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Hungarians Target More Expensive Homes, Says Research

09. 26. 2017. 16:01

bbj.hu

According to Otthontérkép, searches for homes larger than 75 square meters have grown between 2016 and 2017. The overwhelming majority of the searches targeted new and renovated homes, or those in good condition. More...

Singapore, Hungary Boost Cooperation In Aviation, Education and Food Safety

09. 26. 2017. 15:55

The Straits Times / Nur Asyiqin Mohamad Salleh

Singapore and Hungary on Thursday agreed to boost economic cooperation, as well as partnerships in aviation, education and food safety. Relations between the two countries are steadily strengthening, and bilateral trade has grown rapidly, exceeding S$1.14 billion last year, noted Prime Minister Lee Hsien Loong. He was speaking at a joint press conference with visiting Hungarian Prime Minister Viktor Orban after the signing of three agreements. More...

 

 

Several New Investments Unveiled on Friday

09. 25. 2017. 16:28

bbj.hu

Several companies inaugurated new facilities in Hungary last Friday. The Hungarian government contributed with grants to some of the investments, according to various reports by state news agency MTI. More...

Vietnam, Hungarian Businesses Seek Cooperation Opportunities

09. 25. 2017. 16:18

VietnamPlus

Vietnamese and Hungarian businesses had a chance to step up their cooperation in such areas as information-technology and high-tech agriculture at a forum in Hanoi on September 25.  The Vietnam-Hungary Business Forum took place on the occasion of Hungarian Prime Minister Viktor Orban’s official visit to Vietnam from September 24-25. More... (Photo MTI Balázs Szecsődi: Viktor Orbán addresses participants of the Vietnam-Hungary Business Forum)

Online Stores Must Offer Better Services - Says Consumer Body

09. 22. 2017. 15:20

bbj.hu

A growing number of complaints have been registered by the Arbitration Board of Budapest (BBT), an independent consumer protection body, regarding electronics purchased online, with vendors refusing to meet their obligations under warranties, according to a report by business news portal vg.hu. More...

“We Want To See Less Of Brussels And Stronger Nation States”, Hungary PM Says On Visit To Warsaw

09. 22. 2017. 15:11

Hungary Today

Hungary and Poland are the guardians of the European Union’s founding treaty, Hungarian Prime Minister Viktor Orbán said on Friday in Warsaw at a press conference together with his Polish counterpart Beata Szydło. More...

Chamber Head Acknowledges Reduction in Bureaucracy

09. 21. 2017. 15:47

bbj.hu

Hungary has made progress in scaling back the bureaucracy businesses must deal with, but there is still room for improvement, Dale A. Martin, President-CEO of Siemens Zrt. and head of the German-Hungarian Chamber of Industry and Commerce (DUIHK), said in an interview in Thursdayʼs issue of business daily Világgazdaság. More...

Foreign Minister To BBC: Hungary Has Received “Zero Help” From The EU To Protect Schengen Border

09. 21. 2017. 15:30

Hungary Today

Hungary believes that illegal migration poses a serious security threat to Europe, Hungarian Foreign Minister Péter Szijjártó said in an interview with BBC television on Wednesday evening. More...

STATISTICAL UPDATE: Massive Increase of Gross Wages

09. 20. 2017. 15:24

Central Statistical Office

In July 2017, average gross earnings amounted to HUF 290,500, 13.1% higher than a year earlier. ... In the first seven months of the year, both gross and net earnings grew by 12.6% compared to the same period of the previous year. Details

Govʼt Launches HUF 20 bln Fund to Support Bourse Listings

09. 20. 2017. 15:17

Budapest Business Journal

Hungaryʼs government launched a HUF 20 billion fund to support listings on the Budapest Stock Exchange (BÉT) at a meeting of mid-sized companies organized by the bourse on Wednesday. More...

Electric Cars May Hurt Hungarian Industry, Says Analysis

09. 19. 2017. 16:35

bbj.hu

The expansion of the market in electric vehicles may have a negative impact on the Hungarian economy already within five years. Hungarian suppliers of major car manufacturers will be most affected by the trend, business news portal vg.hu cites an analysis as saying. More...

Hungarian Central Bank Likely To Tighten Monetary Policy, Say London Analysts

09. 19. 2017. 16:07

Hungary Today

The National Bank Of Hungary (MNB) is set to tighten its loose monetary policy next year to avoid stoking inflation and asset price bubbles, London-based emerging markets economists said ahead of the Monetary Council’s rate-setting meeting on Tuesday. More... - Update: MNB keeps base rate on hold, as expected

Watchdog Pinpoints EU Countries That Need to Improve Drinking Water

09. 18. 2017. 17:34

Public Finance International / By: Simone Rensch

Further public and private funding in Bulgaria, Hungary and Romania are needed to ensure drinking water is brought up to EU standards, a report by the European Court of Auditors has found. The three countries have to invest more than €6bn by the end of 2020 to cover these needs and meet the standards of the 1998 EU Drinking Water Directive, the spending watchdog concluded. More...

Rector Opens CEUʼs 27th Academic Year in Defiant Spirit

09. 18. 2017. 17:22

bbj.hu

The Central European University (CEU) formally began its 27th Academic Year on Friday, at an opening ceremony welcoming students, faculty, staff and guests, addressed by President and Rector Michael Ignatieff. More...

STATISTICAL UPDATE: Over 20% Increase of Construction Output

09. 15. 2017. 18:38

Central Statistical Office

The volume of construction output was 22.7% higher in July 2017 than the low base a year earlier. Output increased in both main groups of constructions: by 15.1% in the construction of buildings and by 32.4% in that of civil engineering works. Based on seasonally and working day adjusted indices, construction output fell by 2.1% in July compared to the previous month. Details

M&A Value in Hungary up 12% in H1

09. 15. 2017. 18:35

bbj.hu

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. More...

Merkel Warns Hungary of Financial Consequences of Defying EU on Migrants

09. 15. 2017. 18:30

Reuters

Hungary could face financial consequences if it defies a European court ruling ordering it to accept its allocated share of refugees arriving in Europe, German Chancellor Angela Merkel said in a newspaper interview. The remarks suggest a hardening of Germany’s line on the right-wing Hungarian government of Viktor Orban, who has been outspoken in his opposition to an agreement that each European Union country should agree to take in a quota of refugees. More...

DHL Opens New Budapest Express Facilities

09. 14. 2017. 15:04

AirCargoNews

DHL Express has opened new facilities at Budapest Airport as part of the €160m BUD:2020 Development Programme. The new warehouse and office complexes offer automated sorting systems and a total land development area of more than 60,000 sq m. More...

Analyst: It’s As Though Hungary Has Given Up On Joining The Eurozone For Good

09. 14. 2017. 14:56

Hungary Today

In a statement issued last week, the Hungarian National Bank (MNB) said Hungary should not join the Euro-zone until its per capita GDP reaches 90 per cent of the European average and before it pushes down public debt below 50 per cent of GDP. A prominent Hungarian business analyst argues, however, that the new criteria outlined by the issuing bank are two severe. More...

OPINION: How Western Capital Colonized Eastern Europe

09. 13. 2017. 00:00

Bloomberg / by Leonid Bershidsky

Yet another Eastern European country is about to get a populist, anti-immigration, euroskeptic government: Billionaire Andrej Babis's ANO party enjoys a wide poll lead ahead of the October parliamentary election in the Czech Republic. The central European country would join Poland, Hungary and Slovakia. More...

Diehl Aircabin Expands with Engineering Centre in Hungary

09. 13. 2017. 00:00

HIPA.hu

Based on the successes achieved by the Nyírbátor unit in cockpit element and aircraft parts manufacturing, the German Diehl Aircabin adds another activity in Hungary: it establishes an engineering centre to the value of about EUR 9 million in Debrecen. More...

Equilor Ups 2017 GDP Growth Forecast to 3.7%

09. 12. 2017. 15:43

bbj.hu

Equilor Investment, an independent Hungarian brokerage, raised its projection for GDP growth this year to 3.7% on Tuesday, up from its 3.4% forecast in May, while predicting annual inflation of 2.4% and a budget deficit of 2.2% of GDP. More...

OPINION: Central and Eastern Europe's Crisis of Convergence

09. 12. 2017. 15:29

Stratfor / By Adriano Bosoni / Senior Europe Analyst

As the European Union braces for reform, the countries of Central and Eastern Europe are approaching a crossroads. Some are interested in drawing closer to the bloc: The leaders of Slovakia and the Czech Republic recently said that their countries belong in the "core" of the union, and a minister from Romania spoke about joining the eurozone within five years. But others are keeping their distance... More...

BSE Announces Changes to BUX, BUMIX Indices

09. 11. 2017. 00:00

bbj.hu / MTI

The Budapest Stock Exchange (BSE) announced on Friday changes to its main BUX index and its mid-cap BUMIX index following biannual reviews, state news wire MTI reported Monday.  More...

Croatia’s Bid for OECD Membership Blocked by Slovenia And Hungary

09. 11. 2017. 00:00

NewEurope

According to Croatia’s press, Hungary became the second country to block Croatia’s OECD membership on Friday. Croatia has refused the ruling of a Geneva-based UN arbitration court that ruled that a corruption scandal against Hungary’s MOL was not proven. More...

STATISTICAL UPDATE: Hungary Trade Surplus Lower Than Expected

09. 08. 2017. 14:52

bbj.hu

Hungary had a EUR 322 million trade surplus in July, the Central Statistical Office (KSH) said in a first reading of data today. Analysts expect the figures to be better in September. More... Further details from the Central Statistical Office

Partnership In Biometrics

09. 08. 2017. 14:33

Professional Security Magazine

Fujitsu has entered a partnership agreement with the Hungarian biometrics company, BioSec Group Ltd, aiming to cover the EMEIA region. The partnership focuses on BioSec’s palm vein recognition-based products, which will be available in the Fujitsu product range, including BioSec’s physical access control-, IT security- and stadium security products. More...

Orbán Announces Doubled Széchenyi Card Credit Limit

09. 07. 2017. 14:25

www.bbj.hu

The maximum credit limit for participants in the Széchenyi Card program, a state-sponsored scheme that offers SMEs revolving credit, will be doubled from HUF 50 million to HUF 100 mln for most of the schemeʼs credit types, Prime Minister Viktor Orbán said at a ceremony Thursday marking the issuance of the 250,000th card. More...

