The volume of construction output, based on raw data, was 15.7% lower in June 2020 compared to the high base of the previous year. Output decreased in both main groups of construction: in the construction of buildings by 14.2%, in civil engineering by 17.5%.  Based on seasonally and working day adjusted indices construction output increased […]

Hungary's MOL Group announced its financial results for the first half and second quarter of 2020. In the first six months, the Group delivered USD 975 mn EBITDA while Q2 EBITDA significantly declined compared to last year, due to the pandemic and economic crisis. The 2020 capex guidance of up to USD 1.5 bn was […]

Skanska, one of the leading development and construction companies in Europe. invests about EUR 65 M in the first phase of the new office complex H2Offices located in the Hungarian capital. The project will offer a total leasable area of about 26 000 square meters. Designed to obtain WELL and LEED certifications, the project stands […]

Budapest Airport has welcomed the 3500th flight of Cargolux at Liszt Ferenc International Airport. The Luxembourg-based airline has been ensuring connections between airports around the world, air freight operators, and Budapest Airport for 18 years now. 18 years, 3500 flights, more than 200 000 tons of air cargo of the electronics, automotive, and pharmaceutical industries, […]

Magyar Telekom has published its financial results for the second quarter and first half of 2020 on the website of the Budapest Stock Exchange. Among the financial highlights, the company says revenues declined by HUF 3.6 billion, or 2.2% year-on-year, to HUF 157.2 billion in Q2 2020, driven by lower contribution from the SI/IT business […]

Erste Bank Hungary set aside HUF 17 billion in risk costs in the first half of the year, reducing the bank's profit to almost zero. But they say: the situation is already improving. “We have conceded one goal, maybe there will be another, but we will win this match,” Jelasity Radován, President and CEO of […]

For the first time in history, an original molecule invented by a CEE headquartered pharmaceutical company (Gedeon Richter's Vraylar), reached blockbuster status in the USA in the first half of 2020. "Thanks to the outstanding performance of our trusted partner Abbvie, Vraylar’s turnover exceeded USD 1 billion in Q2, which triggered the receipt of a […]

Despite the significantly deteriorating environment due to the COVID-19 epidemic, new vehicle sales at AutoWallis performed above market average in the first half: while in Hungary there was a 25% average decrease in domestic sales, this was only 5.6% for AutoWallis. At the same time, international sales of the automotive company listed at the Hungarian […]

The economic crisis triggered by the coronavirus pandemic has wreaked havoc in nearly all sectors of the Hungarian economy and the real estate market was no exception. The latest data show that the number of construction permits plummeted in the wake of the crisis and experts warn that the disappearance of foreign property buyers could […]

Horizon Development’s Promenade Gardens office building was acknowledged with a World Silver Award at the FIABCI (the International Real Estate Federation) Prix d’Excellence Awards also known as The Oscars of the real estate industry. During the first 21 years of Hungary’s involvement in the FIABCI Prix d’Excellence Awards Horizon Development picked up five Silver and […]

The Board of Directors of the Hungarian liquor producer Zwack Unicum, acting under the authority of the General Meeting, approved the previously submitted proposal, according to which the company will pay a dividend of HUF 610.5 million. According to a statement by Zwack Unicum published on the website of the Budapest Stock Exchange, the Board […]

After the forced spring shutdowns, production in Hungarian car factories will be suspended again, but it is important to emphasize that the coronavirus epidemic has nothing to do with it, the financial website portfolio.hu writes. Only the usual planned shutdowns will take place in the summer, used by the companies for maintenance and conversion work.The […]

The 2008 global financial crisis left the world reeling from the near-collapse of the global financial system and recovery has proved slower and more protracted than most expected. Despite the seeming restoration of normalcy in the global economic processes over the past decade, the crisis triggered by the coronavirus epidemic has brought to light the […]

The National Bank of Hungary (MNB) extended its Green Preferential Capital Requirement Program that does not only recognize discounts for interest rates but also for fees in the future, which provides incentives to introduce additional mortgage loans for energy efficiency purposes. The program is extended by one year, until the end of 2024. An MNB […]

Economists and policy makers are still struggling to assess the scope of the global economic fallout that the coronavirus epidemic is leaving in its wake. Some analysts argue that central and eastern Europe, and consequently Hungary, could emerge from the economic malaise stronger than before. The jury is still out as to the shape and […]