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PM Orbán calls for EU budget to be put on ‘fair footing’

Prime Minister Viktor Orbán called for the European Union budget to be put on a “fair footing”, adding that the current concept includes amendments that shift monies from poorer countries to richer ones. After meeting European Council President Charles Michel in Brussels, Orbán told Hungarian journalists that he foresaw a busy schedule for the next six months, with several unresolved ... Read More »

ÁKK sells HUF 40 billion of bonds at switch auction

The Government Debt Management Agency (ÁKK) sold HUF 40 billion of bonds maturing in 2026 and 2031, accepting ones expiring in 2022 as payment at a switch auction state news wire MTI reports. ÁKK sold HUF 20 bln of 2026/D bonds for 2022/A ones, in line with its original offer. Demand by primary dealers came to HUF 35.55 bln for ... Read More »

Equilor forecasts 3.8% economic growth for 2020

GDP could grow by 3.8% in 2020 and economic growth could slow to 3.5% in 2021, analysts at Equilor Investment said in a forecast on Monday, state news wire MTI reports. Economic growth this year will continue to be driven by domestic consumption, investments and exports, the forecast said. Both investments and export growth are set to slow, it added. ... Read More »

Hungarian competition watchdog slaps EUR 5.5m fine on Telenor Hungary

The Hungarian competition watchdog GVH imposed a 5.45-million-euro (6-million-U.S.-dollar) fine on mobile provider Telenor Hungary for misleading commercial practices, GVH said in a statement. “Telenor Hungary Ltd. had committed an infringement for over a year by failing to inform its customers in its advertisements promoting mobile devices for free or at a reduced price that if they chose to obtain ... Read More »

Hungary transfers HUF 57 bln for Paks upgrade in December

Hungary made HUF 57 billion in payments for the upgrade of the Paks nuclear power plant in December, János Süli, the minister in charge of the project, said at a conference organized by business daily Világgazdaság this week, Hungarian news agency MTI reports. The payments were made for six invoices related to general contractor Rosatomʼs delivery of technical plans for ... Read More »

Hungary accepts big penalty for mismanaging EU funds

BUDAPEST: Hungary has accepted a penalty for poorly managing funds it receives from the European Union that could cost Budapest more than 500 billion forints (£1.3 billion or $1.65 billion) in funding. Details of the penalty were set out in a document prepared by the European commissioner for neighbourhood policy’s team for a meeting of the European Parliament’s Budget Control ... Read More »

Hungary jobless rate 3.5 pc

Hungary’s three-month rolling average jobless rate was 3.5 percent in August-October, unchanged from the previous three-month period and down from 3.7 percent a year earlier, the Central Statistical Office (KSH) said on Wednesday. The rate covers unemployment among those between the ages of 15 and 74. In absolute terms, there were 163,600 unemployed, 1,100 more than in the previous period ... Read More »

Hungarian employers press to bring forward timing of payroll tax cuts

Bringing forward the timing of gradual payroll tax cuts to coincide with the calendar year is among issues under discussion at talks between employers, unions and representatives of the government, daily Magyar Nemzet said on Thursday. Employers have long pressed for the payroll tax reductions – outlined in an agreement reached in 2016 – to take effect from the start ... Read More »

‘Hungary central bank head says euro a ‘strategic error’

BUDAPEST: European Union member states, both in and outside the euro zone, should admit that the euro has been a “strategic error”, the Governor of the National Bank of Hungary (NBH) said in an opinion piece published in the Financial Times. Hungary, which has followed a go-it-alone mix of economic policies since Prime Minister Viktor Orban rose to power in ... Read More »

Hungary Must Invest to Demonstrate its Innovative Nature to the World

Palkovics made his now regular annual visit to the American Chamber of Commerce in Hungary on September 16, and spoke about the issues and plans Hungary has in the area of innovation. Having given an overview of the current macroeconomic situation, the minister moved on to the vision the ministry is focusing on right now: That Hungary will be one ... Read More »