Sovereignty Post Brexit: An Interview With Frank Furedi

09. 07. 2017. 14:09

Reaction - by Andy Shaw & Frank Furedi

On 13th September Gisela Stuart is hosting a public discussion with Hungarian-born Professor Frank Furedi on the principles of sovereignty and how they can be positively applied in the post-Brexit era. In the run up to this important discussion, Andy Shaw caught up with Frank Furedi to find out what we can all expect. More... - Related article:from The Irish Time: Poland and Hungary could threaten the EU more than Brexit does

STATISTICAL UPDATE: Retail

09. 06. 2017. 12:00

Central Statistical Office

In July 2017, the volume of sales in retail shops, according to both raw and calendar-adjusted data, grew by 4.1% compared to the same period last year. ... In January–July 2017, the volume of sales – also according to calendar adjusted data – was 3.9% higher than in the corresponding period of the previous year. Details

GDP Up 3.2% In Q2, Second Estimate Confirms

09. 06. 2017. 12:00

bbj.hu

Confirming an earlier flash estimate, the volume of gross domestic product was 3.2% higher in Hungary in the second quarter of 2017 than in the corresponding period of the previous year, a second estimate of data from the Central Statistical Office (KSH) shows. The primary contributor to growth was market-based services. More...

China's Relationship With Hungary Is Being Tested As The EU And Russia Apply Pressure

09. 05. 2017. 17:06

Forbes / David Hutt Contributor

Hungary is China's most important ally and biggest trading partner in the Central and Eastern European region.But Communist Party leaders in Beijing care more about what happens in London, Paris and Berlin than Budapest, analysts say. Indeed, Hungary’s annual GDP is roughly a quarter of London’s economic output. More...

Lego To Let Go 1,400 Employees As Revenues Drop

09. 05. 2017. 16:59

Portfolio.hu

Toymaker Lego announced plans to lay off 8% of its workforce due to falling revenues. It is unclear at this point whether the company will cut staff in its Nyíregyháza, Hungary unit or not. More...

Draghi: ECB Continues To Monitor MNB Foundations

09. 04. 2017. 16:56

bbj.hu

The European Central Bank (ECB) continues to monitor several operations of the National Bank of Hungary (MNB), including the investment strategy of its Pallas Athene foundations, checking their compliance with the prohibition on monetary financing, ECB President Mario Draghi confirmed in a letter to an MEP dated August 29. More...

PM Orbán: Macron’s Vision For EU Partly In Line With Hungary’s Interests

09. 04. 2017. 16:47

Hungary Today

The stake of next year’s general election will be protecting the government’s accomplishments of the past seven years, the Hungarian Prime Minister Viktor Orbán said at an informal event of Hungarian conservative and right-wing politicians and intellectuals over the weekend. More...

Hungary PMI Rises To 56.6 in August

09. 01. 2017. 16:19

bbj,hu

Hungaryʼs seasonally adjusted Purchasing Managersʼ Index (PMI) stood at 56.6 points in August, rising from 54.2 in July, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Friday. More...

EU ‘Eastern Partnership’ Countries Meet with Visegrád Group in Budapest

09. 01. 2017. 16:09

Hungary Today

Yesterday, members of the Visegrád 4 (a regional cooperation alliance between Hungary, Slovakia, the Czech Republic, and Poland) held a meeting with politicians from the European Union’s Eastern Partnership countries in Budapest. (The Eastern Partnership is a joint initiative involving the EU, its member states and 6 eastern European partners: Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine.). More...

STATISTICAL UPDATE: Investments

08. 31. 2017. 15:52

Central Statistical Office

The volume of investments in the national economy was 27% higher in the 2nd quarter of 2017 than the low base in the same period of the previous year. Investment performance rose outstandingly similarly to the previous quarter, which affected almost all areas of the national economy. The considerable growth was equally due to the recovery of works connected with projects financed from funds of the 2014–2020 EU budget cycle and to the expansion in the developments of enterprises. Investments were up by 25% in the first half of 2017 compared to a year earlier. More...

EuCham Sees Slightly Worse Business Climate In Hungary

08. 31. 2017. 10:00

bbj.hu

Denmark, Sweden and Finland are the top European countries for business, according to 2017 research by EuCham - European Chamber, an independent, non-governmental organization representing the interests of national and international companies doing business in Europe. Hungary ranked 28th, down one place on last year, an EuCham press release shows. More...

STATISTICAL UPDATE: Labour Market

08. 30. 2017. 14:39

Central Statistical Office

- In the period of May–July 2017, the average number of unemployed people was 193 thousand, 35 thousand fewer than a year earlier, and the unemployment rate decreased by 0.8 percentage point to 4.2%. Details

- The employment rate of people aged 15–64 increased to 68.3%. Details

Developing The Future By Developing Schools – Hungary Spends 5.2 Percent Of GDP On Education

08. 30. 2017. 14:31

Hungary Today

The government has allocated some 81.2 billion forints (EUR 270m) for a comprehensive development scheme in 527 schools in nearly 400 towns and villages around Hungary, Human Resources Minister Zoltán Balog said. More...

Government Expands Electric Vehicle Subsidies

08. 29. 2017. 16:12

bbj.hu

The government is raising the electric vehicle subsidy threshold for corporate fleets from five to 35 vehicles, István Lepsényi, state secretary at the Ministry for National Economy, said Tuesday. The government is offering to cover 21% of the cost of purchasing a fully electric vehicle for corporate fleets up to HUF 1.5 million. More...

Putin Meets Orban For The Eighth Time In Seven Years

08. 29. 2017. 15:56

BNE IntelliNews

Russian President Vladimir Putin held an informal meeting in Budapest with Prime Minister Viktor Orban to discuss energy issues on August 28. Putin officially came to Budapest for the opening of the World Judo Championships as honorary president of the International Judo Federation but Russian sources say he was invited by the Hungarian premier personally. More...

Business Confidence Down, Consumer Confidence Up

08. 28. 2017. 15:30

bbj.hu

Economic research institute GKIʼs combined gauge of consumer and business confidence slipped to 4 points in August, from 4.2 points in the previous month, national news agency MTI reported today. The standalone business confidence index edged down from 11.3 points  to 10.2 points. More...

Standard and Poor’s Upgrades Hungary’s Credit Rating From “Positive” To “Stable”

08. 28. 2017. 15:23

Hungary Today

Standard and Poor’s Global Ratings said it revised the outlook on Hungary’s ‘BBB-/A-3’ long and short-term foreign and local currency sovereign credit ratings to ‘positive’ from ‘stable’. More...

Output Value of Automotive Industry Over 8,000 Billion Forints This Year

08. 27. 2017. 15:33

Gov't Press Office

Minister of Foreign Affairs and Trade Péter Szijjártó called Hungary one of the flagships of Europe’s automotive industry on Sunday, noting that the sector’s production value is expected to increase to record levels this year, exceeding 8000 billion forints (EUR 26.2bn). More...

MNB Takes Verbal Measures Against Strengthening Forint

08. 25. 2017. 14:13

bbj.hu

The exchange rate of the forint against the euro started weakening on Thursday following statements by the National Bank of Hungary (MNB) indicating measures to be taken against the strengthening of the forint, which had reached a 28-month high against the European currency, according to reports. More...

HUF 1,000 Bill Will Be Upgraded To Enhance Security

08. 25. 2017. 12:00

Xpatloop

The National Bank of Hungary is upgrading the 1,000 forint (EUR 3.3) bill with enhanced security features, the issuer said. The new banknote will become legal tender from Thursday, but will not enter into circulation until next March, allowing sufficient time to prepare for the switchover. More...

Hungarian Aircraft Manufacturer To Build New Plant In Pécs

08. 24. 2017. 16:32

hipa.hu

Hungarian aircraft maker, manufacturing sport and training airplanes, Magnus Aircraft, builds its new plant in Hungary in the immediate vicinity of the Pécs-Pogány Airport with an investment of over EUR 16.6 million. Both innovative sport airplanes of the company developed by itself, the petrol-powered Fusion 212 and its fully electric pair, eFusion, having received an award at the Aero 2016 Airshow, will be assembled in the 7,500 square metre manufacturing unit. More...

EDUCATION: The Cheapest And Most Expensive Student Cities In Europe

08. 24. 2017. 16:00

The Inquirer

London and Paris have emerged as the most expensive cities in Europe for students, while Budapest is the best choice for those on a shoestring budget. More...  Read also: The state of higher education in Hungary

France’s Macron Looks to Confront Eastern Europe Over Low-Cost Workers

08. 23. 2017. 16:26

The New York Times /

Visit nearly any big construction site in France, and chances are that many employees hail from low-wage East European countries. In Britain, farms employ labor from Poland, Romania or Bulgaria when the harvest comes. Nearly half of the drivers of trucks coming in and out of Spain are from nations to the east. More... Read also on the same subject Reuter's reportFrance's Macron, seeking to re-shape Europe, heads east.

OPINION: This Tax Is A Constant Drag On Hungarian Businesses

08. 23. 2017. 16:18

portfolio.hu

In the summer months, many businesses start their next annual planning. The finance and controlling departments can start to calculate profits in light of the sales revenue plans of the sales team and the wage cost estimations of the HR department. At this point, taxes depending directly or indirectly on profits soon come to the fore. Year after year, the moment comes when we are repeatedly taken aback by the unexpectedly high local business tax lurking behind the percentage rate of corporate tax, said Zoltán Lambert, Managing Partner of WTS Klient Hungary, in an opinion piece published on Tuesday. More...

Eastern European and Portuguese Wines On the Up as Shoppers Look to Beat Brexit Price-Hikes

08. 22. 2017. 14:31

The Retail Bulletin

Majestic has reported a 400% increase in sales of wines from Romania, Bulgaria, Hungary and Slovenia since last June as customers try to beat rising wine prices due to duty increases and Brexit related currency fluctuations. More...

Magna May Choose Hungary Over Slovenia For New Paint Factory, Report Says

08. 22. 2017. 14:22

Automotive News / Reuters / Marja Novak

Magna International has won approval to build a factory in Hungary which could result in the supplier choosing the country over Slovenia for its new paint facility, Radio Slovenia reported. Both countries are vying for Magna's factory which is expected to create about 400 jobs. More...

