Skyrocketing consumer prices, the looming energy crisis and the aggressive tightening of monetary conditions point in the direction of Hungary entering recession, according to economists. The country’s GDP growth will remain feeble next year as well. Hungary’s economy faces multiple risks of which some are triggered by international developments while others relate to domestic issues. […]
In June 2022, the average number of employed persons aged 15–74 years was 4,739,000 in Hungary. Between April and June this year, the number of Hungarians working abroad increased by 13,000, the country’s Central Statistical Office reports. In April–June 2022, compared to a year before, the number of employed persons was 74,000 more, at […]
This Tuesday, the National Bank of Hungary (MNB) raised its base rate by one percentage point, bringing the base rate, which is again the benchmark rate, from 9.75% to 10.75%. The last time the interest rate was this high was in late 2008, during the height of the global financial crisis, when it was cut […]
GKI’s economic sentiment index fell in July to its more than one-year low, the lowest since March last year. According to the empirical survey conducted by GKI Economics Research Co. with the support of the EU, business expectations fell by around eight points since April this year, while consumer expectations dropped by more than 20 […]
The Budapest Stock Exchange (BSE) share index closed the week at 42,327.67 points, up 6.73% or 2,668.44 points compared to last Friday. Total turnover rose from HUF 40.24 billion to HUF 63.92 billion, with the leading shares, with the exception of Mol, gaining, the state nedws agency MTI reported Sunday morning. The BUX closed the […]
The Budapest Stock Exchange (BSE) share index fell on a downward trend this week, with the BUX closing at 39,659.23 points on Friday, down 187.41 points or 0.47% on the previous week. Turnover fell from HUF 46.99 billion the previous week to HUF 40.24 billion, with leading shares performing mixed, the state news agency MTI […]
In May 2022, the volume of industrial production grew by 9.4% year-on-year. Based on working-day adjusted data production rose by 3.4%, the Hungarian Central Statistical Office reports. Compared to crude data, the significant difference is due to the fact that there were two more working days in May 2022 than in the same month of […]
Financing difficulties in the construction sector are compounded by late payments from long chains of subcontractors, especially to the micro and SME sector. In addition, only a fraction of these companies are creditworthy, which is why it is particularly important for them to obtain advances from customers, the National Federation of Hungarian Building Contractors (ÉVOSZ) […]
Hungary's inflation would have been much worse than now, the highest in the EU, without state intervention, the Hungarian economic research company GKI reported. In May, Hungarian inflation was the ninth highest in the EU at 10.8%, and while all EU countries have yet to release their June figures, it is already known that Hungarian […]
The Budapest Stock Exchange (BSE) stock index rose on rising turnover this week, with the BUX closing at 39,846.64 points on Friday, up 1.31% or 515.31 points from the previous week's close, the state news agency MTI. Turnover rose to HUF 46.99 billion, up from HUF 41.02 billion the previous week, with leading shares rising. […]
In May this year, the volume of industrial production in Hungary grew by 9.4% year-on-year, according to data published by the country’s Central Statistical Office. Based on working-day adjusted data, production rose by 3.4%. As for the significant difference, the Office points out that it is due to the fact that there were two more […]
The common European currency, the Euro crossed the HUF 409 mark on Tuesday afternoon, setting a new record. At the same time, the Euro also reached a new low against the US currency, which was at HUF 398 forints to the dollar at one point, the popular news site telex.hu reports. On June 13, the […]
The Budapest Stock Exchange (BSE) share index (BUX) fell on rising turnover this week, closing at 39,331.33 points on Friday, down 0.21% (81.41 points) on the previous week, the state news agency MTI reported Sunday morning. Turnover rose from HUF 38.25 billion the previous week to HUF 41.03 billion, with the leading shares weakening, with […]
The National Bank of Hungary delivered the biggest rate cut since 2008, surprising the markets with the size of the move. The monetary decision came after the forint weakened to levels never seen before. The Hungarian central bank raised the base interest rate by 185 basis points to 7.75% this week and policy makers aligned […]
The Hungarian Economic Research Co. GKI has revised its growth forecast for 2022, it raised its GDP forecast to 3.5-4% from the previous 2.5-3%y, and lowered its GDP forecast for 2023 to between 2.5-3% from 3.5-4%. The change is a consequence of faster-than-expected growth in the first quarter and stronger-than-expected austerity measures and inflation rate, […]
