The government is developing a new tourism system in collaboration with industry organizations, the Minister of Economy and Energy, István Kapitány announced on social media on Saturday. The minister wrote that this week they held consultations with key Hungarian tourism industry organizations: the Hungarian Hotel and Restaurant Association, Hungarian Hospitality Employers' Association, the Federation of […]

“Richter is right on track with management’s expectations and has achieved solid profitability at an unchanged exchange rate,” CEO Gábor Orbán said during an online briefing on Friday to review the first-half results of the pharmaceutical company Richter Gedeon Nyrt. He added that the significant exchange rate impact comes as no surprise to anyone, as […]

This Sunday marks the 160th anniversary of the Budapest Zoo and Botanical Garden first opening its gates to the public on August 9, 1866. To celebrate the anniversary, a variety of public programs and activities will await visitors to the City Park institution on both days of the weekend. Several programs will run continuously from […]

Hungary's annualised consumer price index fell to 1.2% in July from 1.7% in the previous month, data released by the Central Statistics Office (KSH) on Friday show. Food prices dropped 1.1% and fell 4.4% excluding the price of eating out. Pork prices declined 13.1% and fresh fruit prices dropped 12.5%, but cooking oil prices rose […]

Retail sales in Hungary rose 4.0% year-on-year in June, according to data released by the Central Statistical Office (KSH). Retail sales rose 3.0% when adjusted for calendar year effects. Adjusted food sales increased 1.8%, non-food sales rose 5.1% and turnover at petrol stations edged down 0.2%. Online and mail-order sales volume, which accounted for 8.9% […]

A comprehensive energy development plan was adopted at this week’s cabinet meeting, Prime Minister Péter Magyar announced Wednesday evening. As part of the plan, the first calls for proposals for wind power plants will be issued to investment companies on August 31. This marks a major shift following the previous government’s deliberate efforts to hinder […]

Croatian oil pipeline operator Janaf and the Mol Group have signed an agreement for the delivery of 2.05 million metric tons of crude oil by 2026, the Croatian company announced on Thursday. Under the contract, a total of 2.05 million metric tons of crude oil will be transported via Janaf’s pipeline system between January 1 […]

Spar Hungary spent more than HUF 1.8 billion to modernize two of its supermarkets in Budapest and one in nearby Dunakeszi, the grocery chain said on Thursday. On Thursday, the company reopened a store in Budapest’s 13th district, which was renovated with an investment of HUF 677.5 million. The sales area has been expanded to […]

Output of Hungary's industrial sector rose 10.1% year-on-year in June, a first reading of data released by the Central Statistical Office (KSH) on Thursday shows. Output rose 4.1% when adjusted for the number of workdays, of which there were two more than in the base period. Output rose in most branches of manufacturing. Among the […]

Erste Bank Hungary’s operating profit rose by 11%, while its net income fell by 20% in the first half of this year compared to the same period last year due to higher tax burdens, the bank’s chairman and CEO, Radován Jelasity announced at a press conference on Wednesday in Budapest. Erste’s operating revenues were 10% […]

A consortium led by the Hungarian Tourism Certification Body has launched a project to develop a digital center that will help industry insiders better visualize and interpret professional data, the body said on Wednesday. The project, which will also produce digital learning materials and offer competency development and mentoring services, is supported by close to […]

Second-quarter after-tax profit of OTP Bank, Hungary's biggest commercial lender, fell 7% year-on-year to HUF 305.8 billion, an earnings report released ahead of the opening bell on Wednesday shows. OTP noted that it had booked the full-year amount of sectoral taxes in the first quarter. Had those items been booked evenly within the year, Q2 […]

The housing construction market is picking up, but it is highly uneven across regions; for example, in Budapest, 83% of new apartments were built in just four districts during the first half of the year, as highlighted in an analysis by Mapei Ltd. Nationwide, 6,278 new homes were built in the first half of the […]

The value of new leases in Hungary rose 8.7% year-on-year to HUF 520 billion in the first half, the Hungarian Leasing Association said on Tuesday. The number of new contracts increased 5.3% to 42,536. Leases of passenger cars, light commercial vehicles and motorcycles accounted for HUF 319 billion of the new financing, up 8.5%. New […]

The Hungarian Minister for the Living Environment, László Gajdos, announced the launch of a probe of Hungary's battery industry in a social media post on Tuesday. The probe, extending to the battery industry's entire supply chain, will scrutinize capacities, use of materials, emissions, water use and waste management, he said. According to the minister, the […]

Home sales in Hungary fell 2.1% year-on-year to 9,292 in July, a monthly estimate by listed real estate broker Duna House shows. For the period January-July, home sales fell 9.7% year-on-year to 65,846. July saw the more subdued activity typical of the summer months in the Hungarian real estate market: 9,292 sales took place, which […]