings by 7.0% and in civil engineering works by 24.9%. Based on seasonally and working day adjusted indices, construction output increased by 6.5% in April compared to the previous month. Details...

SRF to Choose Hungary in Europe

06. 18. 2018. 18:34

HIPA Press

In Jászfényszaru, SRF is going to establish a benchmark plant which is going to be the most advanced site of the corporation so far. As a result of its investment in Hungary, the Indian chemical corporation is going to become one of the biggest BOPET and BOPP foil producers of the world. Worth EUR 60 million, the annual production performance of the new unit is expected to reach 40,000 MT, creating 100 new jobs. More...

Hungary Redoubles Efforts to Improve Competitiveness

06. 18. 2018. 18:23

MTI Econews via bbj.hu

The government is preparing an action plan to make Hungary more attractive for investments, Minister of Foreign Affairs and Trade Péter Szijjártó told an AmCham business forum in Budapest on Friday, as reported by state news wire MTI. More...

Hungary to Spend Massively on Road, Rail Developments

06. 15. 2018. 22:10

MTI Econews via Budapest Business Journal

The government will spend HUF 4 trillion on developing roads and railways by 2022 in order to strengthen Hungaryʼs position in logistics, Minister of Foreign Affairs and Trade Peter Szijjártó said today. Some 900 kms of high-speed roads will be built from HUF 2.5 trillion in the coming years, 55% of which will be paid for from the central budget and 45% from European Union funds, the minister said, national new agency MTI reported.

Hungary Forint Could Find Itself in Vicious Circle, Analysts Warn

06. 15. 2018. 22:02

portfolio.hu

The Turkish lira is not the only currency hitting lows this week - the Hungarian forint has joined in, analysts at Commerzbank wrote in a research note on Friday. Like the lira was until recently, the forint too is characterised by a negative real interest rate. The precise exchange rate dynamics may not be the same - the lira spiral was driven by current-account and inflation problems; Hungary has a sizeable current-account surplus and below-target inflation. More...

The „Budget of Safe Growth” Submitted to Parliament

06. 14. 2018. 21:53

Ministry of Finance

In drafting of the Budget 2019 the Government’s priorities were to safeguard Hungary’s security, maintain economic growth and achieve full employment, Minister of Finance Mihály Varga said at a press conference earlier today. More...

Hungarians Vulnerable to Financial Risks, Says MNB

06. 14. 2018. 21:49

bbj.hu

A recent consumer protection report released by the National Bank of Hungary (MNB) revealed several irregularities in credit lending to private customers in Hungary. It advises customers to be more careful when signing agreements and contracts for financial services. More...

Budapest Among Cheapest Cities to Relocate, Study Finds

06. 13. 2018. 18:39

Budapest Business Journal

Living costs for new arrivals spending their first month in Budapest amount to EUR 742.85 on average, placing the Hungarian capital in 77th place among 80 cities in the world featured in a study by furnished apartment search engine Nestpick. More...

Car Production Breaks New Records in 2017

06. 13. 2018. 18:29

Economic Intelligence Unit

The number of cars produced in the Czech Republic, Poland, Slovakia and Hungary increased by 1% year on year in 2017, to a new all-time high of 3.1m. This is 35% higher than ten years ago, with the automotive sector having become an increasingly important element of these economies. The whole EU region, including Germany, produces nearly 17m cars per year, and these four countries in central Europe are responsible for almost 20% of this total. More...

STATISTICAL UPDATES: External Trade; Prices

06. 12. 2018. 20:26

Central Statistical Office

- In EUR terms, exports increased by 11% and imports by 16% in April 2018 compared to the same period of the previous year. The trade has been influenced by the fact that in April 2018, there were two more working days than a year earlier. The trade surplus declined by EUR 263 million. Details...

- Consumer prices were 2.8% higher on average in May 2018 than a year earlier. The highest price increases in this period were measured for alcoholic beverages and tobacco as well as motor fuels. Details...

 

Hungary Forint Back South of 320 Versus Euro

06. 12. 2018. 20:17

Portfolio.hu

Hungary’s forint was spectacularly underperforming in Central and Eastern Europe on Monday, hitting a two-year low against the euro. It kicked off Tuesday’s session north of 321, while the US dollar is finding its footing versus the single European currency and the exchange rate started to head south after hitting 1.18. The forint started to firm approaching noon and it was back south of 320 in the early afternoon. More...

