In June 2022, the volume of industrial production in Hungary grew 1.5% year-on-year. Based on working-day adjusted data, production rose by 4.8%. According to seasonally and working-day adjusted data industrial output was 0.6% higher than in May 2022, the Central Statistical Office reports. The volume of production grew in the largest weight representing subsections compared […]

In May 2022, the volume of exports was 12% and that of imports 6.4% higher than in the same period of the previous year. The deficit was EUR 95 million, the balance deteriorating by EUR 166 million compared to a year earlier, Hungary's Central Statistical Office reports. Compared to April, the seasonally and working-day adjusted […]

BUX, the stock index of the Budapest Stock Exchange (BSE) fell on a downward trend this week, closing at 41,805.28 points on Friday, 522.39 points or 1.23% lower than a week ago, the state news agency MTI reported Sunday morning. The weekly turnover on the stock market was HUF 36.141 billion, compared to HUF 63.918 […]

The Hungarian government has decided to introduce another tax relief, Finance Minister Varga Mihály has announced. Companies can now pay tax in euros or US dollars. For companies whose income is received partly or entirely in foreign currency, the new rule could bring simplification. The option to pay is available to all companies. Administration will […]

Industrial producer prices went up by 35.0% on average in June 2022 in Hungary compared to one year earlier, the Central Statistical Office reports. Domestic output prices were higher by 44.6%, non-domestic output prices grew by 30.1%. The large difference is mainly due to the different weight of energy industry sales in the domestic and […]

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 […]

Hungary’s Foreign Minister Péter Szijjártó travelled to Moscow to negotiate more gas imports from Russia as Hungary braces for a tumultuous winter heating season. Hungary has been a vocal critic on the European Union’s embargo on Russian energy sources, saying a swift decoupling from Russian energy would undermine the country’s economy. Hungary’s foreign minister arrived […]

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 […]

The Hungarian government declared an “energy emergency,” citing the war in Ukraine and sanctions on Russia by the European Union as the primary reasons. Under the new system, there will be a ban on the export of fossil fuels and the system of government-imposed cap on household utility prices will be revamped. The government of […]

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) […]