Photo of the Week: Fireworks Over the Danube

08. 21. 2017. 15:33

20th of August, the day King Saint Stephen of Hungary commemorates the foundation of the medieval Kingdom of Hungary. The day-long festivities culminated in a spectacular fireworks display over the Danube in the evening.

General Govʼt Deficit at 70% of Annual Target by July End

08. 21. 2017. 15:19

bbj.hu

Hungaryʼs cash flow-based general government, excluding local councils, ran a deficit of HUF 816.82 billion in the first seven months of 2017, representing 70.0% of the full-year target, the Ministry for National Economy confirmed in a second reading of data on Monday. More...

Sziget, Though Still Popular, May Need Reinvention

08. 18. 2017. 17:08

bbj.hu

The 2017 edition of the Sziget Festival ended on August 16 with a total number of 452,000 visitors. This is 10% below the record attendance of 496,000 last year, but the decrease is in keeping with a general European trend, according to the organizers, who suggest that the event may need more than just big music stars in future. More...

American Adds Budapest And Prague To Its Route Map

08. 17. 2017. 15:44

USA Today

American Airlines is boosting its presence in Europe, announcing two seasonal destinations and additional flights to another. The new cities joining American's route map are Budapest and Prague. The carrier will serve both cities from its Philadelphia hub, offering daily round-trip service from May 4 through Oct. 27 on Boeing 767-300 aircraft.  More...

 

Budapest Airport Plans Animal Facilities After Horse Transport

08. 17. 2017. 15:39

Aircargonews

Cargolux and Hellmann Worldwide Logistics arranged the first transportation of live horses from Budapest Airport after Hungary received clearance to beginning flying the animals last year. In total, 14 racehorses bred in Hungary were flown to China last week, on board a Cargolux’s B747-8F. Budapest Airport property director René Droese stated that given the growth in live animal exports, they plan to build facilities dedicated specifically for animals in the new cargo base to be constructed over the coming years at Budapest Airport. More...

 

Active Filmmakers, Inactive Theater-Goers: Eurostat Data on Hungarian Movie Habits

08. 16. 2017. 15:27

Hungary Today

Though Hungary boasts a high-profile and fast-growing film production industry, Hungarians are rather infrequent cinemagoers in comparison with citizens of other European Union member states, data compiled by Eurostat show. More...

STATISTICAL UPDATE: Hungarian GDP Growth 3,2 Percent In 2nd Quarter

08. 16. 2017. 15:20

Central Statistical Office

The gross domestic product of Hungary was up by 3.2% in the 2nd quarter of 2017 compared with the corresponding period of the previous year. Details

LOGISTICS: National Network Of Intermodal Container Terminals Planned

08. 15. 2017. 16:55

bbj.hu

The government plans to set up a national network of intermodal container terminals (OIKH) and would establish a 100% state-owned company to design, execute and operate OIKH projects, shows a government resolution published in the official gazette Magyar Közlöny on Monday. More...

TRANSPORT: Euroconsol Announces Direct Silk Road Rail Service From China To Poland

08. 15. 2017. 15:59

American Journal of Transportation

Euroconsol, a leading neutral global NVOCC (non-vessel operating common carrier) and freight consolidator, today announces a new, direct LCL (less than container load) and FCL (full container load) Silk Road import rail service from Chengdu, China to Pruszkow, Poland. More...

Banking Sector Liquidity Up In July, Says MNB

08. 14. 2017. 17:09

bbj.hu

Forint liquidity of Hungaryʼs banking sector rose in July from a month earlier, which was mainly reflected in an increase in the average stock of credit institutionsʼ overnight deposits, the National Bank of Hungary (MNB) said in a report released Friday based on preliminary data, according to state news wire MTI. More...

STATISTICAL UPDATES: Construction; Industrial Output

08. 11. 2017. 14:18

Central Statistical Office

-The volume of construction output was 27.2% higher in June 2017 than the low base a year earlier. Output increased in both main groups of constructions: by 26.1% in the construction of buildings and by 29.6% in that of civil engineering works. Details

- In June 2017, the volume of industrial output rose by 4.0% year-on-year. Based on working-day adjusted data, the production grew by 6.5%. Details

Committee’s Opinion On Eximbank Could See State Debt Soar

08. 10. 2017. 16:51

bbj.hu

Hungaryʼs Eximbank should be classified within the general government sector, according to the majority opinion of a European advisory committee regarding the statistical classification of the institution, financial news site portfolio.hu reports. The reclassification has the potential to result in a sharp increase in the countryʼs state debt. More...

Dry Furmint Is Hungary's Other Wine Sensation

08. 10. 2017. 16:46

Forbes / Thomas Pellechia , Contributor

Once known as “the wine of kings” the difficult to spell wine appellation Tokaji (Toke-eye) dates to the early 18th century, but the UNESCO World Heritage Site, Tokaji-Hegyalja of northeastern Hungary and southeastern Slovakia had been an established wine region hundreds of years before then. More...

 

Hungarian White Wines Win Big at San Francisco International Competition!

08. 10. 2017. 16:38

Hungary Today

Last month, at the San Francisco International Wine Competition, Hungarian wines competed on the international stage. Yesterday, the contest’s winners were announced, and the results spoke for themselves: the small central European country’s white wines performed extremely well, winning three double gold, three gold, and eight silver medals. More...  

GKIʼs Budapest, Nationwide Property Indices Edge Down

08. 09. 2017. 14:15

bbj.hu

The Budapest and nationwide property indices of economic research institute GKI show that householdsʼ plans to buy or build a home slightly weakened in July compared to the previous survey, while plans to renovate or upgrade homes also deteriorated slightly, according to state news wire MTI. More...  Full text of the survey

STATISTICAL UPDATES: External Trade; Consumer Prices; Tourism

08. 09. 2017. 14:04

Central Statistical Office

- In EUR terms, exports were up by 4.5% and imports by 6.5% in June 2017 compared to the same period of the previous year. Trade surplus decreased by EUR 97 million. Details

- Consumer prices were 2.1% higher on average in July 2017 than this time last year. The highest price rises over the past year were measured for alcoholic beverages and tobacco as well as food. Details

- In June 2017, international guest turnover grew by 15% and domestic guest turnover by 7.7% measured in tourism nights and adjusted for calendar effects. Gross revenues grew by 22% at current prices in accommodation establishments. Details

Eurostat: Hungary Spends The Highest GDP Proportion On Culture, Recreation And Religion In The EU

08. 08. 2017. 15:50

Hungary Today

Hungary spends the most on recreation, culture and religion as a percentage of its GDP in the European Union with 2.1% of government expenditures going towards this area compared with the EU average of 1%, a report released by Eurostat shows. More...

Agriculture Miniistry Selects Bruker NMR FoodScreener® for Authentication of Hungarian Wines

08. 08. 2017. 15:44

Cision PR Newswire

The Hungarian Ministry of Agriculture has selected Bruker's collaboration partner Diagnosticum to implement a new program to authenticate and identify Hungarian wines. Diagnosticum and Bruker will form the Hungarian Wine Consortium and develop a Hungarian wine model based on Bruker's NMR FoodScreener technology for rapid and comprehensive wine-profiling.  The model will be used to authenticate and identify Hungarian wines, including the famous Tokaji wines. More...

Danube Bank Getting Reshaped at Buda

08. 07. 2017. 16:25

Daily News Hungary

A design contest was announced for reshaping the Danube bank. This initiation is meant to form a closer bond between the local people and Hungary’s largest river. According to Forbes.hu, the municipal of Budapest is open for architectural plans for renewing the bank of Danube. More

MNB Intʼl Reserves Down EUR 1.15 bln in July

08. 07. 2017. 16:10

bbj.hu

International reserves of the National Bank of Hungary (MNB) stood at EUR 22.307 billion at the end of July, down EUR 1.154 bln from the end of the previous month, preliminary data released Monday show, as reported by state news wire MTI. More...

EC President Juncker: “I’ve got a Caring Relationship with Orbán”

08. 04. 2017. 15:18

Hungary Today

In a recent interview with Politico, Jean-Claude Juncker, President of the European Commission, one of the EU’s main bodies, discussed his relationship with Hungarian Prime Minister Viktor Orbán, as well as the importance of Hungary to the Union. More...

STATISTICAL UPDATE: Industrial Production

08. 04. 2017. 15:12

Central Statistical Office

In June 2017, the volume of industrial output rose by 4.0% year-on-year. Based on working-day adjusted data, the production grew by 6.5%. Year-on-year, output went up by 5.6% in the first six months of this year. The volume of industrial production in June – according to seasonally and working-day adjusted indices – was below the level of the previous month by 1.2%. Details...

Suzuki Vitara Leads New Car Sales In Hungary

08. 03. 2017. 14:16

Hungary Today

New car registrations in Hungary went up by an annual 15.8% to 9,336 in July, the Hungarian Association of Vehicle Importers (MGE) said. More...

Europa Capital Sells Budapest Office Portfolio

08. 03. 2017. 14:11

Europe Real Estate

Europa Capital has concluded the sale of the Kalvin Portfolio, Budapest. The Kalvin Portfolio comprises two City Centre office buildings in Budapest with a total floor area of approximately 26,000 m². 

Why We'll All Be Drinking Hungarian Wines This Year

08. 02. 2017. 16:27

Evening Standard / Katie Strick

When we think of fine wines from the continent, mostly we think of French burgundys, Italian rossos and Spanish tempranillos. But one unexpected land-locked Eastern European heartland is emerging as a strong contender in the London wine scene: Hungary. More...

Hungaryʼs PMI Falls to 54.2 in July

08. 02. 2017. 16:18

bbj.hu

Hungaryʼs seasonally adjusted Purchasing Managersʼ Index (PMI) stood at 54.2 points in July, slipping from 56.9 in June, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said on Tuesday, as reported by state news agency MTI. More...

FINA Chief Lauds ‘Best Ever’ Aquatics Championships

08. 01. 2017. 21:44

bbj.hu

Hotels in Budapest during the two weeks of the 2017 World Aquatics Championships this July 14-30 had occupancy rates over 90% and average room prices were double the usual, according to state news wire MTI. More...

