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February retail sales rise 0.8%  in Hungary

BUDAPEST: Retail sales in Hungary climbed 0.8 percent year-on-year in February, the Central Statistical Office (KSH) said in the second reading of data released on Monday. Retail sales rose by 0.9 percent when adjusted for the calendar year effects. The unadjusted and adjusted figures were revised downwards from those published in the April 4 first reading of the data, from ... Read More »

Duna House AGM approves HUF 479m in dividends

BUDAPEST: Shareholders at Thursdayʼs annual general meeting of listed real estate agency Duna House approved a proposal to pay out dividends totaling HUF 479 million, the company said on the Budapest Stock Exchange website, as reported by Hungarian news agency MTI. Duna House told MTI on Friday that HUF 447 mln of this amount will be paid to holders of ... Read More »

Rába signs EUR 10 mln contract with Austrian peer

BUDAPEST: Hungarian automotive manufacturer Rába has signed a EUR 10 million contract with the Austrian subsidiary of Rheinmetall MAN Military Vehicles (RMMV) on delivering welded vehicle parts to the Austrian company for a period of four years, according to a press statement sent to the Budapest Business Journal. With the current order, which is expected to add up to more ... Read More »

Hungary net wages climb to 582.9 euros in Feb

BUDAPEST: The average gross wage in Hungary rose by 10.7 percent year-on-year to 274,800 forints (EUR 848) in February, the Central Statistical Office (KSH) said on Thursday. Net wages grew at the same rate as gross wages, also climbing by 10.7 percent to 182,700 forints (EUR 582.9). KSH noted that wages have been boosted by a higher minimum wage as ... Read More »

IMF raises Hungary GDP growth, inflation forecasts for 2017

BUDAPEST: The International Monetary Fund increased its projection for economic growth in Hungary for this year and the next and also raised its forecasts for annual average inflation for both years in its fresh World Economic Outlook published on Tuesday. The fund raised its forecast for 2017 global economic growth marginally, to 3.5 percent after 3.1 percent growth last year. ... Read More »

MOL AGM approves HUF 625 per-share dividend

BUDAPEST: Shareholders of MOL approved the boardʼs proposal to pay HUF 58 billion in dividends on 2016 results at the Hungarian oil and gas companyʼs annual general meeting on Thursday. Accordingly, the dividend per share could reach HUF 625. MOL paid a dividend of HUF 567 per share last year. MOL had total assets of HUF 4.10379 trillion and after-tax ... Read More »

Hungarian state railways to buy double decker electric trains from Stadler

BUDAPEST: MÁV-Start, the passenger transport division of Hungarian state railways, is purchasing forty Stadler-KISS double decker electric trains with the plan to deploy them in the spring of 2019, it was announced on Wednesday after the contract was signed. Bence Tuzson, state secretary for government communication and ministerial commissioner in charge of guided line technology development, told the event that ... Read More »

BP SSC starts operations in Szeged

BUDAPEST: The new shared services center (SSC) of British multinational oil and gas company BP started initial operations in Szeged on Tuesday in temporary offices, the companyʼs PR agency told Hungarian news agency MTI. The permanent office building of the shared services center (SSC), a refurbished building of a local clothes manufacturing plant, will be inaugurated in September. BP is ... Read More »

Hungary March inflation slows to 2.7 %

BUDAPEST: Consumer prices in Hungary grew by an annual 2.7 percent in March, slowing from 2.9 percent in February, the Central Statistical Office said on Tuesday. Emerging market analysts in London had forecast headline inflation between 2.8 percent and 3.3 percent. KSH department head Borbála Minarik attributed the slower pace mainly to the monthly decrease of fuel and tobacco prices. ... Read More »

Hungarian real estates in demand among foreigners

BUDAPEST: Based on recent data from 2016, more than three thousand real estates were sold in Hungary to foreigners. The majority of the buyers are Chinese, Russian and Ukrainian citizens. Foreigners who would borrow also have several opportunities, what is more, in many cases they even receive some state aid, informs. A total of 3,163 real estates – mainly ... Read More »

