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National Bank of Hungary keeps base rate on hold

HUNGARY

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 »

Component Kereskedelmi in HUF 415m capacity expansion

HUNGARY

BUDAPEST: Component Kereskedelmi Kft., which makes industrial process control and automation equipment for MOL, BorsodChem, Richter and Teva, is undertaking a HUF 415 million capacity expansion at its base in Martonvásár, southwest of Budapest, the project manager for consultant Forrás Unió told state news agency MTI. European Union grant money covered half of the cost of the investment. Component Kereskedelmi ... Read More »

Top court deems rules on personal income tax donations unconstitutional

HUNGARY

BUDAPEST: The Constitutional Court on Friday established Hungary’s rules under which taxpayers are offered an opportunity to donate one percent of their personal income tax to churches or other organisations are restrictive because the law failed to ensure that donors can choose any religious organisation whether officially registered as a church or not. The court took up the complaint of ... Read More »

Automotive sector lifts Hungary’s industrial output in May

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BUDAPEST: Output of Hungary’s automotive sector, a key driver of industry in the country, rose by an annual 10.7 percent in May, a second reading of data for the month released by the Central Statistical Office (KSH) on Wednesday shows. The increase followed an 8.6 percent decline in the sector in the previous month. Output of the computer, electronic an ... Read More »

Hungary posts eur 913 m trade surplus in May

HUNGARY

BUDAPEST: Hungary posted a 913 million euro trade surplus in May, up 170 million euros from the same month a year earlier, the Central Statistical Office said in a first reading of data on Friday. Exports rose by an annual 18.8 percent to 8.995 billion euros. Imports were up by 18.4 percent at 8.082 billion euros. About 78 percent of ... Read More »

Hungary posts eur 913 m trade surplus in May

HUNGARY

BUDAPEST: Hungary posted a 913 million euro trade surplus in May, up 170 million euros from the same month a year earlier, the Central Statistical Office said in a first reading of data on Friday. Exports rose by an annual 18.8 percent to 8.995 billion euros. Imports were up by 18.4 percent at 8.082 billion euros. About 78 percent of ... Read More »

Hungarian e-tail generates HUF 427b in 2016

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BUDAPEST: Hungary’s online retail trade generated HUF 427 billion in turnover in 2016, more than 5% of the total national retail trade volume, signalling a dynamic expansion of the online sector, reveals a recent report by eNET Internet Research based on responses from web stores. The research results were announced at the 14th Hungarian E-commerce Conference in Visegrád. The online ... Read More »

Hungary retail sales up 6%  in May

HUNGARY

BUDAPEST: Retail sales in Hungary rose by an annual 6 percent in May, the fastest rate in almost a year, a first reading of data released by the Central Statistical Office (KSH) on Wednesday shows. Adjusted for calendar year effects, retail sales were up 5.4 percent. Adjusted food sales climbed 2.6 percent, non-food sales jumped 9.8 percent and fuel sales ... Read More »

Hungarian startups to watch out for in 2017

HUNGARY

BUDAPEST: When it comes to launching a successful startup and keeping that startup afloat, there are a few best practices to adhere to. Before you can even think of branding and marketing best practices, the very first and most important aspect entrepreneurs need to consider is having an idea that is slightly ahead of its time, or at least one ... Read More »

Sanatmetal completes HUF 500m production upgrade

HUNGARY

BUDAPEST: Hungaryʼs Sanatmetal Kft., which makes trauma implants and joint replacement prostheses, has completed a more than HUF 500 million production upgrade, Managing Director József Farkas told Hungarian news agency MTI. A little more than half of the cost of the upgrade was covered by European Union funding, Farkas said. Exports from the parent company generate about 38% of revenues ... Read More »

Hungary’s water management companies to invest in Tajikistan

HUGARY

BUDAPEST: Investment opportunities of several billion forints are available to Hungarian water management companies in Tajikistan, where 54 percent of Asia’s water resources are found, Foreign Minister Péter Szijjártó said on Wednesday. The water base in Tajikistan is more than three times central Europe’s water demand, Szijjártó told MTI after talks in Dushanbe. Tajikistan has some 900 rivers and 1,500 ... Read More »

