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 […]

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 […]

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% […]

Hungary’s central bank indicated this week it was planning to raise interest rates amid widespread market expectations for policy makers to affirm rate-hike plan. The interest rate hike, needed to stem soaring inflation, would be the first in the European Union since the outbreak of the pandemic. The National Bank of Hungary said this week […]

Although Hungary’s economy contracted in the first quarter of 2021, analysts expect the country to return to growth throughout the year and predict a swift recovery from the malaise caused by the coronavirus epidemic. According to current market expectations, the nation could see GDP growth of around 6% this year. Hungarian economic output declined an […]

Hungary’s government submitted plans to Brussels on how the country would utilize more than 2,500 billion forints (EUR 7bn) distributed from the bloc’s recovery and resilience fund (RRF). The money can be spent on strategic development projects over the next six years. Earlier, the Cabinet indicated it would not make use of the EU’s credit […]

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 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 […]

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. […]

Hungarian enterprises are slow to adapt to the use of Artificial Intelligence (AI) for business purposes as only 3% of local companies use AI in some form. This is less than half of the EU average, putting Hungary on the 25th slot on the list of 27 EU member states. Meanwhile Brussels is working on […]

The pandemic caused the deepest economic disruption worldwide since World War II, triggering severe disruptions in both supply and demand. The way ahead is extremely uncertain but there are signs that the stars may align for the global economy after the COVID-19 crisis. Despite unprecedented pressure and high levels of uncertainty, the global corporate community […]

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 […]