Forging a New Link Across the Danube

06. 11. 2018. 22:13

World Architecture News /  Nick Myall News editor

A design proposal by UNStudio with Buro Happold Engineering was recently announced as the outright winner of the competition to build a new bridge across the River Danube. Conceived as a gateway between Ujbuda and Csepel, UNStudio’s design for the New Budapest Bridge places a new landmark bridge within the Budapest landscape that is both contemporary in design and innovative in structural form. More...

Accelerating Rise in Job Vacancies in Hungary

06. 11. 2018. 22:07

Budapest Business Journal

The number of job vacancies has been rising in Hungary at an accelerating pace in the past five quarters, with the year-on-year rate of increase reaching 33% by the first quarter of 2018, reveal figures from the Central Statistical Office (KSH) released Friday. More...  Read also on bbj.hu: Government considers solutions for labor shortage

Budapest Airport Welcomes Kuehne + Nagel Ahead of Cargo City Construction

06. 11. 2018. 22:00

American Journal of Transportations

Budapest Airport has welcomed Kuehne + Nagel, one of the leading logistics companies worldwide and the market leader in Hungary, to its cargo community, ahead of the construction of Cargo City, a new dedicated freight centre, which will commence this summer. More...

EU 'Dual Quality' Food Probe to Visit Hungary

06. 08. 2018. 21:26

EUObserver / By

EU researchers will visit supermarkets in Hungary next week to test a new methodology aimed at spotting any quality differences in the same food products offered for sale in richer and poorer member states. The tests are part of the European Commission's response to the issue of 'dual food quality', which has been raised by leaders from several central and eastern European countries. More...

Drugstore Chains Booming in Hungary

06. 08. 2018. 21:12

Budapest Business Journal

On average every third Hungarian is buying a face care product at Drogerie Markt (DM) and every fourth a body care product at the same chain. Moreover, the company sees further room for growth, business daily Világgazdaság reports. More...

Hungary's Opus Takes Over BSE-listed IT Company 4iG

06. 07. 2018. 18:47

BNE IntelliNews

Listed holding companies Opus Global and Konzum, owned by PM Viktor Orban's friend Lorinc Meszaros, reached an agreement with shareholders of BSE-listed 4iG to acquire just over 50% of the IT companyʼs shares on June 6. The deal needs regulatory approval. More...

STATISTICAL UPDATE: Industrial Production Increased by 7.8%

06. 07. 2018. 18:42

Central Statistical Office

In April 2018, the volume of industrial output grew by 7.8% year-on-year. Based on working-day adjusted data, the production rose by 2.9%. Compared to raw data, the significant difference is due to the fact that there were two more working days in April 2018 than in April 2017. Details...

EU Warns UK-Centered China Import Scam May Shift to Europe's 'Silk Road'

06. 06. 2018. 21:27

Reuters / Francesco Guarascio

European Union anti-fraud investigators suspect Greece and Hungary may have become the main EU centers of a multi-million-euro scam involving imports of Chinese clothing and footwear that uses the infrastructure of China’s new “Silk Road”. More...

Hungarian PM Warns of Crisis Emerging in Eurozone

06. 06. 2018. 21:15

BNE Intellinews

The Hungarian government announced on June 5 it will raise the general reserves in next year's budget by 50% to provide a buffer for potential negative implications from a slowdown in the eurozone. More...

STATISTICAL UPDATES: Retail; GDP

06. 05. 2018. 19:48

Central Statistical Office

- In April 2018, the volume of sales in retail shops increased by 4.3% according to raw data and, mainly due to the Easter effect, by 6.0% adjusted for calendar effects compared to the same period of the previous year. ... In January–April 2018, the volume of sales – also according to calendar adjusted data – was 6.9% higher than in the corresponding period of the previous year. Details...

- The volume of gross domestic product was 4.4% higher in Hungary in the 1st quarter of 2018 than in the corresponding period of the previous year. The primary contributor to the growth was market-based services. According to seasonally and calendar adjusted and reconciled data the performance of the economy was up by 4.7% compared to the corresponding quarter of the previous year and by 1.2% compared to the previous quarter. Details...

Mercedes-Benz Cars Invests One Billion Euros in New Car Plant in Hungary

06. 05. 2018. 19:25

Automotive World

Mercedes-Benz Cars is starting construction of its first “Full-Flex Plant“ in Kecskemét, Hungary, about 90 km in the south of Budapest. Overall, the company is investing one billion euros in the new car plant and creating over 2,500 jobs. The first global “Full-Flex Plant” of Mercedes-Benz Cars is the next step on the road to smart production: It is based on the “Factory 56” principles introduced in February, and is thus digitised consistently, designed for sustainable production and puts the human right at the centre of all activities. More...

