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European commission raises Hungary GDP growth forecasts

HUNGARYRRRR

BUDAPEST: The European Commission has raised its projections for GDP growth in Hungary to 3.7 percent for this year and 3.6 percent for 2018 in a fresh forecast released on Thursday. The projections for 2017 and 2018 were raised from 3.6 percent and 3.5 percent, respectively, in the EC’s spring economic forecast, released in May. The EC publishes such forecasts ... Read More »

Hungary, Slovakia sign declaration of intent for construction of north-south gas pipeline

HUNGARY

  BUDAPEST: Hungary and Slovakia signed a declaration of intent to build a north-south gas pipeline in Kosice/Kassa, Slovakia, on Monday. Speaking at a press conference after the signing ceremony, Hungarian Foreign Minister Péter Szijjártó and Slovak Economy Minister Peter Ziga, who signed the pact in the presence of Slovak Prime Minister Robert Fico, both said the new pipeline could ... Read More »

Hungary’s industrial producer prices up 4.1 pc in September

HUNGARTY

  BUDAPEST: Industrial producer prices went up by an annual 4.1 percent in September, the Central Statistical Office (KSH) said on Tuesday. Prices for domestic sales were up by 4.8 percent while export prices rose by 3.7 percent. In a month-on-month comparison, industrial producer prices were up by 1.3 percent as domestic prices were up by 0.9 percent while export ... Read More »

Hungary PM lauds Europe’s ‘migrant-free zone’

HUNGARY

  BUDAPEST: Hungary’s prime minister says Central Europe is the continent’s last “migrant-free zone” and that unity among countries such as Hungary, Poland and the Czech Republic could stop globalization and mass migration. Prime Minister Viktor Orban, an ardent opponent of immigration, said Europe needs to be “safe, fair, civic, Christian and free” and return to the grandeur he claims ... Read More »

Brussels clears state aid for MOL investment

HUNGARY

  BUDAPEST: The European Commission on Wednesday cleared the provision of EUR 131 million in state aid for an expansion of oil and gas company MOLʼs petrochemicals plant in the underdeveloped northeast of the country, Hungarian news agency MTI reported. The EC found that the state aid merely compensated for the costs incurred by carrying out the job-creating project in ... Read More »

Govt accepts tourism development strategy in Hungary

HUNGARY

  BUDAPEST: Hungary’s government has accepted the National Tourism Development Strategy 2030, a guideline for “all players of the sector until 2030”, Zoltán Güller, CEO of the Hungarian Tourism Agency, told the Tourism Summit 2017 conference in Budapest on Monday. Addressing the event, Prime Minister Viktor Orbán said that the strategy will “secure for Hungary a worthy place in world ... Read More »

Krones to build HUF 15b plant in Debrecen

HUNGARY

  BUDAPEST: German packaging and bottling machine manufacturer Krones will build a nearly HUF 15 billion plant in Debrecen, eastern Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó announced Tuesday, according to state news agency MTI.   The investment will create 500 jobs in the coming years, Szijjártó said. The government has provided a non-refundable grant of HUF 5.5 ... Read More »

Further developments needed in Paks after 2030, says minister

HUNGARY

  BUDAPEST: Projections show that there will be a shortage of energy capacity in Hungary in 2030 after the current Paks nuclear power station expansion project is completed, so further development plans are needed, János Süli, the minister in charge of the upgrade project, told a hearing in parliament’s national security committee on Wednesday.  In response to a question by ... Read More »

Hungarian industrial output climbs 6.8 pc in August

HUNGARRRRY

BUDAPEST: Hungary’s industrial output rose by an annual 6.8 percent in August, the Central Statistical Office (KSH) said in a first reading of data on Friday. Growth accelerated from 0.2 percent in the previous month. August output rose at the same pace when adjusted for the number of workdays. In a seasonally- and workday-adjusted month-on-month comparison, output rose by 5.5 ... Read More »

Hungary trade surplus EUR 440m in August

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BUDAPEST: Hungary had a 440 million euro trade surplus in August, the Central Statistical Office (KSH) said in a first reading of data on Monday. The surplus was down 119 million euros from the same month a year earlier. Exports rose by an annual 10.3 percent to 7.9 billion euros. Imports were up by 13.0 percent at 7.5 billion euros. ... Read More »

