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Hungary’s real wages up 7.4% in 2016

HUNGARY

BUDAPEST: Real wages in Hungary were up by 7.4% in 2016, compared to the preceding year, along with a 0.4% rise in consumer prices compared to the same period, according to a first release of data published today by the Central Statistical Office (KSH). Full-time employees’ average gross monthly nominal earnings according to the national concept amounted to HUF 263,200 ... Read More »

BUDPORT invests HUF 1b at Budapest airport

HUNGARY

BUDAPEST: BUDPORT Handling is implementing a HUF 1 billion capital expenditure program at Ferenc Liszt International Airport between now and the end of May, the company said in a press statement sent to the Budapest Business Journal. The company, which recently acquired its full ground handling license, currently has 100 employees, but expects to create 150 jobs at the Budapest ... Read More »

Hungary to discuss EU trade with New Zealand

Hungary New Zealand Flags Collage

WELLINGTON: A free trade agreement between the European Union (EU) and New Zealand will be on the agenda when Hungarian Foreign Minister Peter Szijjarto visits New Zealand on Friday, a media report said on Thursday. New Zealand Foreign Minister Murray McCully said he will meet with Szijjarto in Auckland on Friday. “This visit presents an opportunity to deepen this relationship, ... Read More »

Hungary’s CPI up 2.3% in January

HUNGARY

BUDAPEST: Hungary’s inflation indicator, the consumer price index (CPI), was up by 2.3% in January compared to the same month of 2016, with the highest price rises being observed among motor fuels and other goods, as well as alcoholic beverages and tobacco, according to a first estimate of data by the Central Statistical Office (KSH) today. Food prices rose in ... Read More »

Farming prices drop by 4.7% in Dec

HUNGARY

BUDAPEST: Hungary’s agricultural producer prices dropped by 4.7% overall in December, compared to the same month in 2015, with a 12% decrease in the prices of crop products and an 8.4% rise in the prices of live animals and animal products, according to a first release of data by the Central Statistical Office (KSH) today. In December, cereal prices were ... Read More »

European Commission raises GDP growth forecast for Hungary

HUNGARY

BUDAPEST: Hungaryʼs real GDP growth is expected to be 3.5% this year, the European Commission said in its 2017 winter economic forecast released on Monday, in an upward revision from the 2.6% growth predicted in its earlier fall forecast in November, Hungarian news agency MTI reported today. The EC puts 2016 GDP growth at 1.9%, compared to the 2.1% growth ... Read More »

KBC books Q4 net income of EUR 23m in Hungary

HUNGARY

BUDAPEST: Belgium’s KBC Group booked net income of EUR 23 million at its business in Hungary in the fourth quarter, down from EUR 42 mln in the same period a year earlier as income tax expenses jumped, state news agency MTI has reported, citing an earnings report released today. The business’ pre-tax profit edged down 2% to EUR 45 mln, ... Read More »

Hungary’s foreign trade surplus decreased in December

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BUDAPEST: Hungary’s foreign trade surplus decreased in December from a year ago, as imports grew faster than exports, preliminary figures from the Hungarian Central Statistical Office showed Thursday. According to details, the trade surplus fell to EUR 556 million in December from EUR 638 million in the corresponding month last year. Economists had expected the surplus to drop to EUR ... Read More »

Hungary’s industrial output drops 0.5% in Dec

HUNGARY

BUDAPEST: The volume of Hungary’s industrial output was down by 0.5% in December, compared to the same month a year earlier; however, production rose by 1.9% adjusted for working days, a first estimate of data issued by the Central Statistical Office (KSH) shows. The volume of industrial production in December – according to seasonally and working day-adjusted indices – was ... Read More »

Richter’s Q4 profit doubles on financial gain

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BUDAPEST: A large financial gain lifted Hungarian drugmaker Gedeon Richter’s fourth-quarter net income to HUF 19.3 billion, a little more than double the HUF 9.5 bln it brought in during the same period in 2015, an earnings report published early this morning shows. Net income was a little more than the HUF 16.7 bln estimate by analysts polled by Portfolio.hu. ... Read More »

