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Hungary public debt up at 76.9% of GDP at end of Q1

BUDAPEST: Hungary’s public debt according to Maastricht criteria stood at 76.9 percent of gross domestic product (GDP) at the end of March, up from 75.3 percent of GDP at the end of December 2015, preliminary financial account figures published by the National Bank of Hungary (NBH) on Tuesday showed. The net general government financing requirement, which is a good approximation ... Read More »

Trade union envisages pay rise in health sector

BUDAPEST: Wage talks between unions and the government will yield “tangible results” for health employees in the second half of the year, Ágnes Cser, head of trade union MMSZEADDSZ, told public news channel M1 on Monday. Cser said the government has agreed to pay the annual chamber membership fees for health-care workers and the salaries of some 80,000 health professionals ... Read More »

Home prices rise 14% in Hungary

BUDAPEST: Home prices rose by 14 percent on average in Hungary from a year earlier, the biggest increase seen in a European Union member state, according to FHB’s latest home price index analysis. The average price of a resale home in Budapest, the most expensive area in the country, was 16.3 million forints in the third quarter of 2015 while ... Read More »

Hectic state asset management can be expected in 2017

BUDAPEST: Napi.hu writes that 2017 is going to be a hectic year concerning state asset management: hospital sales are coming, but there’s going to be a need for buying new buildings for new governmental offices and ministries. Asset management is also going to be very disadvantageous this year: 179 billion forints of expenses are up against only 62,4 billion forints ... Read More »

Decline in automotive setor weighs on industrial output in March

BUDAPEST: A 6.7 percent year-on-year fall in output by Hungary’s automotive sector companies weighed on industrial output in March, a second reading of data released by the Central Statistical Office (KSH) on Thursday shows. Hungary’s industrial output fell by 4.6 percent year-on-year in March, albeit from a high base, KSH confirmed in the release. In March of 2015, industrial output ... Read More »

Rolls-Royce eyes Paks deal

BUDAPEST: Rolls-Royce promoted its nuclear instrumentation and controls business at an event for professionals at the Budapest University of Technology and Economics on Wednesday, lining itself up among potential suppliers for the upgrade of Hungary’s Paks nuclear power plant. Rolls-Royce instrumentation and controls are used in some 200 nuclear power reactors, of all types, in more than 20 countries, the ... Read More »

Hungary’s inflation rises 0.2% in April

BUDAPEST: Consumer prices in Hungary rose by an annual 0.2 percent in April, data released by the Central Statistical Office (KSH) on Tuesday show. Emerging market analysts in London had put headline CPI around zero for April. Headline CPI went up after falling by 0.2 percent in March. In a month-on-month comparison, consumer prices climbed by 0.8 percent in April, ... Read More »

Third of homes still sold in Budapest for investment purposes

BUDAPEST: Fully 33 percent of home purchases in the capital in April were made for investment purposes, essentially the same as last April’s ratio, data from real estate broker Duna House published on Monday shows. Investors who bought homes in the capital paid on average 24.6 million forints (EUR 78,500) for a 61sqm flat in April 2016. First-time home buyers ... Read More »

NBH scandal: Socialists accuse Central bank of major corruption

BUDAPEST: The National Bank of Hungary (NBH) has now been degraded into an instrument for channelling public funds to businesses close to ruling Fidesz, through “dubious” advertisement contracts, the Socialist head of parliament’s budget committee said here the other day. Referring to documents containing details of the central bank’s media contracts, Sándor Burány said that those agreements constitute a “qualified ... Read More »

Hungary Central Bank to pay EUR 160m dividend into budget

BUDAPEST: The National Bank of Hungary (NBH) is paying a dividend of 50 billion forints (EUR 160m) from last year’s earnings into the budget, the central bank told MTI on Thursday, confirming a comment by governor György Matolcsy in daily Magyar Nemzet. The board decided on the dividend proposal at a meeting on April 27. The NBH said the dividend ... Read More »

EC projects faster growth, higher structural deficit for Hungary: Spring forecast