Hungary’s government targets 2.4 % GDP deficit

BUDAPEST: The government aims to further reduce the public debt next year and targets 2.4 percent of GDP budget deficit and economic growth of over 4 percent, the government office chief said on Thursday. János Lázár told a weekly press briefing that the three important targets in connection with next year’s budget are taking steps necessary to secure full employment, ... Read More »

Hungary’s budget posts eur 638.9m deficit at March

BUDAPEST: Hungary’s cash flow-based budget, excluding local councils, showed a 198.1 billion forint (EUR 638.9m) deficit at the end of March, preliminary data released by the Economy Ministry on Thursday show. The deficit reached 17 percent of the 1,166.4 billion forint full-year target. The central budget posted a 168.6 billion forint deficit and the social insurance funds were 45.9 billion ... Read More »

Industrial output up 2.7% in Feb

BUDAPEST: In February industrial output in Hungary was up 2.7 percent compared with the same month a year earlier, a preliminary release of data by the Central Statistical Office on Wednesday showed. Output growth slowed from a 6.5 percent increase in January. The February increase was 7 percent when adjusted for the number of working days during the period. KSH ... Read More »

Gránit Bank pre-tax profit climbs to HUF 240m

BUDAPEST: Gránit Bankʼs pre-tax profit rose to HUF 240 million last year, Minister for National Economy Mihály Varga said at the commercial bankʼs annual general meeting on Friday, according to Hungarian news agency MTI. “The government is satisfied with the bankʼs development,” Varga said, noting that the state holds a minority stake in the lender. According to Gránit Bankʼs own ... Read More »

Spar revenues up 5.2% in 2016

BUDAPEST: Supermarket chain Spar Magyarország posted HUF 516 billion revenues last year, up 5.2% compared to 2015, Managing Director Gabriella Heiszler said on Wednesday, as reported by Hungarian news agency MTI. Spar said it expects its revenues to continue to rise this year, but it will only make a prediction about revenues at the end of April because the classification ... Read More »

CEZ announces conditional sale of 7.5% stake in MOL

BUDAPEST: Czech energy company CEZ announced this morning the conditional sale of a 7.5% stake in Hungarian oil and gas company MOL, Hungarian wire service MTI reported. The final placing price determined via a book building process was HUF 18,700 per share, with preliminary proceeds of about HUF 143.1 billion, CEZ said. The shares were conditionally sold by CEZ unit ... Read More »

GKI raises 2017 gdp growth prediction to 3.2%

BUDAPEST: Hungary’s economy is expected to grow by 3.2 percent this year, GKI, an economic research company, said on Wednesday. It revised its December of forecast 3 percent growth due to a higher-than-expected 8 percent projected growth in investments for 2017. Hungary’s government targets economic growth of 4.1 percent this year and 4.3 percent next year. GKI forecast personal consumption ... Read More »

ZF Hungária to invest HUF 31b in Eger

BUDAPEST: ZF Hungária, the local subsidiary of German car parts maker ZF Friedrichshafen AG, has announced plans to invest HUF 31 billion at its plant in Eger, northern Hungary, according to a press statement issued by the Ministry of Foreign Affairs and Trade. The Hungarian government will support the investment with a HUF 6.7 bln grant. Minister of Foreign Affairs ... Read More »

Hungary adapts to changing economic climate, says foreign minister

BUDAPEST: Hungary accepts and adapts to the changing economic climate brought about largely by the “more patriotic economic approach” pursued by the US, Foreign Minister Péter Szijjártó said at an event hosted by the American Chamber of Commerce in Hungary (AmCham) on Friday. In a move to turn Hungary into an ideal site for research and development, the government will ... Read More »

Hungarians unhappy with wages despite recent raises, Hays survey says

BUDAPEST: More than half of Hungarian workers are not satisfied with their salaries despite the fact that most have seen an increase in their earnings during the last year, according to the recently published 2017 Hays Hungary Salary Guide and Market Overview, launched for the seventh consecutive year. Drawing data from hundreds of recruitment projects run by Hays Hungary nationwide ... Read More »