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Economy

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Forint Set to Breach All Time Record Against Euro

D&T
Sep 25, 2020

The Hungarian currency has been on a weakening path for the past weeks and is trading dangerously close to its weakest ever against the euro, seen in April this year. In addition to unfavorable international sentiment, local supporting factors have also vanished and analysts argue that the forint may set new negative records in the […]

Inflation Rate Continues to Grow in Hungary

D&T
Sep 24, 2020

Following an EU record 3.8% annual inflation rate in July, this figure rose to 3.9% year on year in August, primarily reflecting increases in the prices of fuel and industrial goods due in part to base effects. A report published this Friday by the National Bank of Hungary (MNB) is of the view that supply-demand […]

Hungarian Currency Rate at Five-Month Low

D&T
Sep 21, 2020

With the intensification of the second wave of the coronavirus and the pricing of local closures spreading again in Europe, the international investor sentiment deteriorated significantly on Monday, which also dragged the Hungarian forint with it after the opening around 360 against the euro. As portfolio.hu reports, already in the morning the forint fell to […]

The Effects of COVID-19 on Payments

D&T
Sep 19, 2020

The adverse effects of the outbreak of the coronavirus pandemic did not have a significant effect on the domestic payments infrastructure; however, there was a substantial decline in turnover data for almost all payment methods in the second quarter of 2020. According to a report by the National Bank of Hungary (MNB), it is primarily […]

Protracted Gloom?

D&T
Sep 18, 2020

The second wave of the coronavirus epidemic is proving optimists wrong. The increasing number of infections recorded over the past weeks is a somber realization that the virus is back with a vengeance and there is an increasing chorus of economic analysts predicting an economic crisis that may last for years. For many people life […]

Further Decrease in Industrial Production

D&T
Sep 11, 2020

In July 2020, the volume of industrial production declined by 8.1% year-on-year. The degree of fall was 28.8 percentage point lesser than the nadir of April. Based on working-day adjusted data, production dropped by 7.7%.  A report published this Friday by the Central Statistical Office suggests that the effects of the altered economic processes caused […]

In the Grip of the Second Wave

D&T
Sep 11, 2020

With the number of daily coronavirus infections reaching record highs, it is no longer a question whether Hungary is now in the midst of the second wave of the coronavirus epidemic. Although the border closure was a drastic step, it is evident that the government is working to avoid strict measures in order to shield […]

Industrial Production Falls by 8,1%

D&T
Sep 4, 2020

In July 2020, the volume of industrial production in Hungary declined by 8.1% year-on-year. The degree of fall was 28.8% lesser than the nadir of April. Based on working-day adjusted data, production dropped by 7.7%. The effects of the altered economic processes, caused by the coronavirus epidemic, were still perceptible in this period, the Central […]

Forint Weakens to 5-Month Low

D&T
Sep 3, 2020

Hungary’s forint weakened to levels last seen in April as international currency market movements coupled with a record number in COVID-19 infections in Hungary put the forint under pressure. Could a weaker forint be here to stay in the longer run? The Hungarian forint fell to its weakest level since late April on Wednesday, moving […]

Hungarian GDP Decreases by 13.6%

D&T
Sep 2, 2020

The volume of gross domestic product declined by 13.6% in Hungary in the 2nd quarter of 2020 compared to the corresponding period of the previous year, the country’s Central Statistical Office reports.   The extraordinary situation resulting from the corona virus pandemic had a disadvantageous impact on the performance of most sections of the economy. […]

Investments Decreasing in Hungary

D&T
Aug 31, 2020

In the second quarter of 2020, the national economy’s investments further decreased, the volume of developments lagged 9.9% behind, compared to the same period of the previous year. As the Central Statistical Office reports, most sections of the national economy contributed to this trend. The investments of the budgetary units declined in a larger degree […]

EU Record Inflation in Hungary

D&T
Aug 21, 2020

Hungarian inflation unexpectedly jumped to 3.8% percent in July. After that announcement last week by the country's Central Statistical Office said last week, it has now also become clear that nowhere in Europe such a rate of price rise has been measured, portfolio.hu reports. The financial website notes that one-off effects also played a role […]

Deepening Uncertanties

D&T
Aug 19, 2020

Hungary’s worse-than-expected economic performance in the second quarter of 2020 may force the government to rethink this year’s budget and financing plan. The weak data could also compel the central bank to alter the course of monetary policy. Hungary’s second-quarter gross domestic product dropped by 13.6%, according to raw data published by the Central Statistical […]

Historic Fall in Hungarian Economic Data

D&T
Aug 14, 2020

The gross domestic product of Hungary went down by 13.6% according to raw data and by 13.5% according to seasonally and calendar adjusted and reconciled data in the 2nd quarter of 2020 compared to the corresponding period of the previous year. According to an explanation by the Central Statistical Office, the extraordinary situation resulting from the […]

Winners of the Global Pandemic

D&T
Aug 13, 2020

This year has brought about challenges for the globe that previously only sci-fi writers imagined. In spring, the world economy seemed to screech to a halt, scores of companies saw their existence in danger, millions of workers were unable to work, and raw materials procured from abroad failed to arrive or did so with a […]

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