BUDAPEST: The European Commission (EC) expects Hungary’s GDP to grow by 2.5 percent in 2016 and 2.8 percent in 2017 in its fresh spring European economic forecast released here the other day both up from the winter projection. Beside growing private consumption, investments are seen to drop less this year than thought earlier, and, helped by measures to boost the ... Read More »

Hungary’s Feb trade surplus revised downwards to eur 978m

BUDAPEST: Hungary’s trade surplus reached 978 million euros in February, the Central Statistical Office (KSH) said in a second reading of data released on Tuesday. The surplus was revised slightly downwards from 979 million euros in a first reading published on April 8. Import volume was up by 11.4 percent year-on-year to a value of 6.793 billion euros. Exports climbed ... Read More »

Foreign investors set to bring eur 4.2bn to Hungary this year

BUDAPEST: Foreign investors are expected to bring 4.2 billion euros to Hungary this year, creating 27,000 jobs, daily Magyar Idők said on Tuesday, citing the Hungarian Investment Promotion Agency (HIPA). Last year, decisions were taken on 67 investments by foreigners, creating 13,000 jobs, the paper said. Germany remains the biggest investor in Hungary, followed by the United States. Just under ... Read More »

Hungary gov’t projects GDP growth over 3% through 2020

BUDAPEST: Hungary’s government projects GDP growth will remain over 3 percent in 2018-2020, an update of the country’s Convergence Programme sent to Brussels on shows here the other day. The updated programme, which Hungary must submit to the European Commission each spring, projects GDP growth of 3.4 percent for 2018, 3.1 percent for 2019 and 3.2 percent for 2020. The ... Read More »

US’s Flowserve invest EUR 13.8m in Hungary services centre

BUDAPEST: American industrial machinery maker Flowserve Corporation will set up a 4.3 billion forint (EUR 13.8m) financial services centre in Debrecen (E Hungary), Minister of Foreign Affairs and Trade Péter Szijjártó announced in Budapest on Thursday. The company will be awarded a 1.5 billion forint state grant for the greenfield investment project which will create 404 jobs, Szijjártó said. Flowserve ... Read More »

Pakistan interested in Hungary farming, water managment technologies

BUDAPEST: Pakistan’s Prime Minister Nawaz Sharif pointed to several potential areas of cooperation with Hungary with special regard to agriculture and water management, during talks with Hungarian State Secretary Levente Magyar in Islamabad on Wednesday. Magyar told Hungarian public television M1 after the talks that the Pakistani side expressed interest in Hungary’s food processing and transportation technologies, as well as ... Read More »

Hungary delegation exploring ways to boost economic relations in Pakistan

BUDAPEST: A delegation of Hungarian officials is in Pakistan to explore ways to boost economic ties, a foreign ministry official said on Tuesday. Hungary’s exports to Pakistan dropped last year by an annual 16.5 percent, and now the government aims to reverse this trend, state secretary Levente Magyar told public television M1. Magyar had talks in Islamabad with Khurram Dastgir ... Read More »

Hungary to mull single-digit income tax in 2017

BUDAPEST: The question of whether to introduce a single-digit income tax will be broached next year, the economy minister said in an interview to Monday’s issue of business daily Világgazdaság. Mihály Varga said that reducing the tax from the current 15 percent would lead to revenue losses amounting to 600 billion forints (EUR 1.9bn). But if the rate of growth ... Read More »

Rising wages would affect Hungarian workers abroad

BUDAPEST: A new EU proposal could put Hungarian employees working abroad in a disadvantaged position, vs.hu reports. According to the plan, the same places should pay equal wages for equal work, that is, the average wage of the given sector instead of minimum wage. The modification would mostly affect the 200-300 Hungarian companies operating in Germany. On average, these companies ... Read More »

Hungary issues over 100 commercial drone licences

BUDAPEST: Hungary’s National Transport Authority (NKH) has so far issued more than 100 licences for the commercial use of unmanned aerial vehicles, business daily Világgazdaság said on Thursday. The licences cost 19,000 forints (EUR 61) apiece, while a one-time permit for the use of air space is 3,000 forints. Licensing is not required for drones used for personal purposes, the ... Read More »