Hungary Submits No Application To Host The European Banking Authority

08. 01. 2017. 21:35

portfolio.hu

23 cities of 21 countries applied to host the European Banking Authority (EBA) and the European Medicines Agency (EMA) that are moving out of London due to exit of the United Kingdom from the European Union. Despite earlier reports, no Hungarian city is among the applicants. More...

Marriott International Brings Luxury Collection Hotel to Budapest’s Matild Palace

07. 31. 2017. 16:39

bbj.hu

Özyer Group has signed an agreement with Marriott International to launch the acclaimed Luxury Collection brand in Hungary with Matild Palace, a Luxury Collection Hotel, according to a recent announcement made by Özyer Group. More...

Budgetary Advance Payments on EU Transfers Increased Sharply

07. 31. 2017. 16:20

GKI Economic Research Co.

In Hungary, faster than expected GDP growth in the first quarter of 2017 was followed by a slight slowdown in April and a pick-up in May. GDP growth is expected to accelerate to around 3.5 per cent in 2017 from 2 per cent in 2016, primarily as a result of investments rising this year, whereas they declined last year. Although external and internal equilibria will deteriorate slightly in 2017, and inflation will accelerate, these trends are acceptable in the short term. Full text of economic forecast

Hungary’s Formula 1 Race Track Hungaroring to Get 114 Million Euro Upgrade

07. 31. 2017. 16:11

Hungary Today

According to wire service MTI, Hungary’s Formula One race track, the Hungaroring, will undergo a 35 billion-forint (114.7 million euro) renovation between now and 2019 to ensure its spot on the F1 calendar beyond 2026. More...

China’s New Silk Road Risks Unravelling in Hungary

07. 28. 2017. 17:42

EURACTIV / By Mariangela Pira

China’s planned railway link between Greece and Central Europe has hit difficulties after the project was accused of flouting EU rules on public procurement in Hungary. EURACTIV’s partner Italia Oggi reports.

STATISTICAL UPDATE: More New Homes

07. 28. 2017. 17:29

Central Statistical Office

In the first half of 2017, 5,004 new dwellings were built, 46% more than a year earlier. The number of dwellings to be built based on issued dwelling construction permits and simple declarations was 19,823, 40% more than in the first half of 2016. Details...

Why We Should All Be Drinking Hungarian Wine?

07. 27. 2017. 17:45

Good Housekeeping / By Victoria Chandler

When you think wine, your mind probably wanders to the lush vineyards of Bordeaux or the sprawling wine regions of New Zealand. But Lidl has told us that we should all be giving wines from Hungary a go. As part of its new, 41-strong Wine Cellar range, Lidl has launched not one, but 15 new Hungarian wines. More...

Stats Office: Jobless Rate In Hungary Falls To 4,3 Percent

07. 27. 2017. 17:37

Hungary Today

Hungary’s rolling average three-month jobless rate fell to 4.3 percent in April-June from 4.4 percent in the previous period, the Central Statistical Office (KSH) said on Thursday. More...

TOURISM: Where Do Cruisers Like To Go? Cruise Critic Users Say Budapest's The Best

07. 26. 2017. 18:44

Los Angeles Times

Budapest, an architecturally stunning city that straddles the Danube River in central Europe, has long been the cultural and commercial heart of Hungary. Now it's also been named the world's top cruise port in the 2017 Cruisers' Choice Destination Awards. More...

OPINION: Can the Visegrad Four Hold Its Line Over Brexit – or Will The Splits Show?

07. 25. 2017. 15:58

London School of Economics / Monika Brusenbauch Meislová.

For the Visegrad Four (Poland, Hungary, the Czech Republic and Slovakia), Brexit could be an opportunity to press for their own interests in Europe, not least because of the number of their citizens who are living in Britain. But the Group is far from united, their public statements about Brexit have been few and the current uproar over judicial reforms in Poland has exposed some of the faultlines in the alliance. More...

Hungary Attracts More And More High Added-Value Investments

07. 25. 2017. 15:44

hipa.hu

Based on H1 2017 data, the number of foreign direct investments (FDI) continues to grow in Hungary. The Hungarian Investment Promotion Agency (HIPA) supported a record-breaking 47 investment projects in the first six months of this year. These investments mean EUR 1.37 billion FDI inflow and create 8,502 new jobs. More...

Win-Win: Serbia, Hungary Keen to Start Construction on Turkish Stream Pipeline

07. 24. 2017. 17:27

Sputnik Int'l

Serbia is keen to become a transit country for natural gas supplies to Europe via the Turkish Stream pipeline project, energy expert Jelica Putnikovic told Sputnik Srbija. Construction of the first string of the Turkish Stream gas pipeline project began off the Russian coast in May. The first string will annually transport 15.75 billion cubic meters of gas from Russia across the Black Sea bed to consumers in Turkey, via a hub at Samsun in northern Turkey. More...

Hungary, Romania May Derail International Gas Pipeline Project

07. 24. 2017. 17:21

Portfolio.hu

The European Union-backed Bulgaria-Romania-Hungary-Austria (BRUA) pipeline could suffer a major setback if the Romanian and Hungarian gas authorities approve a rulebook that would exclude key Austrian partners, the Independent Chemical Information Service (ICIS), reported. More...

BANKING NEWS: EBRD; OTP; Granit Bank

07. 21. 2017. 16:38

- The European Bank for Reconstruction and Development (EBRD) has announced on Friday that it is taking part in a financial restructuring of the company that operates the Ferenc Liszt international airport in Budapest. The goal is to "attract greater international investment and improve the airport’s operational performance."  More from portfolio.hu

- Hungary's OTP Bank OTPB.BU has agreed to buy Romania's Banca Romaneasca from the National Bank of Greece (NBG), two sources with knowledge of the deal told Reuters on Friday, continuing OTP's acquisition drive in central and eastern Europe. More from Reuters

- The state of Hungary will sell its 36.5% stake in Granit Bank, Minister for National Economy Mihály Varga said yesterday, Hungarian news agency MTI has reported. More from bbj.hu

Failing To Comply With New Rules Could Bring HUF 20 mln Fine

07. 21. 2017. 16:31

Budapest Business Journal

Under a new legislation that took effect in May and requires new reporting requirements for the transfer prices of multinational firms operating in Hungary, a fine of up to HUF 20 million can be issued to companies that do not comply with the new rule, Grant Thornton Hungary warns in a press statement sent to the Budapest Business Journal. More...

Orbán and Netanyahu Address Hungarian-Israeli Business Forum

07. 20. 2017. 14:33

More than one hundred Hungarian and Israeli businesses took part at the forum organised by the Hungarian National Trading House in a major Budapest hotel. Israeli PM, Benjamin Netanyahu said Israel and Hungary could learn from each other and offered that Israel would host IT fellows from the V4 countries so that they can master the most advanced cyber technologies in Israel. "All political obstacles to Hungarian-Israeli economic cooperation have been cleared", said Hungarian PM Viktor Orbán. He added, Hungary’s Eximbank had opened a 600 million dollar credit line to support partnerships between Hungarian and Israeli companies. Israel is Hungary’s third largest investor: Israeli investments make up 12% of all foreign investments in the country. Bilateral trade was 525 million dollars in 2016, up by 12% from 2010. (Photo: B. Netanyahu addressing forum attendees  - MTI Balázs Mohai)

STATISTICAL UPDATE: Gross Earnings

07. 20. 2017. 13:31

Central Statistical Office

In May 2017, average gross earnings amounted to HUF 296,100, 12.9% higher than a year earlier. In the first five months of the year, both gross and net earnings grew by 12.1% compared to the same period of the previous year. Details

Hungarian Central Bank Holds Rates With Low Inflation in Mind

07. 18. 2017. 16:09

Reuters / By Krisztina Than

Hungary's central bank kept interest rates unchanged as expected on Tuesday, with any price pressures from strong economic growth seen as unlikely to lift inflation beyond its 3 percent target level this year or next. The bank flagged possible further loosening in monetary conditions with unconventional tools, saying inflation would reach its target in a sustainable way only in early 2019. It said rising wages in the economy have not posed any upward pressure to inflation so far. More...

Ceva Phylaxia Inaugurates State-of-the-Art Vaccine Plant

07. 18. 2017. 15:57

The Pig Site

Ceva Santé Animale, one of the fastest growing, top 10 animal healthcare companies today held the inauguration ceremony of its new European vaccine production facility. A further 3900m2 of space, containing more than 100 pieces of new equipment, were added to the existing campus at a cost of € 25 million euro (7,8 billion forint), creating 60 new jobs. More...

CEE’s Automotive Wage Growth Revs Up Pressure

07. 17. 2017. 18:43

bbj.hu

With the automotive workforce in Central Europe becoming more expensive, Hungary saw a 10% growth in salaries in the first half of the year, compared to the same period in 2016, according to data from international salary survey platform Paylab. The wage growth in the region appears to be increasing pressure on the industry. More...

Bulgaria, Hungary to Advance Energy Cooperation

07. 17. 2017. 12:00

bta.bg

Bulgarian Deputy Prime Minister for judicial reform and Foreign Minister Ekaterina Zaharieva conferred with Hungarian Minister for Foreign Affairs and Trade Peter Szijjarto in Brussels on Monday, Zaharieva's ministry said. The two discussed bilateral relations, ways to enhance energy cooperation and prospects before the Western Balkans. More...

Orban Courts Voters Outside Hungary With Grants, Cheap Loans

07. 14. 2017. 15:13

Reuters / by Gergely Szakacs

Antal Kracsun was about to convert a barn next to his house into a pigsty to make ends meet, when a Hungarian government grant gave his small welding business in northern Serbia a shot in the arm. The 800,000-Serbian dinar ($7,600) grant under Prime Minister Viktor Orban's cross-border stimulus program, for poorer, ethnic Hungarian regions in central Europe, enabled Kracsun to buy expensive welding machinery which would otherwise have been beyond his means. More...

 

STATISTICAL UPDATES: Farm Prices; Construction

07. 14. 2017. 15:07

Central Statistical Office

- Agricultural producer prices were 4.5% higher in May 2017 than in the corresponding period of the previous year. More...

- The volume of construction output was 35.4% higher in May 2017 than the low base a year earlier. Output increased in both main groups of constructions: by 27.2% in the construction of buildings and by 46.7% in that of civil engineering works. Details...

