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Krones to build HUF 15b plant in Debrecen

  BUDAPEST: German packaging and bottling machine manufacturer Krones will build a nearly HUF 15 billion plant in Debrecen, eastern Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó announced Tuesday, according to state news agency MTI.   The investment will create 500 jobs in the coming years, Szijjártó said. The government has provided a non-refundable grant of HUF 5.5 ... Read More »

Further developments needed in Paks after 2030, says minister

  BUDAPEST: Projections show that there will be a shortage of energy capacity in Hungary in 2030 after the current Paks nuclear power station expansion project is completed, so further development plans are needed, János Süli, the minister in charge of the upgrade project, told a hearing in parliament’s national security committee on Wednesday.  In response to a question by ... Read More »

Hungarian industrial output climbs 6.8 pc in August

BUDAPEST: Hungary’s industrial output rose by an annual 6.8 percent in August, the Central Statistical Office (KSH) said in a first reading of data on Friday. Growth accelerated from 0.2 percent in the previous month. August output rose at the same pace when adjusted for the number of workdays. In a seasonally- and workday-adjusted month-on-month comparison, output rose by 5.5 ... Read More »

Hungary trade surplus EUR 440m in August

BUDAPEST: Hungary had a 440 million euro trade surplus in August, the Central Statistical Office (KSH) said in a first reading of data on Monday. The surplus was down 119 million euros from the same month a year earlier. Exports rose by an annual 10.3 percent to 7.9 billion euros. Imports were up by 13.0 percent at 7.5 billion euros. ... Read More »

Hungarian industrial output climbs 6.8 pc in August

  BUDAPEST: Hungary’s industrial output rose by an annual 6.8 percent in August, the Central Statistical Office (KSH) said in a first reading of data on Friday. Growth accelerated from 0.2 percent in the previous month. August output rose at the same pace when adjusted for the number of workdays. In a seasonally- and workday-adjusted month-on-month comparison, output rose by ... Read More »

EU offers carrot instead of stick to Hungary, Poland

  BUDAPEST: EU Commissioner of Justice Vìra Jourová said on Friday that she is ready to simplify rules controlling cohesion expenditure if Hungary and Poland join the new European Public Prosecutor’s Office (EPPO). This is a major departure in the Commissioner’s approach compared to her threat a few months ago that member states refusing to join EPPO risk losing access ... Read More »

Financial Research Plc forecasts 3.8% GDP growth for 2017, 2018

  BUDAPEST: Financial Research Plc.(Pénzügykutató Zrt.) expects GDP growth in Hungary to be around 3.8 percent both this year and next, the economic research company said in a forecast released on Wednesday. The forecasts are under the government’s official projections for GDP growth of 4.1 percent this year and 4.3 percent next year. Economic growth is supported by a global ... Read More »

Hungary PMI rises to 59.3 in September

BUDAPEST: Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) stood at 59.3 points in September, rising from 56.8 in August, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Monday. An index value above 50 shows expansion in the manufacturing sector, while a value under 50 signals contraction. Among the sub-indices that comprise the PMI, ... Read More »

Hungarian ICT firms to get training for exports

  BUDAPEST: The Hungarian National Trading House (MNKH) on Thursday launched an “ICT export academy” targeted at SMEs in the information and communications technology sector. The training course is aimed at improving the chances of Hungarian ICT companies of entering foreign markets. The training offers support in developing business and marketing strategies necessary for local ICT companies to reach foreign ... Read More »

Azerbaijan to appoint trade representative to Hungary

  BUDAPEST: Azerbaijan plans to appoint its next trade representative to Hungary, a landlocked country in central Europe. The trade representative will work to expand Azerbaijan’s non-oil exports, promote the ‘Made in Azerbaijan’ brand in Europe and attract investment into the country. So far, Azerbaijan has appointed trade representatives to Russia, China and the United Arab Emirates (UAE). Economy Minister ... Read More »

Wuppermann opens HUF 30b steel plant at Danube port

BUDAPEST: Germanyʼs Wuppermann inaugurated a HUF 30 billion steel pickling and hot-dip galvanizing plant on Friday at the port of Gönyű on the Danube, near Győr in northwest Hungary, state news wire MTI reported. Levente Magyar, minister of state for economic diplomacy at the Ministry of Foreign Affairs and Trade, noted that a government grant had covered about 10% of ... Read More »

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 »