Hungary’s GDP could grow by 1.5% this year and inflation could average 2.3%, ING Bank chief analyst Péter Virovácz said on Wednesday presenting the lender’s latest forecast. Péter Virovácz said GDP growth would be supported by consumption in 2025. By next year all segments of the economy could contribute to growth, bringing more balanced expansion […]
The Hungarian capital will host its first street music festival, Budapest Play, at ten venues between July 30 and August 1 as well as between August 6 and 8, financed by the capital. At a press conference on Tuesday, the city's mayor, Gergely Karácsony, said that "music is a universal language that we should all […]
The Monetary Council of the National Bank of Hungary (MNB) decided to cut the central bank base rate by 25 basis points to 6.00% at a monthly policy meeting on Tuesday. As MTI reports, the Council also lowered the overnight deposit rate by 25 basis points to 5.00% and the O/N collateralized loan rate by […]
Hungarian Parliament passed legislative amendments on Tuesday to scrap motor fuel price caps. The amendments to the acts on the establishment of prices and the security stockpiling of imported crude oil and petroleum products were passed with 130 votes in favor, 36 votes against and five abstentions. Minister of Economy and Energy István Kapitány, the […]
A gauge of sentiment in Hungary's tourism sector stood at -6 in June, on a scale of -100 to +100, improving during the month and reaching one point higher than a year before, economic research institute GKI, and the Hungarian Hospitality Employers' Association (VIMOSZ) said. Among the subindices, the accommodation index was up 2 points […]
Last year, compared to 2024, 14% fewer transactions took place, and 16.5% less agricultural land changed hands, OTP told MTI on Monday. According to the OTP Farmland Value Map, compiled using data from the National Tax and Customs Administration (NAV), the number of transactions fell to 34,300, and the total area of land sold decreased […]
Oremus Winery’s 2016 6-puttonyos Tokaji Aszú was named one of the top fifty ‘Best in Show’ wines at this year’s Decanter World Wine Awards (DWWA), considered one of the world’s most prestigious wine competitions. This year marked the 23rd edition of the Decanter World Wine Awards in London. This year, nearly 17,000 entries from 58 […]
Not only did the K&H Innovation Index rise to a historic high of 33 points, but 47% of responding companies in the medium- and large-enterprise sectors viewed their own prospects optimistically, and they see the country’s outlook even more favorably: nearly two-thirds expect an improvement, the bank told MTI on Monday. According to a survey […]
At the end of May, Hungary's cash-flow based general government deficit reached HUF 3,806.3 billion, 90.2% of the full-year target, a detailed report released by the Finance Ministry on Monday shows. As MTI reports, the central budget deficit reached HUF 3,694.8 billion and the social security funds were HUF 182.4 billion in the red, but […]
Hungary is committed to adopting the euro and has undertaken to meet the Maastricht criteria by 2030, Finance Minister András Kármán said on a social media site on Monday. The minister said he will meet Kyriakos Pierrakakis, President of the Eurogroup, along with Prime Minister Péter Magyar in Budapest on Friday. András Kármán first held […]
According to a representative survey by MBH Investment Bank, 81% of the Hungarian adult population has savings, and 93% of savers are able to set money aside on a monthly basis. A savings-oriented mindset continues to dominate, but there are increasing signs that an investment-oriented mindset is also gaining ground: compared to last year, the […]
Amid rising trading volume, the Budapest Stock Exchange (BSE) stock index, the BUX, rose this week, closing at 137,625.54 points on Friday – up 1.40%, or 1,900.86 points, from the previous week’s closing level. Weekly trading volume on the stock market was HUF 155.1 billion, up from HUF 101.9 billion the previous week; leading stocks […]
According to K&H Bank’s ‘Secure Future’ survey, the proportion of middle-aged people who are most financially vulnerable has fallen to a historic low in Hungary, and Hungarians’ financial resilience has improved significantly over the past year, the bank said in a statement sent to MTI on Sunday. Last year, 42% of the population would have […]
The significant appreciation of the Hungarian currency, the forint by more than 10%, which began after the April parliamentary elections, poses a serious challenge to the Hungarian hotel industry: while the euro was trading above HUF 400 last summer, the exchange rate is now hovering around HUF 350. Executives at both Danubius Hotels and Hunguest […]
Industries based on design are particularly vulnerable to counterfeiting: according to estimates, the fashion and apparel sector suffers annual losses of EUR 12 billion due to counterfeiting, while the handbag and jewelry sectors suffer losses of EUR 2.7 billion. In Hungary alone, counterfeit goods cause more than EUR 160 million in losses in design-based industries, […]
