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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
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 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 […]
