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Tag Archives: Hungary’s

S&P projects Hungary’s midterm GDP growth at 2.5%

BUDAPEST: The Standard and Poor’s (S&P) has raised its projection for Hungary’s mid-term GDP growth to 2.5% from 2%. The projection is the same as the government’s official 2.5% forecast for this year. In March Hungary’s junk credit rating also has been upgraded by Standard & Poor’s, which cited the country’s improving growth outlook and its better preparedness to handle ... Read More »

Hungary’s Wabererʼs revenue increases 10% to €496.2m in 2014

BUDAPEST: Hungarian road haulage company Wabererʼs International’s revenue rose 9.7% to €496.2 million in 2014, the company told Hungarian news agency MTI yesterday. EBITDA rose 14.8% to €73.4 million. Last year, Wabererʼs purchased 1,300 new trailers and hired almost 500 lorry drivers. In addition to Hungary, the company’s key markets are Germany, Italy, France, the United Kingdom and Spain. Wabererʼs ... Read More »

Hungary’s Unemployment rate down by 0.5% YoY as 4.1m people work in country

BUDAPEST: The Central Statistical Office (KSH) shows that the 3-month rolling jobless rate was 7.8% in January-March, up from 7.7% in December-February. The Jan-March jobless rate was down by 0.5% comparing to the same period a year earlier (8.3%). The number of unemployed averaged 347,600 in January-March. The number of employed averaged 4,117,200. There were 3,083,100 economically inactive Hungarians during ... Read More »

S&P projects Hungary’s GDP growth at 2.5% for midterm

BUDAPEST: The Standard and Poor’s (S&P) has raised its projection for Hungary’s mid-term GDP growth to 2.5% from 2%. The projection is the same as the government’s official 2.5% forecast for this year. In March Hungary’s junk credit rating also has been upgraded by Standard & Poor’s, which cited the country’s improving growth outlook and its better preparedness to handle ... Read More »

Hungary’s FHB net loss of HUF 19.2b in 2014, no dividend for shareholders

BUDAPEST: FHB Mortgage Bank had a net loss of HUF 19.2 billion last year, according to Hungarian Accounting Standards. Shareholders of FHB Mortgage Bank decided to pay no dividend at an annual general meeting today. Chairman Zoltán Spéder said the bank had progressed toward achieving its three main strategic goals: increasing sales, making acquisitions and meeting legal challenges, referring to ... Read More »

Hungary’s GF Faktor targets factoring turnover of HUF 10b in 2

BUDAPEST: Hungaryʼs GF Faktor, a member of the German financial firm Grenke group, expects its turnover to rise to HUF 10 billion in 2015, exceeding last year’s HUF 5 billion growth, the factoring company told Hungarian news agency MTI. In the mid-term, GF Faktor aims to raise annual turnover to HUF 20-30 billion, the news agency noted. Read More »

S&P projects Hungary’s midterm economic growth to 2.5%

BUDAPEST: Standard & Poorʼs raised its projection for Hungaryʼs mid-term GDP growth to 2.5% from 2%, in accordance with the Hungarian government’s projection for this year, however, Hungary’s Economy Minister Mihály Varga foresees that the growth rate could reach 2.8%-2.9%, Hungarian news agency MTI said. Standard and Poor’s put Hungaryʼs Banking Industry Country Risk Assessment (BICRA) score at 8 ˜ ... Read More »

Hungary’s jobless rate reaches 7.8% in Jan-March 2015

BUDAPEST: The Central Statistics Office (KSH) said today that the average unemployment rate among Hungarians between the ages of 15 and 74 dropped to 7.8% in January-March, from the 8.3% of the same period a year earlier, but increased from 7.7% in December-February,. The office added that the number of employed young people aged 15–24 years was 264,000, and their ... Read More »

Hungarys’ Magyar Földgáztároló begins gas pumping at 1.2m cubic a day

BUDAPEST: Gas storage company Magyar Földgáztároló has begun stockpiling gas reserves for next winter, pumping 1.2 million cubic meters a day into its facility in Zsana, southern Hungary, the company told Hungarian news agency MTI. Underground gas storage facilities are topped up between April and October. Last winter, daily gas consumption in Hungary averaged 40 million cubic meters, with the ... Read More »

Hungary’s jobless rate reaches 7.8% in Jan-March 2015

BUDAPEST: The Central Statistics Office (KSH) said today that the average unemployment rate among Hungarians between the ages of 15 and 74 dropped to 7.8% in January-March, from the 8.3% of the same period a year earlier, but increased from 7.7% in December-February,. The office added that the number of employed young people aged 15–24 years was 264,000, and their ... Read More »