IMF raises GDP growth forecast for Hungary

The International Monetary Fund (IMF) raised its projection for Hungaryʼs GDP growth this year to 4.6% in its fresh World Economic Outlook published Tuesday, up from 3.6% in its April forecast. Separately, IMF staff made various recommendations to bolster competitiveness after a regular visit to Budapest. The governmentʼs official forecast for 2019 GDP growth is 4.0% based on the spring ... Read More »

5 factors to consider before choosing your money transfer service

An online money transfer center can be quite useful because it helps you send funds all over the world. The biggest challenge with using an online money transfer is often simply picking the right one for your needs. Every service is different, and each one comes with its own unique advantages and issues. When choosing your ideal money transfer service, ... Read More »

Jobless rate steady at 3.4%

Hungaryʼs three-month rolling average unemployment rate reached 3.4% in June-August, unchanged from the previous three-month period, but down from 3.8% twelve months earlier. At the same time, the employment rate among people aged 15–64 rose to 70.2%. In absolute terms, there were 156,900 unemployed people aged 15-74 in June–August 2019, down 16,200 from a year earlier, the Central Statistical Office ... Read More »

Hungary business sentiment posts biggest fall in over a decade -survey

Hungarian business sentiment sank to a three-year-low in September, posting its biggest monthly fall in more than a decade as companies in industry, trade and services turned gloomier about their prospects, a survey showed on Monday. Think tank GKI’s business sentiment indicator plunged to 0.9 points in September from 7.5 points in August, hitting its lowest since October 2016, it ... Read More »

LOT launches new marketing campaign in Hungary

The Polish carrier offers flights to 12 destinations from the Hungarian capital, including long-haul connections with the United States and South Korea. The first edition of the airlineʼs “Be Our Guest” campaign, recognized with the Effie award, focused on showcasing the professionalism of LOT crews, attaching great attention to the safety, comfort and convenience of passengers during the flight. In ... Read More »

Hungary to buy €450 million worth of weapons from the US?

The US State Department recently cleared over 3.8 billion euros worth of potential weapons sales for five different countries, including Hungary. Apparently, Hungary is planning to buy 3.8 billion euros worth of missiles from the United States. DefenseNews reports that the U.S. State Department cleared over 3.8 billion Euros ($51.9 billion) worth of potential weapons sales for five different countries, ... Read More »

Masterplast H1 earnings climb 21% as sales rise

First-half after-tax profit of Hungarian building materials company Masterplast rose 21% year-on-year to EUR 2,061,000 as revenue climbed, an earnings report released early Tuesday shows, state news wire MTI reports. Revenue climbed 11% to EUR 50,575,000. Direct cost of sales rose at the same pace, reaching EUR 41,070,000. The rise in profit was also supported by EUR 152,000 in “other ... Read More »

Fitch affirms Hungary economic outlook ‘stable’

Hungary’s ‘BBB’ rating balances strong structural indicators and stronger and more stable macroeconomic performance than peers against high general government debt and risks from policy unpredictability and pro-cyclical policies,” Fitch said’ The credit rating agency expects growth to slow to 4.4 percent in 2019, 3.5 percent in 2020 and 2.5 percent in 2021. “Now nobody can deny that the #Hungarian ... Read More »

Official: Government’s tax cuts are working

The Hungarian government’s tax cuts are working, finance ministry state secretary András Tallai edition of daily Magyar Nemzet, pointing out that while public burdens on businesses and households have been reduced, tax revenues have increased significantly. VAT revenues were up by almost 400 billion forints while PIT revenues rose by about 100 billion forints, the state secretary added. Read More »

Hungary PMI falls to 51.3 in July

Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) fell to 51.3 points in July from 54.1 in June, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Thursday. The employment index dropped, but was over 50 for the second month in a row. Delivery times were longer than in June. Purchased inventories fell for the ... Read More »