STATISTICAL UPDATE: External Trade

06. 04. 2018. 19:38

Central Statistical Office

- In March 2018, export volume decreased by 3.2% and import volume by 0.5% compared to the same month of the previous year. The surplus was EUR 567 million, EUR 255 million less than the figure in March 2017. According to calendar adjusted figures, export and import volumes increased by 4.4% and 6.0%, respectively. In the first three months of 2018, the external trade surplus was EUR 2.1 billion. Details...

Hungarian Wins European Innovator of the Year Award

06. 04. 2018. 19:29

MTI via Budapest Business Journal

Hungarian inventor Krisztián Imre has been presented the European Innovator of the Year Award at the European Leadership Awards for his Extended Visual Assistant (EVA), voice-controlled eyewear for the visually impaired, K&H Bank, which supports his Budapest-based startup, told state news wire MTI. More...

 

Hungary Does Not Receive Much of an Incentive to Adopt Euro

06. 01. 2018. 16:32

portfolio.hu

Details provided by the European Commission about the next EU budget 2021-2027 show that the Convergence Facility, an incentive for member states to make "demonstrable steps towards joining the euro" will amount to merely 2.16 billion euros. ... If Hungary were to decide to give up its national currency, its population-based share from the facility would be EUR 0.2 billion, which is not an overly appetising carrot. More...

OPINION: How I Made the Most of the Hungarian Mindset to Grow My Business

06. 01. 2018. 16:28

Entrepreneur Europe / Nóra Oravecz Guest Writer

"Anyone who can keep their head above water in the Hungarian market can make it anywhere,"I always tell my foreign friends. They never understand. Then I begin to tell them how I developed my way of working and their eyes open wide. That's because up until that moment, they had only seen Hungary through the eyes of tourists, thinking of the gulyás soup, the ruin pubs and the pálinka drinks. All the while there is another side, which you can only understand if you grew up here, or at least spend a significant amount of time in our country. More...

TRAVEL: Budapest Hotels -- Great Options from Luxury to Budget

06. 01. 2018. 16:20

CNN

It's no wonder that Budapest is such a popular destination, with its grand presentation of baroque, neoclassical and art nouveau buildings.The beauty of Budapest is that you not only get to gawk at its exquisite architecture, you get to stay in it, too. Many of its hotels are in classic buildings or are at least inspired by its rich Hungarian history. More...  Also on CNN: Best places for shopping in Budapest;   Beyond Budapest: 5 day trips from Hungary's capital

 

 

'Natural ally': Hungary Leads Fight Against Anti-U.S. 'Hysteria' in Europe

06. 01. 2018. 16:16

The Washington Post /

Hungary has no intention of joining the “U.S.-bashing chorus in Europe,” in part because Budapest and Washington now are singing from the same page on issues such as immigration, security and the right of sovereign nations to set their own policies, Hungary’s foreign minister said in an interview. More...

Going back to basics…

05. 31. 2018. 18:34

World Architecture News / Nick Myall

Modern design can often fly in the face of the traditional values of the past. In some cases it can aim to improve by ignoring the needs and concerns that we once had, but this architectural design in Hungary shows that - for home structures, at least - those same values are just as important now as they ever were. Having won the audience’s vote at the Media Architecture Awards, it's clear this is a value that modern homeowners are considering. More...

STATISTICAL UPDATE: Industrial Prices

05. 31. 2018. 18:24

Central Statistical Office

Industrial producer prices as a whole were 2.7% higher in April 2018 than in the same period of the previous year. Domestic output prices increased by 3.2% on average. ...Industrial non-domestic output prices went up by 2.5%. Details...

STATISTICAL UPDATE: Investments Increased by 17% in 1Q 2018

05. 30. 2018. 22:17

Central Statistical Office

In the 1st quarter of 2018 the dynamic expansion characterizing the whole previous year persisted; the volume of investments in the current quarter exceeded the volume of the same period of the previous year by 17%. Investment activity increased in most areas of the national economy. Details

Ericsson Unveils new Eastern European HQ in Budapest

05. 29. 2018. 19:45

Total Telecom / By Chris Kelly,

Ericsson Hungary has inaugurated its new headquarters in Budapest. The campus boasts state of the art research and development facilities and will house over 2,000 employees. The company has also signed a Memorandum of Understanding with a local university in Hungary, to foster close collaboration and encourage innovation. More...