German Tech Giant BOSCH To Establish €17 Million Digital Logistics Base In Hungary

07. 13. 2017. 18:34

Hungary Today

Hungary’s Minister of Foreign Affairs and Trade met with the heads of German engineering giant Bosch at the company’s headquarters in Stuttgart on Wednesday and announced that Bosch will open its new and supermodern digital logistics base in Hatvan, Hungary next year. More...

European Union Takes Legal Action Against Hungary On NGO Law

07. 13. 2017. 18:31

Associated Press

The European Union launched legal action against Hungary on Thursday because of new rules governing civic groups which receive funds from abroad. The European Commission said that the law approved by Hungary's parliament in June could prevent non-governmental organizations "from raising funds and would restrict their ability to carry out their work." More...

Economic Thank-Tank Raises 2017 Growth Estimate But Outlines Potential Pitfalls

07. 12. 2017. 15:33

GKI Economic Research Co.

The growth rate of consumption is expected to accelerate in 2017, whereas a sharp slowdown in investments can be anticipated. Therefore, GKI raised its growth forecast for 2017 from 3.2 per cent to only 3.5 per cent, although it is possible that the rate will be slightly higher. Although external and internal equilibria will deteriorate slightly, and inflation will accelerate, these trends are acceptable in the short term. Download or read details from GKI website.

CULTURE: Hungary Acquires Remaining Seven Pieces Of Seuso Treasure

07. 12. 2017. 15:11

Hungary Today

The Hungarian government has acquired another seven pieces of the Seuso Treasure, a rare collection of ancient Roman silverware, Hungarian Prime Minister Viktor Orban announced on Wednesday. More...

Commission Approves Hungarian Support Scheme For Renewable Electricity

07. 11. 2017. 16:31

European Commission Press Release

The European Commission has found the new Hungarian support scheme for renewable electricity to be in line with EU state aid rules. The scheme will help Hungary to reduce CO2 emissions, in line with EU energy and climate goals, whilst preserving competition. More...

STATISTICAL UPDATES: External Trade; Tourism; Inflation

07. 11. 2017. 16:18

Central Statistical Office

- The surplus of trade amounted to EUR 913 million in May. Details...

- Until May 2017, the number of nights spent by international tourists increased by 6.9% and that of nights spent by domestic tourists by 4.5% compared to the level a year earlier. Details...

- Consumer prices were 1.9% higher on average in June 2017 than this time last year. The highest price rises over the past year were measured for alcoholic beverages and tobacco as well as food. Details..

COMPANY NEWS: Heineken; Mars; Spar

07. 10. 2017. 17:24

Budapest Business Journal

- Brewer Heineken Hungary’s manufacturing operations will cease at its Martfű plant in the next twelve months and the site will gradually be transformed into a distribution and logistics center. More

- U.S.-based manufacturer Mars has announced it will invest HUF 1.5 billion in installing new production equipment at its Hungarian pet food plant, raising the headcount by 70 to around 900. More...

- Trei Real Estate, the property arm of the German Tengelmann Group, sold a portfolio of 40 Spar leased supermarkets to Erste Asset Management. More...

Hungary Unhappy With Brexit, Foreign Minister Says In BBC Interview

07. 10. 2017. 17:17

Hungary Today

Hungary laments the UK’s decision to leave the European Union as a “big political and economic loss” for the bloc, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó told the BBC’s Newsnight. More...

Szijjártó, Gazpromʼs Miller Sign Pipeline Agreement

07. 07. 2017. 15:17

bbj.hu / MTI / Econews

Minister of Foreign Affairs and Trade Péter Szijjártó signed an agreement with Gazprom CEO Alexey Miller in Moscow Wednesday on developments in Hungary related to a new delivery route for Russian gas. The pipeline could be completed by the end of 2019, Szijjártó told state news wire MTI by telephone. More...

OPINION: From the Intermarium to the Three Seas

07. 07. 2017. 15:07

GFP Geopolitical Futures / By George Friedman

The Intermarium is a concept – really, an eventuality – that I have spoken about for nearly a decade. I predicted it would rise after Russia inevitably re-emerged as a major regional power. Which makes sense, considering it would comprise the former Soviet satellites of Eastern Europe: the Baltic states, Poland, Slovakia, Hungary, Romania and possibly Bulgaria. Its purpose would be to contain any potential Russian move to the west. The United States would support it. More...

STATISTICAL UPDATES: Industrial Output; Retail

07. 06. 2017. 17:24

Central Statistical Office

- In May 2017, the volume of industrial output rose by 8.8% year-on-year. Details

- In May 2017, the volume of sales in retail shops increased by 6.0% according to raw data and by 5.4% adjusted for calendar effects compared to the same period of the previous year. In January–May 2017, the volume of sales – also according to calendar adjusted data – was 3.5% higher than in the corresponding period of the previous year. Details...

Jewish Group Asks Hungary to Remove Anti-Soros Billboards

07. 06. 2017. 17:18

Bloomberg / By Zoltan Simon

Hungary’s main Jewish organization has demanded the removal of government billboards targeting U.S. investor George Soros after they were defaced with anti-Semitic slander in several places. The billboards, posted nationwide, show a smiling Soros next to the caption “Let’s not allow Soros to have the last laugh.” More...

ASE Carrying Out Procurement Procedure For Paks-2 NPP (Hungary)

07. 05. 2017. 18:26

neftegaz.ru

The General Contractor of Paks-2 NPP project, Russian ASE in pursuance of its contractual obligations on construction of new units of Hungarian nuclear power plant Paks-2, started the competitive equipment procurement procedure, the company reported on July 5, 2017. More...

Hungary & Gazprom Agree Gas Supplies Via Turkish Stream Pipeline

07. 05. 2017. 18:22

RT

Russian energy major Gazprom has signed an agreement with Hungary to deliver gas via the Turkish Stream pipeline, the MTI news agency reported, citing Hungary’s Foreign Minister Peter Szijjarto. He said the Turkish Stream branch to Hungary would be completed by the end of 2019. Budapest sees Turkish Stream gas supplies as the best option because other routes, across Romania and Croatia, are at an early stage, the foreign minister added. More...

Visegrad Leaders Hold Talks With Egypt’s President al-Sisi In Budapest

07. 04. 2017. 18:37

Prime Ministers of the Czech Republic, Hungary, Poland and Slovakia have expressed their recognition of and respect for the work Egyptian president Abdel Fattah al-Sisi has done to stabilize the region around Egypt, Hungarian Prime Minister Viktor Orbán said after a meeting of the Visegrad Group (V4) leaders and the Egyptian President on Tuesday. More from Hungary Today (From left to right: Bohuslav Sobotka, PM of Czech Rep., Abdel-Fattah al-Sísi President of Egypt, Viktor Orbán, PM of Hungary, Robert Fico PM of Slovakia and Beata Szydlo PM of Poland - Photo MTI Szilárd Koszticsák)

STATISTICAL UPDATE: General Government Sector Balance

07. 03. 2017. 14:48

Central Statistical Office

According to preliminary data the general government sector had a surplus of HUF 178.3 billion in the 1st quarter of 2017, which was 2.0% of GDP. The change in the balance was due to a larger increase in revenues than in expenditures. Details

Gov’t Announces HUF 300 bln Tourism Development Program

07. 03. 2017. 14:37

bbj.hu

Minister of National Development Miklós Seszták today announced the launch of a tourism development program in which HUF 300 billion will be made available for commercial accommodation developments across the country by 2030, Hungarian news agency MTI reported. More...

Hungary Sticks By Its “Friend” Turkey, PM Orbán Says During Ankara Visit

06. 30. 2017. 14:29

Hungary Today

Hungary’s backing of Turkey is not a one-off event but the consequence of a strategy, Orbán said. “Being a conservative country, it is human values that matter.” “Business is important, but what’s most important is that one should have friends,” he said. (Photo: Binali Yildirim Turkish PM with Viktor Orbán - MTI Foto Szilárd Koszticsák ) More...

Hungary’s Trade Surplus Drops To EUR 865 in April

06. 30. 2017. 14:25

bbj.hu / CSO

Hungary’s trade surplus dropped by EUR 111 million to EUR 865 mln in April, compared to the same period a year earlier, according to a second estimate of data published today by the Central Statistical Office (KSH). The balance is EUR 13 mln less than in the first estimate, KSH noted. More...

COMPANY NEWS: Schäfer-Oesterle; Sanatmetal; Waberer's

06. 29. 2017. 16:32

bbj.hu

- The Hungarian subsidiary of Schäfer-Oesterle, a German producer of leather interiors for cars, inaugurated a 1,000 square-meter production hall in Bonyhád, southwest Hungary, on Wednesday through an investment of HUF 130 million, according to reports. More...

- Hungaryʼs Sanatmetal Kft., which makes trauma implants and joint replacement prostheses, has completed a more than HUF 500 million production upgrade, Managing Director József Farkas told Hungarian news agency MTI. More...

- Businessman György Wáberer is plowing the proceeds from the sale of his stake in the road haulage company that bears his name into real estate, according to a summary by state news service MTI of an interview Wáberer gave to business daily Világgazdaság. More...

Hello Wood Installs Pop Up Park For Resting And Recharging In Central Budapest

06. 29. 2017. 16:23

Visitors to the “Pop Up Park” can recline on the wooden surfaces in the shade and plug in their mobile devices for a free recharge. Hello Wood’s design studio, established in 2013, has brought temporary and mobile installations to a number of big European festivals and events and all around the world. Photo: "Eggs" at Sziget Festival, a week-long musical extravaganza on an island in the Danube that draws hundreds of thousands of visitors to Budapest each year. (Photo and text: Hungary Today)

STATISTICAL UPDATE: Employment - Unemployment

06. 28. 2017. 16:22

Central Statistical Office

In the period of March–May 2017, the unemployment rate decreased by 1.1 percentage points to 4.4%. (details), while the employment rate of people aged 15–64 increased to 67.6% in the same period (details).

US-Hungarian Business Council President Meets With Government Officials in Budapest

06. 28. 2017. 16:06

Hungary Today

Eric Stewart, President of the US-Hungarian Business Council, met today with the country’s Minister of National Economy, Mihály Varga. After the meeting, the Minister said that economic relations between the two countries, which were stronger than ever, continue to play a crucial role in the advancement of the Hungarian economy. More... 

