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Economy

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May 2020: 134,000 Fewer People in Employment

D&T
Jun 30, 2020

In May 2020, the average monthly number of employed people was 4 million 399 thousand, which is 134 thousand less than a year earlier. The economic consequences of the coronavirus epidemic are reflected in the employment data reported by the Central Statistical Office.Over the period of March–May 2020, the average number of employed people in […]

Monetary Council Reduces Base Rate

D&T
Jun 23, 2020

At its meeting on June 23, 2020, the Monetary Council of the National Bank of Hungary (MNB) reviewed the latest economic and financial developments and lowered the central bank prime interest rate by 15 basis points to 0.75% with effect from June 24, 2020. In a press release, MNB says that its mandate in the […]

Budapest Stock Exchange: 30th Anniversary

Sándor Laczkó
Jun 21, 2020

Following the change of regime, the Budapest Stock Exchange (BÉT) reopened its doors on June 21, 1990 with 41 founding members and a single listed share, that of the travel agency IBUSZ. The Hungarian stock exchange started operating on January 18, 1864 in Pest, at the headquarters of the Pest Lloyd Company on the bank […]

Declining but Still Strong Pessimism

D&T
Jun 20, 2020

Although the GKI economic sentiment index rose by a larger extent in June than in May, it eliminated only less than half of its April fall. The consumer confidence index rose to a greater extent in May and the business confidence one in June.  According to the empirical survey conducted by the Hungarian Economic Research […]

Good News on Instant and Electronic Payments

D&T
Jun 17, 2020

The number of payment cards and, in line with the outbreak of the coronavirus pandemic, as a result of the rapid growth in home delivery services and preference to contactless payments, the number of virtual merchant outlets accessed via internet increased significantly in Hungary in the first quarter of 2020. An information release by the […]

Alternative Payments to Cash are on the Rise in Hungary

D&T
Jun 15, 2020

More than a third of the Hungarian population has been using less cash since the outbreak of the COVID-19 pandemic, according to a recent representative poll conducted by Pulzus Kutató for Napi.hu. One in six people switched to another payment solution because of the coronavirus, but most have replaced traditional payments because of new services, […]

Industrial Production Down in Hungary

D&T
Jun 14, 2020

In April, 2020 the volume of industrial production declined by 36.8% year-on-year. Based on working-day adjusted data, production fell by 36.6%. The economic effects caused by the coronavirus epidemic were significant in this period. According to data by Hungary's Central Statistical Office, the manufacture of transport equipment fell outstandingly, to one-fifth, due to the temporary […]

Unemployment is Up Significantly in Hungary

D&T
Jun 7, 2020

The financial news site portfolio.hu calculated from data published by the Central Statistical Office that in April, 425,000 people in Hungary considered themselves unemployed, which is an increase of 140,000 compared to the period before the coronavirus crisis. Some of them will be able to return to work in the next period because they were […]

Hungarians Support Euro Adoption

D&T
Jun 3, 2020

Two-thirds of Hungarians support the idea of ​​adopting the euro and replacing the forint as soon as possible, according to a recent poll conducted by Pulzus Research for the news site Napi.hu. However, the reality of the move is small for the time being. To the question, "Would you support the introduction of the euro […]

Hungarian GDP Rises by 2.2%

D&T
May 30, 2020

The volume of gross domestic product was 2.2% higher in Hungary in the 1st quarter of 2020 than in the corresponding period of the previous year, the country's Central Statistical Office (KSH) reports. The extraordinary situation resulting from the corona virus pandemic had a negative impact on the performance of most sections, but market services and, […]

Central Bank to Use All Tools to Support the Economy

D&T
May 27, 2020

In the current extraordinary economic circumstances, the Hungarian National Bank’s (MNB’s) mandate is still to achieve and maintain price stability, to preserve financial stability, as well as to support the government’s economic policy. Consistent with this, mitigating the negative effects of the coronavirus pandemic on the real economy and financial markets and creating the conditions […]

MNB Financial Stability Report, May 2020

D&T
May 24, 2020

Leaving behind the legacy of the 2007-2008 crisis, the Hungarian banking system is prepared to face the challenges likely to result from the COVID-19 pandemic with healthy balance sheets and adequate capital and liquidity reserves. That is according to the latest financial report by the National Bank of Hungary (MNB). The report states that "based […]

Amassing Debts in Hungarian Hospitals

D&T
May 22, 2020

The debt of Hungarian hospitals increased by HUF 5 billion in April, according to recent data from the Hungarian State Treasury. This time, the increase may be due to the loss of income due to the discontinued care, as well as the additional costs of preparing for the care of Covid-19 patients. As of April […]

BKIK Calls for EU Support for Budapest Firms

D&T
May 8, 2020

Based on the feedback from the Budapest companies, Elek Nagy, the President of the Budapest Chamber of Commerce and Industry, sent a letter asking the government to make the GINOP - 1.2.8-20 EU fund application currently under social negotiation available to Budapest companies within the framework of the Competitive Central Hungary Operational Program (VEKOP). The […]

EU Commission Approves EUR 1 Billion for Hungary

D&T
Apr 17, 2020

The European Commission has approved a HUF 350 billion (approximately EUR 1 billion) scheme to support the Hungarian economy in the context of the coronavirus outbreak. The support measures available under the scheme will be financed by the EU structural funds. According to Executive Vice-President Margrethe Vestager, in charge of competition policy, “this EUR 1 […]

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