Hungarian industrial output climbs 6.8 pc in August

HUNGARY

  BUDAPEST: Hungary’s industrial output rose by an annual 6.8 percent in August, the Central Statistical Office (KSH) said in a first reading of data on Friday. Growth accelerated from 0.2 percent in the previous month. August output rose at the same pace when adjusted for the number of workdays. In a seasonally- and workday-adjusted month-on-month comparison, output rose by ... Read More »

EU offers carrot instead of stick to Hungary, Poland

HUNGARY

  BUDAPEST: EU Commissioner of Justice Vìra Jourová said on Friday that she is ready to simplify rules controlling cohesion expenditure if Hungary and Poland join the new European Public Prosecutor’s Office (EPPO). This is a major departure in the Commissioner’s approach compared to her threat a few months ago that member states refusing to join EPPO risk losing access ... Read More »

Financial Research Plc forecasts 3.8% GDP growth for 2017, 2018

HUNGARY

  BUDAPEST: Financial Research Plc.(Pénzügykutató Zrt.) expects GDP growth in Hungary to be around 3.8 percent both this year and next, the economic research company said in a forecast released on Wednesday. The forecasts are under the government’s official projections for GDP growth of 4.1 percent this year and 4.3 percent next year. Economic growth is supported by a global ... Read More »

Hungary PMI rises to 59.3 in September

HUNGARY

BUDAPEST: Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) stood at 59.3 points in September, rising from 56.8 in August, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Monday. An index value above 50 shows expansion in the manufacturing sector, while a value under 50 signals contraction. Among the sub-indices that comprise the PMI, ... Read More »

Hungarian ICT firms to get training for exports

HUNGARY

  BUDAPEST: The Hungarian National Trading House (MNKH) on Thursday launched an “ICT export academy” targeted at SMEs in the information and communications technology sector. The training course is aimed at improving the chances of Hungarian ICT companies of entering foreign markets. The training offers support in developing business and marketing strategies necessary for local ICT companies to reach foreign ... Read More »

Azerbaijan to appoint trade representative to Hungary

HUNGARY

  BUDAPEST: Azerbaijan plans to appoint its next trade representative to Hungary, a landlocked country in central Europe. The trade representative will work to expand Azerbaijan’s non-oil exports, promote the ‘Made in Azerbaijan’ brand in Europe and attract investment into the country. So far, Azerbaijan has appointed trade representatives to Russia, China and the United Arab Emirates (UAE). Economy Minister ... Read More »

Wuppermann opens HUF 30b steel plant at Danube port

HUNGARY

BUDAPEST: Germanyʼs Wuppermann inaugurated a HUF 30 billion steel pickling and hot-dip galvanizing plant on Friday at the port of Gönyű on the Danube, near Győr in northwest Hungary, state news wire MTI reported. Levente Magyar, minister of state for economic diplomacy at the Ministry of Foreign Affairs and Trade, noted that a government grant had covered about 10% of ... Read More »

Vodafone reduces term of loyalty contracts

HUNGARY

BUDAPEST: Mobile telecommunications service provider Vodafone will reduce the term of “loyalty contracts” it offers subscribers from two years to one year from Monday, state news wire MTI reported. Amendments to the telecommunications act in force from October 24 require a reduction in the terms of loyalty contracts for all post-paid clients, with the exception of those who opt for ... Read More »

M&A value in Hungary up 12% in H1

HUNGARY

  BUDAPEST: The value of mergers and acquisitions (M&As) in Hungary came close to USD 980 million in the first half, up 12% from the corresponding period a year earlier, data compiled by consultancy EY show, state news wire MTI reported. EY said 66 transactions were closed in the first half, up slightly from 64 in the base period. In ... Read More »

Budapest Airport reports record cargo volumes

HUNGARY

  BUDAPEST: Budapest Airport processed a record 72,161 tons of cargo in the first half of 2017, up 19.6% on the corresponding period last year. The Hungarian capital recorded 49,420 tons of air cargo, up 16.7%, and 22,741 tons of trucked cargo, up 26.5% compared to last year, shows a press release sent to the Budapest Business Journal. July cargo ... Read More »