Takata to Expand in Hungary Despite Parent Bankruptcy

06. 27. 2017. 15:16

bbj.hu / MTI

Despite its parent declaring bankruptcy in Japan and the United States, automotive firm Takata has promised to continue its capacity expansion in Hungary as planned, according to Hungarian news agency MTI. More...

Helping SMEs Important to Improve Productivity Growth - OECD SG

06. 27. 2017. 14:49

portfolio.hu

Helping small and medium-sized enterprises to close the productivity gap is likely to be important to improve overall productivity growth in the economy. To this end, the Organisation for Economic Co-operation and Development (OECD) is signing an agreement with the Hungarian government today, OECD Secretary-General Angel Gurría told the 2017 Global Forum on Productivity in Budapest on Monday. (Photo by MTI/ Zoltán Balogh. Mihály Varga at the lectern) More...

Hungarian E-tail Generates HUF 427 bln in 2016

06. 26. 2017. 16:46

Budapest Business Journal

Hungary’s online retail trade generated HUF 427 billion in turnover in 2016, more than 5% of the total national retail trade volume, signalling a dynamic expansion of the online sector, reveals a recent report by eNET Internet Research based on responses from web stores. The research results were announced at the 14th Hungarian E-commerce Conference in Visegrád. More...

Budapest Public Transportation to Launch Direct Bus from Airport to City Center

06. 26. 2017. 16:23

Hungary Today

News site Index reports that BKK (the Centre for Budapest Transport), which oversees public transportation in the Hungarian capital, has announced that there will soon be a direct bus line between the city’s Deák Ferenc Square and Ferenc Liszt International Airport. More...

Hungary In ‘No Rush’ To Join Eurozone, Says Varga

06. 23. 2017. 18:14

bbj.hu

Hungarian economic policy cannot abandon its long-term intention of joining the eurozone, but there is no rush, Minister for National Economy Mihály Varga said Thursday at an event organized by the Joint Venture Association (JVSZ), state wire service MTI reported. More...

CJEU Rules Hungary’s Online Gaming Uncompatible With EU Law

06. 23. 2017. 18:07

iGamingBusiness

The Court of Justice for the European Union (CJEU) has ruled that Hungary’s online gambling licensing regime unlawfully excluded EU-licensed operators from the country’s licensing process. Kindred Group’s Unibet brand had brought the case to court, arguing that the country’s new rules were discriminatory because international operators were unable to meet Hungary’s conditions for online licensing. More...

EXPERT ANALYSIS - SSCs And BSCs: An Explainer

06. 22. 2017. 22:25

bbj.hu

You come across the term Shared Services Center (SSC) or Business Services Center (BSC) ever more often now. Large multi-unit enterprises have been setting up centers for shared services since the mid-1980s, first in the United States, and then increasingly around the globe since the early 1990s.  More...

PROPERTY: These Are Lake Balaton’s Most Popular Places Among Property Buyers

06. 22. 2017. 21:16

Hungary Today

“For me, Lake Balaton is the Riviéra”, reads the old Hungarian song. Indeed, as the summer season is here, market demand for lakeside resort houses at Lake Balaton increasingly grows, news portal origo.hu reported. More...

STATISTICAL UPDATE: Earnings Increased by 12 % in First Four Months

06. 21. 2017. 15:40

Central Statistical Office

In the first four months of the year, both gross and net earnings grew by 11.9% compared to the same period of the previous year. Rises of 15% in the minimum wage and 25% in the guaranteed minimum wage as well as salary adjustments affecting specific areas of the public sector and the employees of state owned public service companies had an impact on earnings growth. More...

Hungary’s Net External Financing Capacity At 5% of GDP in Q1

06. 21. 2017. 15:20

bbj.hu

Adjusted for seasonal effects, Hungaryʼs net external financing capacity - the combined surplus of the current and capital accounts - was EUR 1.352 billion or 5% of quarterly GDP in the first quarter, preliminary balance of payment data published today by the National Bank of Hungary (MNB) show, according to state news agency MTI. More...

Expansion of Europe’s Largest Turbine Blade Manufacturing Plant

06. 21. 2017. 15:11

HIPA Press

Siemens Power and Gas extends its product portfolio in Hungary by starting up the high-tech manufacturing of hot-side turbine blades. As part of the EUR 32 million worth expansion creating at least 150 high added-value jobs, construction of a 10,000 square-metres manufacturing hall has just started. More...

The Energy Union Tour: Focus On Hungary

06. 20. 2017. 15:12

Neftegaz.ru

The next leg of the Energy Union tour started on June 19, 2017 in Hungary. European Commission Vice-President for Energy Union Maroš Šefčovič met citizens and discussed the EU's plan to help provide Europe with secure and clean energy. More...

Welcome To The Future – 5G Technology Opens New Dimensions In Economic And Industrial Development

06. 20. 2017. 14:56

Hungary Today

5G technology in telecommunications opens new dimensions in economic and industrial development, László Parragh, head of the Hungarian Chamber of Commerce, said at a conference held on the launch of the “Hungarian 5G coalition” which comprises nearly fifty governmental, administrative and industrial players to promote the introduction and development of “fifth generation” technology. More...

Ukraine To Boost Farm Produce Exports To Hungary – Agrarian Ministry

06. 20. 2017. 14:24

UNIAN Information Agency

Ukrainian Deputy Minister of Agrarian Policy and Food Olha Trofimtseva says that Ukraine plans to intensify trade and economic cooperation with Hungary and increase farm produce exports to that country, according to the ministry's press service.More...

COMPANY NEWS: Wabererʼs Launches IPO Today

06. 19. 2017. 15:15

Budapest Business News

Hungarian road haulage company Wabererʼs will offer its shares for subscription in an initial public offering from June 19 until June 29, according to the IPO prospectus published on the Budapest Stock Exchange (BSE) website today, Hungarian news agency MTI reported. The shares will be offered between HUF 5,100 and HUF 6,300. More...

Chinese VP Attends Groundbreaking Ceremony For Chinese TCM Center

06. 19. 2017. 15:01

Xinhua

Visiting Chinese Vice Premier Liu Yandong attended Sunday the groundbreaking ceremony for a new building of the Semmelweis University's Faculty of Health Sciences in Budapest, the capital of Hungary. The building will house the China-CEEC (Central and Eastern European Countries) Traditional Chinese Medicine (TCM) Center. More...

Parliament Approves 2018 Budget

06. 16. 2017. 12:28

bbj.hu / MTI

Hungarian lawmakers approved the 2018 budget yesterday, on the last day of the spring session, with 127 MPs voting in favor and 62 against, Hungarian news agency MTI reported. More...  Also on bbj.hu: Parliament approves raises to 2017 budget expenditure, revenue

TOURISM: Budapest Guide: Hotels, Restaurants And Things To Do

06. 16. 2017. 12:18

Cosmopolitan / By

A tale of two cities in one, Budapest is split down the middle by the Danube river, with Buda on one side and Pest (pronounced ‘pesht’) on the other. It’s got all the friendly, edgy and arty vibes of Berlin, with a dash of unique history and shedload of decent spots to party. Not forgetting the world famous spas (we’re not talking about the type where you go for a bikini wax pre-Tinder date, but gigantic bath houses that play music late into the night during the summer). It’s also home to one of our favourite ever festivals, Sziget, so well worth ticking off your dream destination list. Oh, and it doesn’t break the bank either which is always a Brucey bonus, eh? More...

About 100 Investors Participate At HIPA Forum In New York

06. 15. 2017. 14:57

bbj.hu / MTI

About 100 U.S. investors were present at an investment forum organized on Wednesday by the Hungarian Investment Promotion Agency (HIPA), in conjunction with Bloomberg Government and the Consulate General of Hungary in New York, according to Hungarian news agency MTI. (Photo: Robert Ésik, HIPA President) More...

STATISTICAL UPDATE: 22.1% Increase In The Volume Of Construction Output

06. 15. 2017. 14:45

Central Statistical Office

The volume of construction output was 22.1% higher in April 2017 than the low base a year earlier. Output increased in both main groups of constructions: by 11.9% in the construction of buildings and by 40.2% in that of civil engineering works. Based on seasonally and working day adjusted indices, construction output decreased by 2.6% in April compared to the previous month. Details...

Banking Sector Liquidity Falls In May, Says MNB

06. 14. 2017. 14:35

bbj.hu / MNB / MTI

Forint liquidity of Hungaryʼs banking sector fell in May from a month earlier, the National Bank of Hungary (MNB) said in a report today based on preliminary data, state news agency MTI reported. More...

Summer Time Is Festival Time – Hungarian Festivals On The Map

06. 14. 2017. 14:30

Hungary Today

Hungary is well known for its great festivals, such as the world-famous Sziget Festival or the Sound Festival at Lake Balaton, but there are smaller and more cosy events too. You can read about the line-up of the festivals in Hungary this summer, and have a look at their prices  too, below. More...

No Referendum Can Be Held On Paks Expansion, Says National Election Commission President

06. 13. 2017. 15:27

Hungarian Beacon / by

Current legislation does not even allow a confirmatory referendum on the expansion of the Paks nuclear plant, thus the National Election Commission (NVB) will not verify referendum questions regarding the expansion, according to NVB president András Patyi in an interview with conservative print daily Magyar Nemzet. More...

CenBank Statement Say Securities Market Increasing

06. 12. 2017. 13:49

National Bank Press Release

According to securities statistics, the amount outstanding of equity securities and debt securities issued by Hungarian residents was HUF 43,248 billion at market value at the end of April 2017, reflecting a HUF 601 billion increase relative to the end of March. Non-residents’ securities holdings rose by HUF 112 billion during the month. Download.

PM Orbán Insists Hungary Not Anti-European But Represents “True European Position”

06. 12. 2017. 13:32

Hungary Today

Addressing parliamentary session, Viktor Orbán said that the European Union is a voluntary alliance of independent nations and does not equal Brussels. “Hungary is not and has never been anti-European. Quite the contrary, the government represents a true European position, protecting the current European treaty, including the original sharing of competences between the member states and Brussels. It is Brussels rather than Hungary that has changed its position,” he said. (Photo: Tamás Kovács, MTI) More...

