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Hungary

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Warning: 2022 Overspending Could Fuel Inflation

D&T
Jun 21, 2021

National Bank of Hungary (MNB) governor György Matolcsy said he believes the 5.9-percent-of-GDP deficit target in the 2022 budget is "a mistake" and could set the country up for "persistently high inflation." He wrote in an online column this Monday that "Parliament has approved the 2022 budget and its target for a 5.9-percent-of-GDP deficit. I […]

Hungary Posts Significant Budget Shortfall in May

D&T
Jun 11, 2021

Despite lifting many of the pandemic-related restrictions, Hungary’s central budget posted a significant shortfall in May. Expenditures are mounting on a new set of measures to re-start the economy. In May, the central budget booked a deficit of HUF 269 billion, pushing the shortfall in the first 5 months of the year to HUF -1,312.6 […]

Falling Export and Import Figures

D&T
Jun 9, 2021

In EUR terms, the value of exports was 73% and that of imports 52% larger in April 2021 than the base in the same period of the previous year, which was low because of the epidemic and the related measures. The balance of external trade in goods improved by EUR 888 million, the Central Statistical […]

Hungarian Currency Puts in Stellar Performance

D&T
Jun 4, 2021

Hungary’s forint broke multi-month records against the euro in recent days, fueled by rate hike expectations and a promising economic growth outlook. The currency gained ground even as a steadying US dollar cut international risk appetite. As inflation in Hungary and other central European nations is above central banks’ target levels, investors are betting on […]

Hungarian GDP Down by 2.1% Year-On-Year

D&T
Jun 1, 2021

The volume of gross domestic product lessened by 2.1% in Hungary in the first quarter of 2021 compared to the corresponding period of the previous year, the country's Central statistical Office reports. According to seasonally and calendar adjusted and reconciled data, the performance of the economy became 2.0% higher than in the previous quarter and 1.6% […]

Inflation Shooting Up in Hungary

D&T
May 11, 2021

Consumer prices were 5.1% higher on average in April 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 0.8% on average. In the 12 months, compared to April 2020 – according to data by […]

Surplus in Hungary's External Trade

D&T
May 9, 2021

Surplus on external trade in goods amounts to EUR 1,013 million in March, both exports and imports increase by 14% compared to February. In EUR terms, the value of exports was 22% and that of imports 15% higher in March 2021 than in the same period of the previous year. The balance of external trade in goods improved […]

Hungary’s 2022 Budget Bill Reflects Election Year Is Coming

D&T
May 7, 2021

The Hungarian government argues that next year’s budget bill, submitted earlier this week, is aimed at relaunching the economy. However, the bill has come under heavy fire from the Fiscal Council, the National Bank of Hungary and opposition parties for being an election-year budget designed to support key voting groups. Hungary’s 2022 budget targets economic […]

Industrial Production Up by 16.5% in Hungary

D&T
May 6, 2021

In March 2021, the volume of industrial production exceeded the previous year’s low base level by 16.5%. Based on working-day adjusted data production rose by 16.2%. According to seasonally and working-day adjusted data industrial output was 0.4% higher than in February 2021. As the Central Statistical Office reports, all manufacturing subsections contributed to the growth. […]

Pandemic Forces Hungary to Modify 2021 Deficit Target

D&T
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

D&T
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

D&T
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

D&T
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%

D&T
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%

D&T
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 […]

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