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Pandemic Forces Hungary to Modify 2021 Deficit Target

Apr 16, 2021

Hungary’s budget deficit widened at an alarming pace in the first three months of 2021, prompting the Finance Ministry to modify the year-end target. Economists are concerned that the severeness of the pandemic will force the government to repeatedly review its forecasts for the year as the economic impact of the epidemic is set to […]

Heavy Fall in Construction Industry Output Volume

Apr 15, 2021

The volume of construction output in February 2021, based on raw data, was lower than the previous year’s level by 16.1%. Output decreased in both main groups of construction: in the construction of buildings by 16.7%, in civil engineering by 15.0%. In February 2021, compared to the same month of the previous year:– Output decreased […]

Inflation is Up in Hungary

Apr 11, 2021

Consumer prices were 3.7% higher on average in March 2021 than a year earlier. Significant price rises were measured over the last 12 months for alcoholic beverages and tobacco as well as motor fuels. In one month, consumer prices increased by 0.7% on average. Compared to March 2020, food prices were up by 2.7%, within which the […]

Hungarian Catering Industry in Distress

Apr 9, 2021

The catering industry is undeniably one of the hardest hit sectors by the coronavirus pandemic. With dining-in forbidden for months, industry players have been forced to resort to drastic measures to survive. While opposition politicians are challenging the government for not doing enough to help them, experts warn that many market players are unlikely to […]

Hungarian Industrial Production Up by 1.9%

Apr 8, 2021

Despite the fact that manufacture of transport equipment that represents the largest weight dropped to a greater extent, the volume of industrial production grew in Hungary in February by 1.9% year-on-year. Based on working-day adjusted data production rose by 3.9%. Industrial output was 4.8% higher, compared to the previous month, according to seasonally and working-day […]

2020 Hungarian State Deficit at 8.1%, Debt at 80.4%

Apr 1, 2021

According to preliminary data the deficit of the general government sector in 2020 was HUF 3,870 billion, 8.1% of GDP. The balance deteriorated by HUF 2,882 billion, or by six percentage points as a proportion of GDP compared to the previous year. According to the country's Central Statistical Office (KSH), the significant deterioration was due to the economic impact of […]

Out of the Woods?

Mar 26, 2021

After the pandemic decimated Hungary’s economy last year, the question on everyone’s mind is whether the nation’s GDP will be able to climb out of the hole. While the National Bank of Hungary is confident that 2021 will be a strong year for the economy, the country’s protracted struggle to stem the spread of the […]

Automotive Sector Brings Down Industrial Output

Mar 12, 2021

In January 2021 the volume of industrial production in Hungary fell by 6.7% year-on-year. Based on working-day adjusted data, production declined by 2.8%, according to the Central Statistical Office. The largest weight carrying manufacture of transport equipment representing 25% of the manufacturing output was 28% lower than a year earlier. The global semiconductors shortage contributed […]

Hitting Rock Bottom

Mar 12, 2021

Few business sectors have been as hard hit globally by the coronavirus pandemic as tourism and Hungary is no exception to this sad reality. As tourism-related revenues have fallen off a cliff and government aid has been all but a trickle, the sector is struggling for survival. In the decade leading up to 2020, Hungary’s […]

Inflation Picks Up in Hungary

Mar 9, 2021

Consumer prices were 3.1% higher on average in February 2021 than a year earlier, Hungary's Central Statistical Office reports. Relatively significant price rises were measured over the last 12 months for alcoholic beverages and tobacco, and price rises slightly exceeding the average for food and consumer durables. In one month, consumer prices increased by 0.7% on average, […]

Hungarian Industrial Production Down by 6.7%

Mar 5, 2021

In January 2021 the volume of industrial production fell by 6.7% year-on-year. Based on working-day adjusted data production declined by 2.8%, the Central Statistical Office reports. Compared to crude data, the significant difference is due to the fact that there were two less working days in January 2021 than in January 2020. Industrial output was […]

Double Dip Avoided

Feb 19, 2021

Defying all expectations, the Hungarian economy expanded in the fourth quarter of 2020. This gives a significant boost to the 2021 outlook. Expectations had not been particularly high for fourth-quarter economic activity in 2020. Nevertheless, Prime Minister Viktor Orbán suggested the economy probably contracted by 5.1% to 5.2% in 2020 as a whole, meaning borderline […]

4th Quarter GDP Data Down on Previous Year

Feb 16, 2021

Although, economic performance in Hungary grew by 1.1% compared to previous quarter but it decreased by 3.7% compared to a year earlier. The gross domestic product of Hungary went down by 3.7% according to raw data and by 4.3% according to seasonally and calendar adjusted and reconciled data in the 4th quarter of 2020 compared to […]

Construction Industry Figures Down

Feb 15, 2021

Construction output volume in December 2020 in Hungary decreased by 0.3% in one year, and by 3.1% compared to the previous month. The volume of construction output in December 2020, based on raw data published by the Central statistical Office this Monday, was 0.3% lower compared to the previous year. Output of the two main […]

Hungarian Industrial Production 6.1% Down in 2020

Feb 13, 2021

In December 2020 the volume of industrial production in Hungary grew by 5.8% year-on-year. Based on working-day adjusted data, this figure was 1.1%. As for the whole of 2020, industrial production declined by 6.1% compared to the previous year. In December 2020: The volume of industrial production increased by 5.8% compared to the same period […]

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