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Vodafone reduces term of loyalty contracts


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


  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


  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 »

Diehl Aircabin to establish 9m Euros engineering centre in Hungary


BUDAPEST: German avionics parts manufacturer Diehl Aircabin is investing 2.76 billion forints (EUR 9m) to set up an engineering centre in Debrecen (E Hungary) with a 968 million forint grant from the Hungarian government, creating 150 jobs. Diehl Aircabin has recently announced plans to expand its production base in Nyírbator (E Hungary), increasing headcount at the plant by 230 from ... Read More »

Hungary’s budget runs EUR 3.2b deficit at end of August


  BUDAPEST: Hungary’s cash flow-based budget deficit, excluding local councils, was at 979.9 billion forints (EUR 3.2bn) at the end of August, preliminary data released by the Economy Ministry on Thursday show. The deficit reached 84 percent of the 1,166.4 billion forint full-year target. The central budget had a 1,019.0 billion forint deficit and the social insurance funds were 71.7 ... Read More »

Hungary inflation picks up to 2.6% in August


BUDAPEST: Consumer prices in Hungary grew by an annual 2.6 percent in August, the Central Statistical Office (KSH) said on Friday. In a month-on-month comparison, prices edged up 0.1 percent from July. Twelve-month CPI picked up from 2.1 percent in July. The CPI harmonised for better comparison with other European Union member states was 2.7pc year-on-year in August. Core inflation, ... Read More »

Norway’s Sapa to invest 22m Euros at base in Hungary


  BUDAPEST: The local unit of Norwegian extruded aluminium profile maker Sapa is building a 6.8 billion forint (EUR 22m) plant at its base in Székesfehervár, in north-west Hungary, Frank Iepema, Managing Director at Sapa, said in Budapest. The investment will create 120 jobs, Péter Szijjártó, the minister of foreign affairs and trade, said at a press conference in Budapest ... Read More »

Banking sector profitability slightly up in H1


  BUDAPEST: Hungarian banksʼ combined after-tax profits at the end of the first half of 2017 came to HUF 362.9 billion, compared to a HUF 343.5 bln gain in the first half of 2016, according to data released by the National Bank of Hungary (MNB) on Friday. Net interest income fell 5.7% to HUF 391.4 bln by the end of ... Read More »

Hungarian real estate market skyrocketing


  BUDAPEST: Thet latest analysis of Ingatlan.hu reveals that the most popular residential park is the one at Lajos Street. The study also drew some interesting conclusions. These include that the most expensive flats are in Újlipótváros: they usually cost 1560 euros per square meter. Among the flats in the countryside, the ones close to Budapest are the most popular, ... Read More »

Eissmann Automotive plans expansion in Hungary


BUDAPEST: German-owned car interior maker Eissmann Automotive Hungaria is planning expansion worth at least EUR 6 million at its base in Nyiregyhaza. Eissmann Automotive will build a production hall on a plot of land it acquired last year similar in size to its present 16,000 sqm plant at Nyiregyhaza (northeast Hungary), managing director Attila Boszormenyi said today, as quoted by ... Read More »

ANY H1 profit edges down to HUF 536m


BUDAPEST: First-half net income of the bourse-listed ANY Security Printing Company edged down 2% compared to the same period a year earlier, to HUF 536 million, an earnings report released late last Thursday shows, according to state news agency MTI. Net sales rose 4% to HUF 12.2 billion. Export sales climbed 14% to more than HUF 5.0 bln. CEO Gábor ... Read More »

Hungary state debt at 74% of GDP at the end of H1


BUDAPEST: Hungary’s state debt, calculated according to the Maastricht rules, stood at 74 percent of GDP at the end of June, down from 74.3 percent of GDP at the end of March, the National Bank of Hungary said on Thursday, concerning Hungary’s preliminary financial accounts. The state debt ratio fell from 75 percent in the second quarter of 2017 compared ... Read More »

Hungary helps Slovenian Hungarians with Euro 1.6m


BUDAPEST: The Hungarian government will help 155 businesses owned by ethnic Hungarian families in Slovenia with a combined 500 million forints (EUR 1.6m) from this year’s national budget, under a programme aimed at promoting Hungarian communities in the Carpathian Basin.  The contracts were signed by Levente Magyar, Hungary’s deputy foreign minister, and winning bidders in north-eastern Slovenia’s Dobrovnik (Dobronak) on ... Read More »

Hungary’s construction sector output jumps 27% in June


BUDAPEST: KSH noted that the jump came from a low base. Output of the building segment was up 26.1 percent during the period. Output of the civil engineering segment rose by 29.6 percent. In a month-on-month comparison, output rose a seasonally and workday-adjusted 1.1 percent. In January-June, output was up an annual 27.0 percent. In absolute terms, construction sector output ... Read More »

Hungary budget deficit 2.65b euros in July


BUDAPEST: Hungary’s cash flow-based budget, excluding local councils, ran an 816.8 billion forint deficit at the end of July, preliminary data released by the Economy Ministry on Monday show. The shortfall was 70.03 percent of the 1,166.4 billion forint full-year target. The central budget had a 843.7 billion forint deficit and the social insurance funds were 81.8 billion forints in ... Read More »

Hungary retail sales climb 5.5% in June


BUDAPEST: Retail sales in Hungary rose by 5.5 percent year-on-year in June, slightly slower than the 6 percent growth in the previous month, a first reading of data released by the Central Statistical Office (KSH) on Thursday shows.  Adjusted for calendar year effects, retail sales were up 6.0 percent. Adjusted food sales climbed by 4.1 percent, non-food sales jumped by ... Read More »

Hungary’s home building permits up 40% in 1H of 2017


BUDAPEST: Home building permits issued in Hungary in the first half of 2017 jumped 40 percent to 19,823 from the same period a year earlier, the Central Statistical Office (KSH) said on Friday. The number of permits issued in Budapest more than doubled to 8,378. The number of completed homes increased by 46 percent to 5,004 during the period. Of ... Read More »

Retail sales growth accelerates to 6% in May


BUDAPEST: Retail sales in Hungary climbed an annual 6 percent in May, the Central Statistical Office (KSH) said in a second reading of data released on Monday. Retail sales rose 5.5 percent when adjusted for calendar year effects. The pace of retail sales growth accelerated from an unadjusted and adjusted 3.2 percent and 1.8 percent, respectively, in April. Retail sales ... Read More »

Hungary gross wages climb 12.9%  in May


BUDAPEST: The average gross monthly wage in Hungary rose by an annual 12.9 percent to 296,100 forints (EUR 968) in May, the Central Statistical Office (KSH) said on Thursday. Net wages grew at the same pace as gross wages did, also climbing 12.9 percent to 196,900 forints. KSH noted that wages have been boosted by a higher minimum wage as ... Read More »

National Bank of Hungary keeps base rate on hold


BUDAPEST: The National Bank of Hungary‘s Monetary Council decided to keep the central bank’s key rate on hold at 0.90 percent at a meeting on Tuesday, as expected. The council has left the base rate on hold since signalling an end to an easing cycle at a policy meeting at the end of May 2016. However, the rate-setters have made ... Read More »