As Hungary's economy faces headwinds, the government is preparing for a potential revision of its 2023 budget. The decision, which could have significant implications for the nation's fiscal strategy, will be made following the release of third-quarter economic data. The reassessment comes as the government acknowledges that its initial full-year growth projection has become increasingly […]
The E.ON Hungária Group handed over a renovated transformer station in Budapest's 11th district on Thursday, the HUF 3.4 billion investment will ensure the electricity supply of almost 29,000 residential customers. In its statement, E.ON Hungária recalled that the group announced in January this year that it would launch a multi-year network development program worth […]
The European Commission (EC) has approved ‘Borzag pálinka’ from Hungary as a new protected geographical indication (PGI). According to and EC statement, ‘Borzag pálinka’ is a brandy made from elderberries in the Nógrád region in N Hungary. It is characterized by sweet aromas (chocolate, fruit and honey), spicy notes and possibly herbaceous notes (mint, green […]
The load on the Hungarian electricity system rose to its highest level so far this summer on Monday as cooling demand surged due to the heatwave, the financial portal portfolio.hu reported. The system load, which indicates the instantaneous national electricity consumption, peaked at 6,264 MW around 20:30 on Monday the 21st, according to verified gross […]
Nearly half of medium-sized companies already take ESG (Environmental; Social; Governance) aspects into account when selecting suppliers, and more than a third of them already require data on this, according to a survey by the Makronóm Institute, MTI reported on Tuesday. ESG is a set of criteria that aims to ensure that the activities of […]
The Chinese company Jiecang Linear Motion Technology Co. Ltd., a leading provider of linear actuator products and solutions is to set up its largest European production site in Kaposvár, S Hungary. The plant is to start operations by the end of next year and it will also be the Chinese company's European logistics center, the […]
Tamás Ács has been appointed as the new Managing Director of Unilever Hungary and Adriatic Region, responsible for the markets of Croatia, Slovenia and Bosnia and Herzegovina, in addition to Hungary. Unilever said on Monday that this is the first time since 2015 that the company has a Hungarian managing director. Tamás Ács joined Unilever […]
The current account surplus increased by EUR 152 million to EUR 547 million in June from EUR 396 million in May, according to the latest preliminary data released by the National Bank of Hungary (MNB). Due to an increase of EUR 510 million in export receipts and EUR 110 million in import payments, the external […]
Hungary's national flag was hoisted on Sunday morning in front of the Parliament in Kossuth Lajos Square in Budapest, in the presence of the President of the Republic, Katalin Novák, on the occasion of the August 20 state holiday. The flag was raised to the sound of the Hungarian National Anthem by the Hungarian Defense […]
The stock index of the Budapest Stock Exchange (BSE) rose slightly this week, closing at 56,232.21 points on Friday, up 117.80 points or 0.21% from a week earlier, MTI reported Sunday morning, long with a brief analysis of the week’s trading. Weekly turnover on the stock market was HUF 53.54 billion, up from HUF 89.22 […]
Based on prices so far, it looks like October is the best time to fly within the continent, the business news portal napi.hu notes. Not only schools ring the bell early September, but that's when most Hungarians fly, according to September and October bookings at the Czech travel technology company site Kiwi.com. London in September […]
Europe's most modern and sophisticated tank factory was built at a world record speed within the Group, providing Hungary with outstanding defense capabilities, Rheinmetall's President, Armin Papperger said at the inauguration of the company's Zalaegerszeg plant (SW Hungary) on Friday. The President said Hungary is part of the European air defense initiative and has the […]
Around 700 tents and other camping equipment left behind by visitors at the Sziget Festival and donated to charity will be given to people in need, the Hungarian Charity Service of the Order of Malta told MTI on Friday. According to the statement, 20 institutions and volunteer groups of the Hungarian Charity Service of the […]
According to preliminary financial accounts data, the net financing needs of the general government in Hungary amounted to HUF 697 billion in the second quarter, or 3.8% of GDP, compared with 11.4% in the previous quarter and 1.6% a year earlier, the National Bank of Hungary (MNB) said on Friday. In the year to the […]
Hungary unexpectedly plunged deeper into recession, recording the longest period of economic contraction in at least 28 years as the war in Ukraine and the government’s economic policy stifle growth. Despite government statements to the contrary, economists are warning that growth may not pick up in the second half of the year, leading to a […]