S&P projects Hungary’s midterm economic growth to 2.5%

BUDAPEST: Standard & Poorʼs raised its projection for Hungaryʼs mid-term GDP growth to 2.5% from 2%, in accordance with the Hungarian government’s projection for this year, however, Hungary’s Economy Minister Mihály Varga foresees that the growth rate could reach 2.8%-2.9%, Hungarian news agency MTI said. Standard and Poor’s put Hungaryʼs Banking Industry Country Risk Assessment (BICRA) score at 8 ˜ ... Read More »

Hungary’s GF Faktor targets factoring turnover of HUF 10b in 2015

BUDAPEST: Hungaryʼs GF Faktor, a member of the German financial firm Grenke group, expects its turnover to rise to HUF 10 billion in 2015, exceeding last year’s HUF 5 billion growth, the factoring company told Hungarian news agency MTI. In the mid-term, GF Faktor aims to raise annual turnover to HUF 20-30 billion, the news agency noted. Read More »

Hungary’s FHB net loss of HUF 19.2b in 2014, no dividend for shareholders

BUDAPEST: FHB Mortgage Bank had a net loss of HUF 19.2 billion last year, according to Hungarian Accounting Standards. Shareholders of FHB Mortgage Bank decided to pay no dividend at an annual general meeting today. Chairman Zoltán Spéder said the bank had progressed toward achieving its three main strategic goals: increasing sales, making acquisitions and meeting legal challenges, referring to ... Read More »

Hungary’s Mapei sales climb 17% in Q1 of 2015

BUDAPEST: The managing director Béla Markovich said today that sales of the Hungarian building materials maker Mapei saw a year-on-year rise of 16.7% in the first quarter of 2015 following an expansion in the domestic construction sector as well as increased marketing activities. Mapei foresees further modest growth for this year in the construction industry with the increase of private ... Read More »

Hungary’s Central bank extends growth scheme to December 2016

BUDAPEST: Hungary’s central bank (MNB) has said it will push back the deadline for companies and small and medium-sized firms accessing credit under its funding for growth schemes to December 31, 2016. The deadline was extended to allow for the implementation of financing longer investment projects, the central bank said. The bank also said it will allow lenders who use ... Read More »

Hungary’s budget deficit declines by 61.2% to 536.7b forints full year target of 2015

BUDAPEST: The economy ministry said in a second reading of data that the Hungary’s cash-flow-based general government balance, excluding local councils, came to 536.7 billion forints in January-March, or 61.2% of the full year target. The figure balance was the same as in a preliminary report released on April 8. The ministry noted that the deficit is front-loaded, as usual, ... Read More »

Hungary’s bank accounts worth of HUF 7b receive tax amnesty in Q1-2015

BUDAPEST: Some 98 new “Stability Savings Accounts” with deposits totaling HUF 7.1 billion were opened at Hungarian banks in the first quarter of 2015, daily Magyar Nemzet reported today, based on data from the National Tax and Customs Office (NAV). The paper noted that NAV neither scrutinizes the origin of deposits made on the accounts, nor requires banks to report ... Read More »

Hungary’s local council’s cash flow balance reach at 536.7b forints in Q1-2015

BUDAPEST: Hungary’s cash-flow-based general government balance, excluding local councils, came to 536.7 billion forints in January-March, or 61.2% of the full year target, the economy ministry said in a second reading of data. The figure balance was the same as in a preliminary report released on April 8. The ministry noted that the deficit is front-loaded, as usual, with expenditures ... Read More »

Hungary’s government to reduce PIT to 15% from 2016

BUDAPEST: Hungary’s Minster Mihály Varga announced that Hungary’s Economy Ministry proposes to reduce personal income tax (PIT) from 16% to 15% from 2016, Mihály Varga announced after talks with ruling Fidesz-KDNP leaders on Hungary’s next year budget. The Economy Minister also said that the VAT rate on pork is planned to be slashed to 5% from 27% currently, and that ... Read More »

Hungary’s retail sales climb 6.4% in February 2015

BUDAPEST: Retail sales in Hungary saw a year-on-year rise of 6.4% in February, according to both calendar year-adjusted and unadjusted data, the Central Statistics Office (KSH) said in a second reading of data today. KSH revised the figure slightly upwards from 6.2%, as was published in a first reading released on April 8. Calendar year-adjusted retail sales growth slowed from ... Read More »