Hungary signs OECD tax convention

HUNGARY

BUDAPEST: Hungary was among the signatories of a multilateral tax convention within the framework of a ministerial meeting of the OECD in Paris on Wednesday, the Ministry for National Economy announced, according to Hungarian news agency MTI. Hungary signed the agreement, which aims to reduce opportunities for tax avoidance by multinational companies, together with more than 65 other countries, the ... Read More »

Hungary, Croatia sign declaration of intent on reverse gas flows

HUGNARY

BUDAPEST: Hungary and Croatia signed a declaration of intent to enable reverse gas flows between the two countries on Tuesday. Speaking at a press conference after the signing of the declaration, Hungarian Foreign Minister Péter Szijjártó called the document strategically important, arguing that it was crucial for Hungary’s energy security that the country has access to gas from the south ... Read More »

National bank of Hungary lowers inflation forecast to 2.4% for 2017

HUNGARY

BUDAPEST: The National Bank of Hungary (NBH) lowered its inflation forecast for this year in a quarterly forecast released on Tuesday. The central bank lowered its CPI forecast for 2017 to 2.4 percent in its quarterly Inflation Report from 2.6 percent in the previous report published in March. The NBH also lowered its 3 percent inflation forecast for 2018 to ... Read More »

Speed-Tech inaugurates HUF 230m production hall

HUNGARY

BUDAPEST: Austrian-owned Speed-Tech inaugurated a HUF 230 million production hall for warehouse system control units in Ajka (western Hungary) on Tuesday, according to Hungarian news agency MTI. Owner-manager Franz Jöbstl said the company financed the investment from its own funds. Production started in the 1,300 square-meter hall at the beginning of June. The investment has created 20 new jobs. Speed-Tech ... Read More »

Lawmakers approve 2018 budget in Hungary

HUNGARY

BUDAPEST: The bill was approved with 127 votes in favour and 62 votes against. The 2018 budget targets revenue of 18,751.5 billion forints (EUR 61.2bn), expenditures of 20,112.1 billion forints, leaving a deficit of 1,360.7 billion forints. The deficit is over the 1.166.4 billion forint gap targeted for 2017. The 2018 deficit target as a percentage of GDP is 2.4 ... Read More »

Hungary aims to strengthen v4 cooperation with Central Asia: Minister

HUN

BUDAPEST: Hungary plans to strengthen relations with Central Asia not only on a national level but also on the level of the Visegrad group, Economy Minister Mihály Varga said. For this reason, Hungary will initiate developing a V4-Central Asia cooperation platform, Varga told the press on the last day of his visit to Kazakhstan, after meeting counterpart Kairat Abdrakhmanov. Good ... Read More »

Hungarian firm invests HUF 1.5b in Mercedez-Benz dealership

HUNGARY

BUDAPEST: Hungarian-owned JP Auto has opened a Mercedes-Benz brand dealership in Jászberény through a HUF 1.5 billion investment, according to a press release sent to the Budapest Business Journal today. The dealership, which also serves as a repair garage, lies on a 30,000 square-meter plot with an approximately 5,000 sqm building. The repair shop can deal with ten vehicles at ... Read More »

Hungary aims to strengthen v4 cooperation with central Asia: Minister

HUNGARY

BUDAPEST: Hungary plans to strengthen relations with Central Asia not only on a national level but also on the level of the Visegrad group, Economy Minister Mihály Varga said on Sunday. For this reason, Hungary will initiate developing a V4-Central Asia cooperation platform, Varga told the press on the last day of his visit to Kazakhstan, after meeting counterpart Kairat ... Read More »

Hantech revenues climb 10% in 2016

HUNGARY

BUDAPEST: Farm machinery parts maker Hantechʼs revenues rose 10% to HUF 3.5 billion last year, the company told Hungarian news agency MTI. Hantech plowed back about 10% of its revenues into R&D and investments last year. Profit came to around HUF 100 million. This year, the company plans to upgrade its capacity and build another production hall. Hantech exports about ... Read More »