STATISTICAL UPDATE: 24 % Increase in Tourism Nights

06. 09. 2017. 14:00

Central Statistical Office

In April 2017, the number of nights spent by international tourists increased by 22% and that of nights spent by domestic tourists by 28% compared to the level a year earlier...(It should be noted though that this year Easter was in April, contrary to 2016 when it was in March). Details...

Budapest Airport Attends Shanghai Logistics Forum

06. 09. 2017. 13:49

bbj.hu

Hungary and Budapest Airport may play a leading role in further expanding economic cooperation between China and Central and Eastern Europe, states a press release sent to the Budapest Business Journal by the operator of Ferenc Liszt International Airport, after attending a Hungarian-Chinese Logistics Forum in Shanghai. More...

STATISTICAL UPDATES: External Trade; Consumer Prices

06. 08. 2017. 15:24

Central Statistical Office

- In EUR terms, exports decreased by 1.6% and imports by 0.4% in April 2017 compared to the same period of the previous year. The trade surplus was down by EUR 98 million. The trade may have been influenced by the fact that there were three fewer working days in April 2017 than a year earlier. Details...

- Consumer prices were 2.1% higher on average in May 2017 than this time last year. The highest price rises over the past year were measured for alcoholic beverages and tobacco, as well as other goods, including motor fuels. Details...

INTERVIEW: "Cards Are Being Reshuffled, We Don't Have To Mimic Germany"

06. 08. 2017. 14:07

portfolio.hu

"I do not agree with those who say Hungarian companies are too weak for a liberal market economy and competition", Commerzbank Hungary Chairman-CEO Klaus Windheuser told Portfolio in an interview. He also does not believe the flow of EU funds will suddenly dry up and that Commerzbank should follow in the footsteps of Germany’s Mittelstand. On the other hand, he very much believes in the current growth-oriented business model of Commerzbank. More...

STATISTICAL UPDATE: GDP Rises By 4.2%

06. 07. 2017. 12:31

Central Statistical Office

The volume of gross domestic product was 4.2% higher in Hungary in the 1st quarter of 2017 than in the corresponding period of the previous year. The primary contributors to the growth were market-based services and industry. Details

Hungarian Law To Require "Distinctive Warning" Labels On Foods With Inferior Ingredients

06. 07. 2017. 12:02

FoodNavigator.com / By Niamh Michail

As Bulgaria's prime minister slams dual quality foods as 'apartheid', a draft law by Hungary would see warning labels on foods with a different ingredient composition outside the country, but experts say it's on shaky legal ground. More...

 

Viessmann Is Establishing SSC In Pécs

06. 07. 2017. 12:00

HIPA Press

As part of Viessmann's expanding cooperation with Hungary, the group is creating a new shared service centre (SSC) in Pécs providing customer support mainly in the area of after-sales. With reliance on university resources, the decision made in favour of Pécs was based on the availability of technologically qualified specialists with foreign language skills. More...

STATISTICAL UPDATES: External Trade; Retail

06. 06. 2017. 16:17

Central Statistical Office

- In March 2017, the export volume increased by 16% and the import volume by 17%, and the surplus increased by EUR 21 million compared to the same month of the previous year. ... In the first three months of 2017, the external trade surplus was EUR 2.5 billion. Details

- In April 2017, the volume of sales in retail shops increased by 3.5% according to raw data and, mainly due to the Easter effect, by 2.0% adjusted for calendar effects compared to the same period of the previous year. In January–April 2017, the volume of sales – also according to calendar adjusted data – was 3.0% higher than last year. Details

Commentary: Multi-Speed EU May Lead To Growing Rifts With Visegrad Group

06. 06. 2017. 15:50

The Economist Intelligence Unit

- A greater commitment to promoting the European project in the wake of the election of Emmanuel Macron as French president is being viewed with caution in central Europe.
- Greater confidence in the EU institutions could result in a more robust approach to rule of law questions in Hungary and Poland, and more pressure on Slovakia and the Czech Republic to accept migrants.
- The Visegrad states—the Czech Republic, Hungary, Poland and Slovakia—are highly reliant on EU funds, and will want to ensure their continued availability, but would prefer not to see greater European integration in most policy areas.
- The European Commission may be able to push for compliance with its rules via sanctions, EU funding and mechanisms to ensure fiscal probity.
- However, given the other challenges facing the EU, punishing the Visegrad states may come low down the list of priorities.

Full article

“I’m in Shock”: PM Orbán on Trump’s Climate Accord Decision

06. 02. 2017. 14:59

Hungary Today

In his regular Friday radio discussion, Hungarian Prime Minister Viktor Orbán said that US President Donald Trump’s decision to pull out of the Paris climate agreement left him “in shock.” More...

Orban Ally Takes Major Stake In Hungary's MKB Bank

06. 01. 2017. 15:18

Reuters / By Gergely Szakacs

Businessmen close to Prime Minister Viktor Orban have emerged as the biggest shareholders of MKB Bank less than a year after Hungary's fifth-largest lender was privatised. Holding company Konzum, partly owned by businessman Lőrinc Mészáros, an Orban ally, said on Thursday it would acquire a 45 percent stake in MKB Bank by taking control of private equity fund Metis. More...

HCCI Staged Russian-Hungarian Forum on Paks II. Extension

05. 31. 2017. 21:24

HCCI Press

The Hungarian government is going to give all necessary help to Hungarian entrepreneurs which intend to participate as suppliers and subcontractors in the Paks 2. investment, said János Süli, Minister without Portfolio responsible for the extension of the Paks nuclear power plant, at the Chamber’s Russian-Hungarian Business Forum held on 31 May in Budapest. 

STATISTICAL UPDATES: Investments; Industrial Prices

05. 31. 2017. 09:29

Central Statistical Office

- The volume of investments in the national economy was 34% higher in the 1st quarter of 2017 than the low base in the same period of the previous year. The marked increase affected almost the whole of the national economy. The growth of investments was influenced by a recovery in the capacity-increasing investments of enterprises and a higher impetus in the actual realisation of started projects in the 2014–2020 EU budget cycle. Details...

- IPP as a whole rose by 4.4% in April 2017 compared to the same period of the previous year. Domestic output prices were 6.8% higher on average. Details...

Electromobility: Construction Of Samsung SDI Battery Factory In Göd Completed

05. 30. 2017. 00:00

HIPA Press

The new European battery manufacturing plant worth of about EUR 300 million will be the third pillar of the global triangular production structure of Samsung SDI. The new factory will  produce about 50,000 batteries annually exclusively for electric vehicles (EV). Production may begin in the second half of 2018. More... Read also: PM Orbán Hails Hungary’s “Re-Industrialisation” As Samsung Opens New Battery Plant Near Budapest

Huge Labour Shortage In Hungary's Construction Sector

05. 29. 2017. 00:00

portfolio.hu

In consideration of the new orders expected to come in, there are about 10,000 to 15,000 workers missing from Hungary’s construction sector, President of the National Federation of Hungarian of Construction Contractors (ÉVOSZ) told public television M1 on Monday. The federation expects output to rise by 15% year on year in 2017, he added. More...

Hungarian Foreign Minister Hails Hungary-Slovakia Relations And Visegrad Cooperation

05. 29. 2017. 00:00

Hungary Matters

Building new roads and bridges and establishing more border-crossing points between Slovakia and Hungary lie in both countries’ interests in the face of ever fiercer global competition, the Hungarian Foreign Minister said before meeting his Slovak counterpart. More...

Hungarian PM Laments European Demographic Decline, Announces Further Family Supporting Measures At Budapest Family Summit

05. 26. 2017. 00:00

Hungary Today

The Hungarian government will further increase family tax benefits, with two-child families being the focal point of the scheme, Prime Minister Viktor Orbán said in his opening address to the Budapest Demography Forum, which is held as part of the World Family Summit in the Hungarian capital on Tuesday. More...

Taxation of the Automotive Industry: Problems Along the Chain

05. 25. 2017. 00:00

Budapest Business Journal / Márta Siklós, Tax Advisor, Partner, LeitnerLeitner

The automotive industry plays a significant role in the Hungarian economy; it already contributes more than 10% of GDP and employment, while it is the fastest growing sector. More...

Hungary’s Top Banker Says Base Rate Could Be Unchanged To 2019

05. 25. 2017. 00:00

New Europe By Beata Stur

Hungary’s central bank deputy governor Marton Nagy says his country’s base rate could remain unchanged until 2019 or even longer, adding that inflationary expectations were anchored at a very low level despite strong wage growth. More...

ELI Laser Center Inaugurated In Szeged

05. 24. 2017. 00:00

bbj.hu

The ELI Attosecond Light Pulse Source (ELI-ALPS) laser research center was inaugurated in Szeged on Tuesday in the framework of the European Unionʼs Extreme Light Infrastructure (ELI) project, according to reports. Prime Minister Viktor Orbán called it “the largest scientific investment in Hungary in modern history.” More...

Falling Unemployment, Wages To Erode Central European Carmakers' Workforce

05. 24. 2017. 00:00

Reuters

Carmakers in four central European countries will be short of 100,000 skilled workers in coming years, automotive industry associations from Slovakia, Czech Republic, Hungary and Poland said on Tuesday. Falling unemployment and growing pressure on wage growth is threatening the current economic model in the so-called Visegrad countries which have so far benefited from a good geographic position and cheap labour. More...

 

New Trends in State Aid Law in Hungary

05. 23. 2017. 00:00

bbj.hu / Dr. Ádám Bodor, Attorney (H),State Aid Specialist, Noerr & Partners Law Office

Central and Eastern Europe, and especially Hungary, has for decades been an attractive investment location for large Western European and American enterprises, given the region’s favorable location and the availability of a qualified workforce.State subsidies also play a key role in maintaining the attractive business environment. More...

Budapest Hosts World Seed Congress As Hungary Retains Anti-GMO Stance

05. 22. 2017. 14:14

Hungary Today

Innovation is key to ensuring sustainable seed production and mitigating the effects of global challenges, including climate change, Hungarian Foreign Minister Péter Szijjartó told the World Seed Congress in Budapest on Monday. More...

STATISTICAL UPDATE: Earnings January-March

05. 19. 2017. 17:59

Central Statistical Office

In the first three months of the year, both gross and net earnings grew by 11.0% compared to the same period of the previous year. Rises of 15% in the minimum wage and 25% in the guaranteed minimum wage as well as salary adjustments affecting specific areas of the public sector and the employees of state owned public service companies had an impact on earnings growth. Details...