"We May Be Heading for Another Major Financial Crisis - Soros Warns

05. 29. 2018. 19:40

Portfolio.hu

The European Union is mired in an existential crisis, but with a 'Marshall Plan for Africa’ the bloc would help reduce the number of political refugees, Hungarian-born financial and philanthropist George Soros said in his keynote speech at the annual meeting of the European Council on Foreign Relations (ECFR) in Paris on Tuesday. Separately, the world-famous investor has also published an opinion piece, in which he writes about a potential new financial crisis. More...

Hungary Pours Cold Water on Stimulus Speculation as Risks Deepen

05. 29. 2018. 19:34

Bloomberg / By and

Investors expecting the injection of big-ticket fiscal stimulus from Hungary’s newly elected government are going to have to wait, Finance Minister Mihaly Varga said. More...

GfK: Purchasing Power Growing in Europe

05. 28. 2018. 20:39

Budapest Business Journal

In a study about the purchasing power of customers in the retail sector, market researcher GfK has found that the momentum of previous years has continued. Among EU countries, only Great Britain has undergone a purchasing power decline (-1.5%), partly as a result of the devaluation of the British pound. More...

Autoneum Builds Plant in Komarom, Hungary

05. 28. 2018. 20:31

Technical Textiles

Expanding its European production capacities, Autoneum has opened a plant for manufacturing lightweight components for acoustic and thermal management in Komárom, Hungary. The plant, Autoneum’s sixth Eastern European production site, will start producing multifunctional carpet systems for a German premium car manufacturer within a few weeks. More...

Real Earnings Growth Over 10 % In Q1 2018

05. 25. 2018. 20:50

Ministry of Finance

Earnings in real terms increased markedly, by 10.2 percent year-on-year in the first quarter of 2018. Gross and net earnings both gained 12.4 percent in the observed period. Thanks to the six-year wage agreement concluded in November 2016, earnings were up, in the period January 2017-March 2018, by more than 20 percent within the national economy. This growth has helped narrow the wage gap with the EU. The steady real earnings growth trend prevalent for more than five years proves that having a job has been increasingly worth it in Hungary. More...

It’s Always Dawn Raid Season – But Now Also for Transactions

05. 25. 2018. 20:30

Budapest Business Journal

The Hungarian Competition Authority (HCA) has never shied away from using its most effective investigative tool: the dawn raid. Since 2017, the possibility to search the premises and all devices, documents and data of an undertaking are available not only in those cases where the HCA suspects that an anticompetitive agreement or abuse of dominance has taken place, but also when a merger is under scrutiny by the competition enforcer. More...

MKB Bank CEO Sees Sale of Up to 30% Stake on Budapest Bourse

05. 24. 2018. 21:38

Bloomberg / By and

MKB Bank Zrt., Hungary’s fifth-largest lender, plans to sell as much as a 30 percent stake on the Budapest bourse to meet terms of a European Union-sanctioned bailout, Chief Executive Officer Adam Balog said. The lender may list about 20 percent to 30 percent of shares on the stock exchange next year, Balog said in an interview Wednesday in his Budapest office. More...

Investment in Hungary’s Regions Given Wizz Air Boost

05. 24. 2018. 21:29

Emerging Europe

Hungary’s drive to promote investment in the country’s regions has been given a boost by Wizz Air, which has announced a big increase in its operations at Debrecen airport, in the east of the country. From December, the Hungarian airline – the largest in emerging Europe – will add a second aircraft to its Debrecen base, launching seven new routes from the city, to Barcelona and Palma de Mallorca in Spain, Basel in Switzerland, Doncaster/Sheffield in the United Kingdom, Dortmund in Germany, Larnaca in Cyprus, and Malta. More...

Commission Releases 2018 Convergence Report: Review of Member States' Progress Towards Euro Adoption

05. 23. 2018. 17:13

European Commission

The report covers the seven non-euro area Member States that are legally committed to adopting the euro: Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania and Sweden. It finds that these Member States generally display considerable nominal convergence, but none of them currently meet all the formal conditions for joining the euro area. Two of these Member States, Bulgaria and Croatia, fulfil all of the convergence criteria, except for the exchange rate criterion as they are not members of the Exchange Rate Mechanism (ERM II). Details