China-based NIO automotive manufacturer has chosen Biatorbágy, just southwest of Budapest, as location for its first European manufacturing plant. The implementation of the investment worth a total amount of over EUR 15 million and creating several hundred new jobs will allow the manufacturing of so-called 'NIO Power Swap Station' automatic battery pack swap stations in […]
Industrial producer prices went up by 35.0% on average in June 2022 in Hungary compared to one year earlier, the Central Statistical Office reports. Domestic output prices were higher by 44.6%, non-domestic output prices grew by 30.1%. The large difference is mainly due to the different weight of energy industry sales in the domestic and […]
ITL Group Ltd. was established in 1995, its founder, Alessandro Farina moved to Hungary three years before. Now, he tells Diplomacy&Trade about how his career began here and how he built up a group of companies following the tradition of entrepreneurship that goes back to generations in his family in Italy. He is convinced that […]
Skyrocketing consumer prices, the looming energy crisis and the aggressive tightening of monetary conditions point in the direction of Hungary entering recession, according to economists. The country’s GDP growth will remain feeble next year as well. Hungary’s economy faces multiple risks of which some are triggered by international developments while others relate to domestic issues. […]
This Thursday, Airbus officially inaugurated its new factory in the southeastern Hungarian town of Gyula, which has been certified by the European Aviation Safety Agency (EASA). Airbus is one of Europe's leading defense companies, and the Hungarian state is a 30% shareholder in Airbus Helicopters Hungary Ltd., which was founded two years ago, the Hungarian […]
In June 2022, the average number of employed persons aged 15–74 years was 4,739,000 in Hungary. Between April and June this year, the number of Hungarians working abroad increased by 13,000, the country’s Central Statistical Office reports. In April–June 2022, compared to a year before, the number of employed persons was 74,000 more, at […]
From Monday August 1, Shell will "temporarily suspend" the operation of five of its petrol stations in Hungary, including two in Budapest. According to a statement issued by the company on Thursday, the decision was taken "in response to the challenges of the tight supply of raw materials in the fuel market at a regional […]
The Italian Cultural Institute of Budapest (Istituto Italiano di Cultura di Budapest - IIC) was founded in 1937 to develop cultural relations between Italy and Hungary. Its area of responsibility includes the entire territory of Hungary, it is an official body of the Italian state and has as its objective the promotion and dissemination of […]
The planned maintenance of Mol's Danube Refinery will start this weekend, and production should resume in September at the earliest. Some petrol stations may experience temporary outages. Therefore, the company asks motorists to fill up only as much as they need to ensure that everyone has enough fuel. The current maintenance will guarantee that the […]
14,402 new cases of coronavirus have been found in Hungary in the past week and 54 patients have died, bringing the total number of deaths to 46,790, the related government website coronavirus.gov.hu said in its weekly summary this Wednesday. The number of active infected people is 28,510, with 1,345 coronavirus patients currently in hospital (up […]
Unindustria Ungheria defines itself as a "meeting space for those who recognize Hungary as a place for investment, development and growth of their businesses." As the president of the organization Dr. Roberto Massucco explains to Diplomacy&Trade, their goal is to support the Italian business community, giving value to the associates by organizing meetings, facilitating the […]
Having been operating in Nyírbátor, NE Hungary, for ten years, Diehl Aviation Hungary Ltd. has celebrated the anniversary with yet another development as a production hall worth EUR 6.8 million has been inaugurated that will allow to produce products and parts related to aviation manufacturing. Over 30% of the investment cot is borne by Hungarian […]
EU member countries – with Hungary being the only exception – have agreed on a gas emergency plan for this winter. The aim is to save 15% gas. However, the plan also provides for numerous exceptions. At a special meeting of the ministers responsible for energy on Tuesday in Brussels, the necessary majority for the […]
This Tuesday, the National Bank of Hungary (MNB) raised its base rate by one percentage point, bringing the base rate, which is again the benchmark rate, from 9.75% to 10.75%. The last time the interest rate was this high was in late 2008, during the height of the global financial crisis, when it was cut […]
The average time spent by Hungarians in front of the television screen exceeding four hours per day is among the top in Europe, as is the fact that 91% of households have a traditional TV subscription, according to a survey by the National Media and Infocommunications Authority (NMHH). Providing the details to the state news […]