Trumpeting ‘One Belt, One Road,’ China Bids To Lead ‘Globalization 2.0’

05. 19. 2017. 13:00

Mirror Business (Sri Lanka) / By Michael Holtz

High-speed railways in Indonesia and Hungary. Deep-water ports in Pakistan and Sri Lanka. Gas pipelines across central Asia. All are part of what is arguably the largest overseas development drive ever launched by a single nation. More...

Korean Parts Makers Acquire Plants in Hungary

05. 18. 2017. 13:55

The Korea Herald

Two South Korean auto parts companies have acquired plants in Hungary in a move to better supply their products to major customers, a trade promotion agency said Thursday. Shinheung SEC and Youngshin Components have recently wrapped up the process to separately acquire local manufacturing facilities near Hungary's capital city of Budapest to produce car battery and air conditioner compressor parts, respectively, the Korea Trade-Investment Promotion Agency KOTRA said in a statement. More...

500 Staff Face The Axe as Teva Cans Hungary Plant

05. 18. 2017. 12:00

Pharmafile

Israeli pharmaceutical firm Teva has announced that it plans to cease operations at a manufacturing plant in Gödöllő in Budapest, Hungary, leaving 500 staff facing the axe. More...

Parliament Approves Ad Tax Hike

05. 17. 2017. 14:31

bbj.hu

An increase in Hungaryʼs advertising tax from 5.3% to 7.5% was approved by Parliament on Tuesday morning. The proposal put forward a fortnight ago by Lajos Kósa, parliamentary group leader of the governing Fidesz, was supported by 117 MPs, with 58 against. More...

Hungary's Public Debt Bounces Back in Q1

05. 17. 2017. 14:23

Portfolio.hu Readers please note that although portfolio's English news service is now chargeable, this news item is accessible free of charge.

Hungary’s general government consolidated gross debt at nominal value was 74.6% of GDP at the end of the first quarter of 2017, down from 74.1% from the end of 2016, the central bank’s (MNB) preliminary financial accounts data showed on Wednesday. It is noteworthy regarding households that their financing capacity, i.e. the difference between their new liabilities and receivables, has been diminishing for several quarters now. It is also interesting that households’ currency and deposit stock decreased slightly in Q1, whereas their holdings of government securities increased markedly. More...

STATISTICAL UPDATE: GDP 1st Quarter

05. 16. 2017. 13:44

Central Statistical Office

The gross domestic product of Hungary was up by 4.1% in the 1st quarter of 2017 compared to the corresponding period of the previous year. The main contributors to the growth were industry and market-based services. Details

Hungary and China Elevate Bilateral Ties as Leaders Meet in Beijing

05. 15. 2017. 20:15

Hungary Today

Hungarian Foreign Minister Péter Szijjártó told wire service MTI that the Chinese government has decided to elevate its bilateral ties with Hungary to the level of “comprehensive strategic partnership”, the highest rank in China’s diplomatic relations. More... (Photo: Chinese President Xi Jinping (R) meets with Hungarian Prime Minister Viktor Orban in Beijing announcing the establishment of a comprehensive strategic partnership - Xinhua/Rao Aimin)

IMF Welcomes Hungaryʼs Economic Performance, But Calls for R

05. 15. 2017. 20:08

Budapest Business Journal

In a statement issued Friday following regular Article IV consultations, executive directors of the International Monetary Fund (IMF) praised Hungary for its continued strong economic performance but noted that still high external and public debt levels call for rebalancing the policy mix and advancing structural reforms, Hungarian news agency MTI reported. More...

József Czerny: "Facilities management in Hungary is developing"

05. 15. 2017. 19:53

FM World

FM’s shift from physical maintenance to people and performance - and the need for better skilled workers - dominate the continent’s FM development themes in 2017. “The discipline of FM is key a function of an organisation – it’s not about outsourcing or providing services, it’s a key business function.” says Jozsef Czerny Chairman of the Hungarian FM Socety. More...

Expanding: Hungarian Tech Company Prezi Acquires Latvian Start-up Infogram

05. 13. 2017. 00:00

Hungary Today

Today, Prezi announced that it had purchased Infogram, a Riga-based “web-based data visualization company. This is the first acquisition for the Hungarian company. More...

STATISTICAL UPDATE: Hungary’s Industrial Output Up 13.4%

05. 12. 2017. 14:23

bbj.hu / Central Statistical Office

Hungary’s industrial production rose 13.4% in March, compared to the same month a year earlier, while adjusted for working days, production grew by 10%, according to a second estimate of data published today by the Central Statistical Office (KSH). That represents growth of 0.6 of a percentage point compared to preliminary data due to the “correction of an especially large error made by a single data supplier”. More...  Full CSO report

 

EC Raises GDP Growth Forecasts For Hungary To 3.6%

05. 12. 2017. 14:14

Hungary Matters / politics.hu

The European Commission has raised its projections for GDP growth in Hungary to 3.6% for this year and 3.5% for 2018. The projections for 2017 and 2018 were raised from 3.5% and 3.2%, respectively. The EC’s projections are below the government’s forecasts for GDP growth of 4.1% in 2017 and 4.3% in 2018. The EC said growth this year and next would be bolstered by a pickup in investments, lifted by European Union funded projects, added capacity in the manufacturing sector and higher household consumption, helped by an upturn in retail lending and positive labour market developments. Read or download full text from the EC website.

STATISTICAL UPDATE: Construction - March

05. 11. 2017. 16:12

Central Statistical Office

The volume of construction output was 33.3% higher in March 2017 than the low base a year earlier. Output increased in both main groups of constructions: by 30.2% in the construction of buildings and by 48.8% in that of civil engineering works. Details

Nokia Developing "Thinking Network" In Budapest

05. 11. 2017. 15:52

HIPA Press

Nokia Skypark, one of the largest IT and telecommunications R&D centre of Hungary was officially introduced in the Corvin quarter of Budapest. The newly built complex will not only house the Nokia Global Technology Centre but also accommodate research conducted by the Hungarian branch of Nokia Bell Labs. The Budapest unit of Nokia is already operating with a staff of 2,000, many of whom work on technological development at a global standard. More...

STATISTICAL UPDATE: Consumer Prices - April

05. 10. 2017. 15:01

Central Statistical Office

Consumer prices were 2.2% higher on average in April 2017 than this time last year. The highest price rises over the past year were measured for other goods, including motor fuels, as well as for alcoholic beverages and tobacco. Details

Re-Elected President of Academy of Sciences Expresses Support for CEU

05. 10. 2017. 14:52

Based on Hungary Today / MTI report

The General Assembly of the Hungarian Academy of Sciences (Magyar Tudományos Akadémia—MTA) voted to re-elect its current president, mathematician László Lovász, for a second three-year term, wire service MTI reports. In a press  breifing held after the event Lovász urged the Hungarian government to accept his offer of having the MTA mediate between the government and CEU, and expressed its hope that the CEU will be able to continue its activity in Budapest.

STATISTICAL UPDATE: External Trade - March

05. 09. 2017. 15:34

Central Statistical Office

In EUR terms, exports increased by 18% and imports by 21% in March 2017 compared to the same period of the previous year. The trade surplus was down by EUR 1.5 million. The trade may have been influenced by the fact that there were one more working days in March 2017 than a year earlier. Details...

A New Chinatown Blossoms In Budapest

05. 09. 2017. 15:24

ChinaDaily.com.cn / By Fu Jing

After meeting Ye Xiaorong, I understood that a new kind of Chinatown is emerging, and the Belt and Road Initiative is giving his dream a timely nudge in the right direction. In many Chinatowns across Europe, restaurants, groceries, traditional medicine clinics and tourist agencies stand next to each other on streets built by local governments specifically for Chinese businesspeople to rent. More...

TOURISM: Four Hungarian Spas Receive EuropeSpa MED Certificate

05. 08. 2017. 14:42

Politics.hu

Representatives of four Hungarian spa towns received the EuropeSpa MED certificate from the European Spas Association (ESPA - an umbrella organisation of more than 1,500 spas and health resorts throughout Europe) including The Széchenyi Thermal Bath in Budapest, the thermal lake of Hévíz, in western Hungary, and the adjacent hotel, the Zsóry Thermal Bath and Spa in Mezőkövesd, in northern Hungary, and the Bükfürdő Health and Adventure Centre, in western Hungary.  Read also: Széchenyi Thermal Bath Operated by Budapest Spas cPlc. Acquires Major International Quality Certificate

FrieslandCampina Intends To Set Up Services Centre In Budapest

05. 05. 2017. 16:13

via HIPA Press

Dutch dairy company FrieslandCampina will establish its third shared services centre in Hungary. The company currently operates SSCs in Malaysia and the Netherlands. The Budapest team of 150 professionals in Budapest will provide financial services for the company's EMEA operations. More...

Ad Tax Hike Could Undermine Media, Says Association

05. 05. 2017. 16:00

bbj.hu

The Hungarian Advertising Association (MRSZ) has called on the government to drop plans to raise advertising tax from the current 5.3% to 7.5%, arguing that the move could undermine media outlets, according to Hungarian online news portal index.hu. More...

Gov’t Sees GDP Growth Staying Well Over 3% In Mid-Term

05. 04. 2017. 15:48

bbj.hu / MTI

Hungaryʼs government expects economic growth to stay well above 3% in the mid-term, even after peaking at 4.3% next year, an update of the countryʼs Convergence program released yesterday shows, according to Hungarian news service MTI. More...

STATISTICAL UPDATE: Retail

05. 04. 2017. 15:38

Central Statistical Office

In March 2017, the volume of sales in retail shops increased by 3.6% according to raw data and, mainly due to the Easter effect, by 5.6% adjusted for calendar effects compared to the same period of the previous year. In January–March 2017, the volume of sales – also according to calendar adjusted data – was 3.4% higher than in the same period in 2016. Details

STATISTICAL UPDATE: External Trade

05. 03. 2017. 16:27

Central Statistical Office

In February 2017, the export volume increased by 2.5% and the import volume by 3.7%, and the surplus decreased by EUR 86 million compared to the same month of the previous year. In the first two months of 2017, the external trade surplus was EUR 1.5 billion. Details...