CNG sales in Hungary break record in 2016

HUNGARY

BUDAPEST: Sales of compressed natural gas (CNG) in Hungary grew by more than 50% in the first 11 months of 2016, compared to the same period in 2015, exceeding 11.243 million cubic meters of CNG, professional organization MGKKE said in a press statement sent to the Budapest Business Journal. In 2015, a total 8.004 million cubic meters of CNG was ... Read More »

Hungary, Russia to cooperate closely in heavy industry

HUNGARY

BUDAPEST: Hungary and Russia will form closer cooperation in heavy industry developments in technology-intensive sectors, Minister of Foreign Affairs and Trade Péter Szijjártó said on Thursday in Budapest after meeting with Russian Minister of Industry and Trade Denis Manturov. Hungarian and Russian companies are encouraged to participate jointly in tenders in third countries, Szijjártó said. The minister noted a partnership ... Read More »

Wizz Air total revenues up 9.9% in Q3

HUNGARY

BUDAPEST: Hungarian low-cost airline Wizz Air’s total revenues grew by 9.9% to EUR 341.1 million in Q3 of its financial year, with ticket revenues growing by 2.5% to EUR 191.8 mln and ancillary revenues up 21.0% to EUR 149.4 mln, the airline said in an earnings report issued today. Reported net profit for Q3 (IFRS) was a record EUR 32.5 ... Read More »

Hungarian customers prefer used Opel Astras, Suzuki Swifts

HUNGARY

BUDAPEST: Hungarian men buying used cars tend to go for Opel Astra models, while women prefer Suzuki Swifts, AAA Auto Group’s Hungarian unit says, based on its sales data, according to a statement sent to the Budapest Business Journal. A typical Hungarian men would opt for a gray hatchback, sedan or combi in the majority of cases, while women seem ... Read More »

Tax office shows leniency for errors, saves sanctions for tax evaders

UNGARY

BUDAPEST: Hungary’s National Tax and Customs Administration (NAV) has become more “customer-friendly”, sanctioning tax evaders while offering assistance to taxpayers who unintentionally err when filing returns, NAV chief András Tállai. “I asked the auditors a year ago to use audits to assist the voluntary payment of taxes when the circumstances allow it, be it for businesses or private individuals,” Tállai ... Read More »

GKI puts 2017 GDP growth at 3%

HUNGARY

BUDAPEST: Economic research institute GKI expects Hungaryʼs GDP to grow around 3% this year. In its latest forecast, GKI sees increased investments, supported by a pickup in payouts of European Union funding, as well as strong consumption as the drivers of growth. The research institute projects investments will grow by 5% next year, after an estimated 10% decline in 2016. ... Read More »

Hungary calls tenders for 88% of 2014-2020 EU funding

HUNGARY

BUDAPEST: Hungary has so far called tenders for 88% of the European Union money available in the 2014-2020 funding cycle, and signed contracts for 46%, state secretary Nándor Csepreghy said at a conference organised by the HG Media group yesterday, according to Hungarian news agency MTI. Last year, more than HUF 1.974 trillion in EU funding was paid out, although ... Read More »

Magyar Cetelem group receives HUF 18.5m fine

HUNGARY

BUDAPEST: Magyar Cetelem Bank and Oney Magyarország Pénzügyi Szolgáltató, which is a unit of the Cetelem group, have been fined for a combined HUF 18.5 million by the National Bank of Hungary (MNB), on charges of deficiencies affecting credit risk management, capital requirement calculation, accounting, data provision and IT security, according to reports. According to the central bank, the charged ... Read More »

Competitiveness turnaround may boost growth rate to 4-5%

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BUDAPEST: Hungaryʼs economic growth rate could reach 4-5% in the long term if the country can successfully boost its level of competitiveness, National Bank of Hungary (MNB) Deputy Governor Márton Nagy said at a presentation at the Hungarian Institute in Paris Wednesday. Hungary has already undergone a fiscal and monetary turnaround, but this is still too little: the next challenge ... Read More »

Hungary’s corn yield breaks record in 2016

HUNGARY

BUDAPEST: The average yield of corn in Hungary broke the record last year by exceeding 8.6 tons per hectare, largely due to the periodic consecutive alternation of ideal hot weather and abundant rainfall, according to the Central Statistical Office (KSH). With the exception of potatoes, the production of the observed crops harvested in the fall was higher than in the ... Read More »